The Global Medical Device Security Market is expected to reach $28.9 billion by 2023
The increasing cyber-attacks on medical devices, growing digital technology adoption rate, and rising government rules and regulations related to security are driving the medical device security market.
Infoholic Research LLP, a global market research, and consulting company, has published a study titled “Medical Device Security Market: Global Drivers, Opportunities, Trends, and Forecasts: 2017–2023” (August 2017).
According to Infoholic Research, the healthcare and medical devices industries will continue to enjoy innovation driven growth, i.e. connected infrastructure, remote monitoring, advanced medical devices, home care devices, robots, wearable devices, and others. The healthcare expenditures from the consumers, government, and healthcare organizations have been increasing over the past few years. The government initiatives to provide better health services for citizens and aging population, adoption of digital health solutions, and rising demand for home care medical devices have created demand for security measures on medical devices. The global medical device security market is expected to grow at a CAGR of 35.6% during the forecast period 2017–2023.
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Cloud, wireless, application and network security are the various security types in the market. Currently, the cloud security segment is expected to play a vital role as both small and large healthcare organizations consider it to be one of their key priorities in their businesses. The cloud security market revenue is expected to reach $10.47 billion by 2023. The growing adoption of smart medical devices, connected hospital infrastructure, mobile health applications, and investment on the mobile platform have led the demand for wireless security and application security. The device types segment includes internally embedded medical devices, wearable and external medical devices, and hospital medical devices. The hospital medical devices revenue is expected to contribute to the major market share followed by internally embedded medical devices.
In terms of regional analysis, North America is leading the Medical Device Security Market followed by Europe and Asia Pacific. The US and Canada are expected to contribute a significant market share. The US hospitals have already started implementing smart connected devices to get the real-time information. The increasing implementation of IoT, AI, and mobile health applications is expected to support the market growth. Asia Pacific has the fastest growing economies with China, Japan, and India being the attractive markets. In MEA, GCC healthcare spending from the government sector is supporting the growth of healthcare industry. In Africa, rising mobile and internet penetration rate has given an opportunity for the stakeholders to expand their business in the region.
“In the near future, it is expected that the existing hospital infrastructure will turn to a connected one. The count of health and medical devices that are Internet-connected will increase and enhance the need for high-end coated security products in the market. Healthcare organizations, medical device manufacturers, applications providers, security vendors, governments, integrators, etc. need to collaborate to reduce the security issues to achieve long-term growth in the digital world.” – Bhavya. H, Senior Research Analyst at Infoholic Research.
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The report covers the present scenario and the growth prospects of Medical Device Security market during the forecast period 2017–2023. The report provides an in-depth analysis and forecast about the industry covering the following key features:
- The report is analyzed based on end-user type, device type, security type, regions, solutions, and
- The report covers drivers, restraints, and opportunities (DRO) affecting the market growth over the forecast years (2017–2023).
- The report contains analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategy, and views; and competitive landscape, which includes vendor assessment.
- The end-users analyzed in the report are payers, providers, medical device makers, and others.
- The report covers cloud security, application security, wireless security, and network security.
- The report includes North America, Europe, Latin America, Asia Pacific, and Middle East & Africa.