Medical Device Security Market Size to Expand at 8-10% CAGR by 2027, Driven by Growing Cybersecurity Needs
The Global Medical Device Security Market is expected to grow at a CAGR of 8-10% by 2027. The key factors driving the growth of the global market are an increasing trend of connected and wearable medical devices, growing number of cyber-attacks, an increasing geriatric population, and the subsequent rise in chronic diseases. However, the limited budget for healthcare device security is one of the major constraints that is likely to hamper the global market’s growth.
Global medical device security market is being fueled by factors such as growing trend of connected and wearable medical devices, the rising frequency of cyber-attacks, the increasing aged population, and the resultant rise in chronic diseases.
Medical device security system involves safeguarding medical devices and their related systems against unauthorized entry, alteration, theft, and harm. It helps in the implementation of protective measures to safeguard patient data and maintain the proper functioning of medical devices, ultimately ensuring patient well-being and averting potential risks or negative incidents.
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Rising trend of Connected Medical Devices in the Healthcare Sector is Poised to Drive the Global medical device security market
Innovations in Healthcare technology and the accessibility of innovative medical devices such as wearable devices and remote monitoring systems have led to improved patient results and the betterment of healthcare system efficiency. As the number of medical devices connected to networks or the internet grows, so does the potential of cyber-attacks and data breaches. As a result, it is critical for healthcare practitioners and manufacturers to assure the safety of medical devices while also prioritizing security measures for patient data security. For instance,
- In April 2023, GE Healthcare launched ReadySee Asset Management & Network Supervision Solutions which automatically locates devices, self-manages cybersecurity protocols to help identify vulnerabilities, provide risk scoring and help safeguard sensitive patient health information (PHI) without interfering the patient care experience
Rise in Medical Device Security Market Growth Post Covid-19 Pandemic
The medical device security market growth is being bolstered due to the increasing usage of connected devices in the healthcare sector. Post-pandemic there has been a growth in the adoption of telemedicine and remote monitoring solutions necessitate secure and dependable cybersecurity solutions to protect patient data. This has increased healthcare companies’ awareness of cybersecurity solutions to contain the risk associated with data attacks, driving demand in the medical device security market. Other factors driving its growth in the global market include the government’s initiatives to implement cybersecurity solutions and increased investments in the healthcare-IT industry. For instance,
- In February 2023, Cisco launched its Cisco Cyber Vision through which IoT and IT operations teams will have complete visibility into IT and OT devices to mitigate threats across the organization and provide a unified security posture across the entire network. The other service introduced by Cisco is Secure Equipment Access Plus, which makes it easier for IT and OT teams to deploy, manage, and troubleshoot connected equipment remotely
North America is poised to maintain its Dominant Position in the Medical Device Security Market
Geographically, North America holds a Major share of the medical device security market. This can be mainly credited to the growing demand for connected medical devices, continuos cyber-attacks on medical devices, government initiatives for cybersecurity, and the presence of key players in the region.
However, the Asia-Pacific region is anticipated to witness strong growth in the coming years due to rising adoption of connected medical devices, high frequency of cyberattacks, and awareness campaigns about cybersecurity solutions among healthcare professionals to protect patient health information and prevent data breaches.
Competitive Landscape Analysis : Global Medical Device Security Market
Cisco Systems Inc., IBM, GE Healthcare, Philips Healthcare, Check Point Software Technologies, FireEye Inc., and Palo Alto Networks Inc. are among the prominent companies in the market.
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Organic and Inorganic Growth Strategies Employed by Players to Establish Their Foothold in the Medical Device Security Market
Players operating in this market are adopting aggressive growth strategies such as launching upgraded products with new technology, launching new products, collaborations, and acquisitions to gain larger market share. For instance,
- In December 2022, Palo Alto Networks launched Medical IoT Security — the most comprehensive Zero Trust security solution for medical devices. It enables healthcare organizations to deploy and manage new connected technologies quickly and securely
Global medical device security market is poised to garner further momentum in the coming years with growing adoption of connected devices, investments in the healthcare-IT sector, increasing product developments by major firms, and aggressive organic and inorganic growth strategies adopted by the players.
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