Medical Device Security Market Manifesting a CAGR of 13.8% by 2027 | Trends, Size, Share, Growth

According to a recent report published by Allied Market Research, the global medical device security market size was valued at $6.23 billion in 2019, and is projected to reach $17.49 billion by 2027, growing at a CAGR of 13.8% from 2020 to 2027.

Medical device security is a type of application, which helps healthcare organization to manage risk related to various data threats and cyberattacks. In addition, increase in cyber-attacks on various connected medical devices and rise in need to reduce unauthorized access to critical healthcare devices is positively impacting the growth of the market.

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For instance, according to a research report published in the year 2019 in the U.S., around 81% of healthcare organizations across the globe have been attacked by cyber-attackers in the past two year, which propel the growth of the market.

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 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.

Covid-19 Scenario

1. The demand for external medical devices & consumer wearables from healthcare institutions surged significantly during the Covid-19 pandemic. In addition, there has been rise in the number of smartphone-based healthcare apps among the general public and hospitals. This increased the need for the security of data.

2. The overall spending on the security of medical devices is expected to surge during the pandemic as there has been a significant rise in need for connected devices among various healthcare organizations.

3. With increase in number of patients infected with Covid-19, the amount of patient data generated is huge and the need for cloud-based solutions increased. Consequently, the demand for medical device security solutions and services rose considerably to ensure security of data and records.

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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 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.

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

The report focuses on the growth prospects, restraints, and trends of the global medical device security market analysis. The study provides Porter's five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on global medical device security market size.

Access the full summary at: https://www.alliedmarketresearch.com/medical-device-security-market-A10566

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