Global Medical Device Security Market is expected to witness a CAGR of 8 to 10% by 2027 - Cisco, IBM, GE Healthcare, Philips Healthcare, Check Point Software, FireEye, Palo Alto Networks

A medical device security system mostly refers to the protection of medical devices and their associated systems from uncertified access, modifications, data theft, and physical damage. It helps in implementing all the essential safety measures to safeguard the patient data and the functionality of medical devices thus ensuring the safety of the patient data and preventing any potential harm for medical devices.

Emerging Applications of Connected Medical Devices in the Healthcare Market

Recent and rapid innovations in the segment of medical technology and the availability of advanced medical devices such as wearable devices and remote monitoring systems have enhanced the overall patient results and the efficiency of the whole healthcare system. With a significant increase in the number of medical devices connected to the internet, there is a growing risk of cyber-attacks and data breaches. Hence, it has become extremely necessary for healthcare service providers and manufacturers to assure the safety of medical devices and focus on the security of patient data.

Rapid Growth in the Medical Device Security Market Post Covid-19 Pandemic

The global medical device security market is growing rapidly due to an increasing applications of connected devices in the healthcare market. Post Covid-19 pandemic, there has been a quick surge in the adoption of telemedicine and remote monitoring solutions which require a secure cybersecurity solutions to protect patient data. This has generated an awareness among the healthcare companies on the secure cybersecurity solutions to reduce the risks associated with data threats which has further driven the growth of the medical device security market. The favourable initiatives undertaken by the government to implement secure cybersecurity solutions and rising investments in healthcare-IT are some of the other factors driving its growth in the global market.

North America Accounts for the Larger Market Share in the Medical Device Security Market

Geographically, North America accounts for the larger market share in the global medical device security market. This can be mainly attributed to the growing demand for connected medical devices, random cyber-attacks on medical devices, favourable initiatives undertaken by the government to prevent cyber attacks and the presence of top market players in North America.

However, the APAC region is projected to witness a significant growth in the upcoming years, due to the worldwide adoption of connected medical devices, rising number of cyberattacks, and growing awareness on efficient cybersecurity solutions among most of the healthcare professionals to protect patient data and avoid data breaches.

Competitive Landscape Analysis: Global Medical Device Security Market

Some of the leading players operating in the global medical device security market are Cisco Systems Inc., IBM, GE Healthcare, Philips Healthcare, Check Point Software Technologies, FireEye Inc. and Palo Alto Networks Inc., etc.

Growth Strategies Adopted by the Leading Market Players to Establish Their Foothold in the Global Medical Device Security Market

All the leading players operating in the worldwide medical device security market are adopting aggressive growth strategies such as upgrading with new medical technology, new products launches, collaborations and partnerships, and acquisitions of companies to acquire a higher market share in the global medical device security market.

For instance,

In December 2022, Palo Alto Networks launched Medical IoT Security - a comprehensive Zero Trust security solution for protection of medical devices. It enables all the healthcare companies to deploy and manage connected technologies more efficiently.

The global medical device security market is expected to witness a healthy growth in the upcoming years with global adoption of connected devices, rising investments in healthcare-IT, new product developments by key market players, and aggressive growth strategies adopted by the key market players.

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Ruta Halde
Associate, Medi-Tech Insights
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Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.

This release was published on openPR.