Growing Chronic Disease Management Needs to Bolster Medical Device Security Demand

Meticulous Research® - leading global market research company is researching on medical device security market titled "Medical Device Security Market by Security Type ((Application, Endpoint, Network, Cloud, Others), by Device Type (Hospital, Wearable and Internally Embedded Medical Devices), by Services (Consulting, Training and Education, Managed Security, Remote Services, Design and Integration, Others), by End User (Healthcare Providers, Medical Device Manufacturers, Healthcare Payers), by Solution (Identity & Access Management Solutions, Antivirus/Antimalware, Risk & Compliance Management, Encryption Solutions, Data Loss Prevention Solutions, Intrusion Detection System/Intrusion Prevention System, Others)-Global Forecast to 2024".

Nowadays, the healthcare facilities systems have experienced the increase in cyberattacks and theft of personal data due to the rapid adoption of technologically advanced medical devices that are connected through the IoT in the healthcare sector. Therefore, such increasing instances of healthcare cyberattacks and threats are becoming critical for hospitals and patient privacy. In addition, growth in the geriatric population and subsequent growth in chronic disease management are driving the demand of medical device security solutions across the globe. Also, the factors such as government regulations and the need for compliance, growing demand for connecting medical devices, and increasing adoption of cybersecurity solutions are further supporting the growth of the medical device security market, globally.

Endpoint security dominates the global market

End point security commanded the largest share of the global medical device security market in 2018 owing to the rising number of connected medical devices and growing networking threats such as zero-day malware, Trojans, and APTs.

Wearable and external medical devices continue to remain the largest product category

Wearable and external medical devices commanded the largest share of the global medical device security market in 2018. The major share of this segment is mainly attributed to growing demand for home healthcare products and services, owing to high and rising prevalence of chronic diseases as well as growing need to reduce healthcare costs.

North America dominates the market, while Asia-Pacific leads the growth

North America commanded the largest share of the global medical device security market in 2018, followed by Europe and Asia-pacific. The factors such as growing occurrences of cyberattacks on medical devices, growing adoption of connected medical devices, increasing awareness among healthcare professionals regarding cybersecurity, and government initiatives to implement security solutions are propelling the growth of the medical device security market in the region. However, the Asia-Pacific region is projected to grow at a significant pace in the next few years, mainly due to growing awareness about medical device security solutions.

Key Players

The report includes competitive landscape based on extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past 5 years (2015-2019). The key players operating in the global medical device security market are GE Healthcare, Koninklijke Philips N.V., Symantec Corporation, International Business Machines Corporation (IBM), Cisco Systems, CloudPassage, Inc., CA Technologies, DXC Technology Company, ClearDATA, FireEye, Inc., Zscaler, Inc., Fortinet, Inc., Sophos Ltd., Palo Alto Networks, Inc., McAfee, LLC, Check Point Software Technologies Ltd., and Imperva Inc.

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