2025 Medical Device Security Market Outlook: Key Indicators Shaping Growth Through 2034

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What Will the Medical Device Security Industry Market Size Be by 2025?
The market size for medical device security has significantly expanded in the last years. Predictions suggest an increase from $6.81 billion in 2024 to $7.43 billion in 2025, with a compound annual growth rate (CAGR) of 9.0%. Factors that have stimulated growth in the former period include heightened cybersecurity threats, the spread of connected devices, major security breaches, a shift towards value-based care, and an escalation in interconnectivity.

What's the Long-Term Growth Forecast for the Medical Device Security Market Size Through 2029?
The market size for medical device security is forecasted to experience substantial growth in the upcoming years. The market is projected to reach a valuation of $10.35 billion in 2029, with a compounded annual growth rate (CAGR) of 8.7%. This predicted growth during the forecast period is due to an emphasis on supply chain security, a shift towards remote healthcare, expanding healthcare investments, a surge in the number of connected medical devices, and increased IoT implementation in healthcare. Notable trends expected during this period include technological innovations, advanced security solutions, partnerships between healthcare organizations and cybersecurity vendors, and the incorporation of AI and machine learning.

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What Are the Key Growth Drivers Fueling the Medical Device Security Market Expansion?
The surge in cyberattacks targeting healthcare is predicted to stimulate the expansion of the medical device security market. Healthcare cyberattacks can be described as harmful actions aimed at healthcare institutions, systems, networks, and devices with the goal to disrupt services, misappropriate sensitive data, or inflict injury. This spike in healthcare cyberattacks can be attributed to increased cybersecurity infrastructure investment, staff training, recurring risk evaluations, and industry collaboration to exchange threat knowledge and best practices. Medical device security aids in averting cyber assaults on healthcare by safeguarding devices, data, and networks, fulfilling compliance requirements, and promoting cybersecurity consciousness among professionals. For instance, as reported by the U.S. Department of Health and Human Services in October 2023, a US government department, there was an average of nearly two healthcare data breaches involving 500 or more records each day, equating to an average daily violation of more than 364,000 healthcare records. This escalation in healthcare cyberattacks is facilitating the growth of the medical device security market.

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What Are the Key Trends Driving Medical Device Security Market Growth?
Leading entities in the medical device security market are prioritizing the invention of cutting-edge solutions, including all-encompassing zero-trust security measures, to revolutionize the field of medical device safety. These zero-trust security strategies center on the verification of every individual user and device attempting to access the network, irrespective of location or prior trust standing, in an effort to reduce security breach risks. A case in point, in December 2022, Palo Alto Networks, Inc., a cybersecurity firm based in the US, launched Medical IoT Security, an exhaustive zero-trust security plan aimed at safeguarding essential medical devices connected to patient care. This strategy tackles the security issues brought about by the escalating use of digital devices in the health sector, such as diagnostic and monitoring tools, ambulance equipment, and surgical robots. The plan harnesses the power of machine learning to aid medical establishments in establishing device regulations with automated security reactions, automating Zero Trust policy suggestions and implementation, and comprehending device vulnerabilities and risk standpoint.

How Is the Medical Device Security Market Segmented?
The medical device security market covered in this report is segmented -

1) By Component: Solutions, Services
2) By Security Type: Endpoint Security, Network Security, Application Security, Cloud Security, Other Security Types
3) By Deployment Mode: On-Premise, Cloud-Based
4) By End User: Healthcare Institutions, Medical Device Manufacturers, Other End Users

Subsegments:
1) By Solutions: Security Software (Antivirus, Firewalls, Encryption), Network Security Solutions ( Intrusion Detection Systems, Vpns), Authentication And Access Control Solutions ( Multi-Factor Authentication), Risk And Compliance Management Solutions, Endpoint Security Solutions ( Device Monitoring, Patch Management)
2) By Services: Managed Security Services, Security Consulting Services, Vulnerability Assessment And Penetration Testing Services, Incident Response And Forensic Services, Training And Awareness Services

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Which Companies Are Leading the Charge in Medical Device Security Market Innovation?
Major companies operating in the medical device security market are General Electric Company, International Business Machines Corporation, Cisco Systems Inc., Koninklijke Philips N.V., DXC Technology Company, Palo Alto Networks, Synopsys Inc., Fortinet Inc., Check Point Software Technologies Ltd., McAfee LLC, Trend Micro Inc., Zscaler Inc., FireEye, Sophos Ltd., Irdeto B.V., Imperva Inc., Armis Inc., Protegrity USA Inc., Silex Technology America Inc., ClearData, Cynerio Ltd., Zingbox Inc., CloudPassage Inc., Cylera Inc., Bayshore Networks Inc.

Which Regions Are Leading the Global Medical Device Security Market in Revenue?
North America was the largest region in the medical device security market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical device security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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