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Medical Device Security Market Size Worth USD 17.0 Billion by 2027 at 13.0% CAGR - Report by Market Research Future (MRFR)

·5-min read

Medical Device Security Market Insights and Industry Analysis by Component (Solutions, Services), Type (Application Security, Network Security, Cloud Security, Endpoint Security, Others) and End-User (Healthcare Providers, Medical Device Manufacturers, Healthcare Payers) and Region, Competitive Market Size, Share, Trends, and Forecast to 2027

New Yor, Aug. 02, 2021 (GLOBE NEWSWIRE) -- Medical Device Security Market Overview:

According to a comprehensive research report by Market Research Future (MRFR), “Medical Device Security Market Information by Component , Type, End User and Region - Forecast till 2027”, the market is projected to reach USD 17.0 Billion by 2027 registering a CAGR of 13.0%.

Market Scope:

Medical device manufacturers (MDMs) are responsible for staying diligent in recognizing risks and hazards linked with their products, including cybersecurity concerns. Health-care delivery organizations (HDOs) should assess network security and safeguard hospital systems.

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Competitive Landscape:

Some of the key players operating in the medical device security market are:

  • Cisco Systems (US)

  • IBM (US)

  • GE Healthcare (US)

  • Symantec (US)

  • CA Technologies (US)

  • Philips (Netherlands)

  • DXC Technology (US)

  • CloudPassage (US)

  • FireEye (US)

  • Check Point Software Technologies (Israel)

  • Sophos (UK)

  • Imperva (US)

  • Fortinet (US)

  • Palo Alto Networks (US)

  • ClearDATA (US)

Market Drivers

The implementation of medical facility systems has been accelerated by changes in the healthcare sector. These gadgets are vulnerable to hacking and pose a risk to healthcare centres' important data as well as patients' privacy. In addition, an increase in the number of cyber-attacks has heightened security concerns in recent years. Over the next few years, this trend is projected to drive demand for medical device security solutions. The improvements in cloud-based technologies are expected to accelerate market expansion by encouraging widespread adoption of security services across the healthcare industry. Furthermore, the need for connected medical devices is predicted to increase in the approaching years, propelling the medical device security market upward. Another key driver of medical device security market growth is the growing geriatric population. Meanwhile, limited healthcare security budgets continue to be a barrier to industry expansion.

Market Restraints:

However, over the projection period, low penetration of technologically advanced medical devices, lack of understanding about the availability of advanced healthcare data security solutions, and low healthcare budgets are projected to serve as limitations on the worldwide medical device security market's growth.

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COVID-19 Analysis

COVID-19 has had a significant impact on the manufacturing and assembly of medical devices. To address the demands of this continually changing circumstance, every sector of the industry has been compelled to adapt. While some devices, such as personal protective equipment and ventilators, are in great demand, others, such as those for elective treatments, are seeing a steep drop in demand. This rapid shift may not be a one-time occurrence, as COVID-19 outbreaks have the ability to overrun hospitals, making elective surgeries difficult to come by. Because of the sudden surge in demand for specific items, businesses must substantially boost their production capacity in a short period of time. Companies are looking for ways to boost efficiency as much as possible, with some predicting that digitalization and cutting-edge manufacturing technology will be the way of the future.

Market Segmentation

The Global Medical Device Security Market has been segmented on the basis of component, type and end user.

Based on component, the medical device security market has been segmented into solutions and services.

Based on type, the medical device security market has been segmented into network security, endpoint security, application security, cloud security and others.

Based on end user, the medical device security market has been segmented into healthcare providers, medical device manufacturers and healthcare players.

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Regional Insights:

Europe, the Americas, Asia Pacific, and the Middle East and Africa are the four key regions that make up the worldwide medical device security industry. Because of the huge number of players providing advanced security solutions to the healthcare industry, the growing use of the internet of things, and the increased threat of cyber-attacks in this region, the Americas hold the largest share of the worldwide medical device security market.

Due to increased incidences of cybercrime, increased utilisation of advanced connected medical devices, and increased research and development expenditure for introducing highly effective security solutions in the healthcare sector in this region, the Europe region is forecasting notable growth in the global medical device security market.

Because of the increasing use of connected medical devices that operate with the help of healthcare IoT and the rise in concern about data security in the healthcare sector of developing economies in this region, the Asia Pacific region is expected to grow at the fastest rate in the global medical device security market.

Due to the low penetration of modern technology in the healthcare sector in the region's undeveloped areas, the Middle East and Africa region is growing at a moderate pace in the global medical device security market.

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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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