Medical Device Security Market to reach USD 10,315 Million - Risk-adjusted numbers with COVID-19 analysis change scenario

The Global Medical Device Security Market Size accounted for USD 5,205 Million in 2021 and is estimated to achieve a market size of USD 10,315 Million by 2030 growing at a CAGR of 8.1% from 2022 to 2030.

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Medical Device Security Market Dynamics

Over the forecast period of 2022 to 2030, the global medical device security market is expected to grow significantly. The growing use and demand for medical devices in the healthcare sector is driving up the demand for device security in the global market. The growing demand for medical device security services around the world is also propelling the medical device security market value.

Some of the Key Observations Regarding Medical Device Security Industry Include

• Mayo Clinic has imposed security requirements on its medical device suppliers. Before signing the purchasing contracts, each device is tested to ensure that it meets the standards, according to the new set of requirements.

• Vail Health, a nonprofit community health system serving Eagle and Summit counties in Colorado, was experiencing cybersecurity issues due to inconsistencies in medical-device security software and firmware patching. In March 2021, the organisation implemented monitoring tools that can capture a lot of information about the devices that are connected and these tools even provide security alerts to the staff.

• A survey of 40 senior executives from Fortune 1000 companies in the United States found that only 18% thought the security capabilities embedded in medical devices were strong, and 80% thought medical device security was adequate.

• The Food and Drug Administration (FDA) in the United States has updated draught guidance on best practices for medical device manufacturers in 2021. The FDA last updated the guidelines in October 2018.

• According to the FDA's Center for Devices and Radiological Health, the growing use of the internet and network-connected devices, wireless and portable media, and the frequent electronic exchange of health data from medical devices has increased the need for efficient cybersecurity to guarantee medical device functionality and safety.

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Medical Device Security Market Segmentation

The global medical device security market is segmented on the basis of component, security type, device type, end-user, and geography. Based on components, the market is bifurcated across solutions and services.

Market segments based on security type include application security, network security, endpoint security, cloud security, and other security types. The market is divided into three segments based on device type: internally embedded medical devices, hospital medical devices, and wearable and external medical devices. Healthcare providers, healthcare payers, and medical device manufacturers are also end users in the medical device security market.

Medical Device Security Market Regional Outlook

The global medical device security industry is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa (MEA). In 2021, North America dominated the medical device security market, and the region is expected to continue to lead the market with the highest revenue share (%) over the forecast period. The existence of significant players in the region primarily supports the value of the regional market. The growing number of chronic disease patients in the United States is driving up demand for management devices. Chronic disease management, for example, accounts for roughly one-third of all US healthcare spending. Remote monitoring devices are vulnerable to cyber attacks because they allow attackers to track individuals' activity and health information over time. Furthermore, it is expected that the stolen data of US employees will be used for espionage.

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Medical Device Security Market Players

Some of the leading medical device security companies operating in the industry include Broadcom Inc., Battelle Memorial Institute, Cisco Systems, Extreme Networks, Microsoft, GE Healthcare, IBM, Koninklijke Philips N.V, Drägerwerk AG & Co. KGaA, and UL, LLC. The major players are continuously involved in the research and development activities in order to expand their share and position in the domestic as well as international market.

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