Medical Device Security Market Value to Surpass USD 17.49 Billion in 2027

According to the report, the global medical device security industry generated $6.23 billion in 2019, and is estimated to garner $17.49 billion by 2027, portraying a CAGR of 13.8% from 2020 to 2027.

Surge in cyber-attacks and threats in the healthcare industry, rise in demand for connected medical devices, and strict government guidelines drive the growth of the global medical device security market. However, budget constraints for healthcare security hinder the market growth. On the other hand, the increase in adoption of the internet of medical things (IoMT) in the healthcare industry and rise in adoption of cloud-based medical device security worldwide present new opportunities in the coming years.

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Based on component, the solution segment accounted for around two-thirds of the global medical device security market in 2019, and is projected to maintain its leadership status during the forecast period. This is due to need to manage different types of cyber-attacks on medical devices. However, the service segment is expected to manifest the highest CAGR of 15.1% from 2020 to 2027, owing to adoption of different services to ensure the effective functioning of medical devices.

Based on industry vertical, the healthcare segment held the largest market share in 2019, contributing to nearly three-fifths of the global medical device security market in 2019, and is estimated to maintain its lead position by 2027. This is due to increase in connected medical devices among hospitals and rise in need for connected devices to optimize patient care services. However, the medical segment is projected to witness the highest CAGR of 16.4% from 2020 to 2027. This is due to stringent FDA regulations for medical devices and needs to reduce cybersecurity risks in the rapidly changing environment in the healthcare industry across the globe.

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Based on region, North America accounted for the highest market share in 2019, holding more than one-third of the global medical device security market, and is expected to continue its dominance in terms of revenue by 2027. This is due to rise in IT spending in the healthcare sector and surge in adoption of connected medical devices in hospitals. However, Asia-Pacific is expected to witness the fastest CAGR of 16.0% from 2020 to 2027, owing to the establishment of presence of key players of the software in emerging countries such as China and India.

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Leading Market Players -

• Cisco Systems, Inc.
• Check Point Software Technologies
• CA Technologies
• Fortinet Inc.
• DXC Technology
• McAfee, LLC
• IBM Corporation
• Sophos Ltd.
• Palo Alto Networks
• Symantec Corporation

Key Findings of the Study -

• By component, the solution segment accounted for the medical device security market share in 2019.
• By region, North America generated the highest revenue in 2019.
• By deployment model, the on-premise segment generated the highest revenue in 2019.

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