The medical device security market is expected to grow at a compound annual growth rate of 9.32% over the forecast period to reach a market size of US$2,096.359 million in 2026 from US$1,123.200 million in 2019.
Manufacturers of medical devices are constantly developing new, highly complex, and more linked equipment. These products provide a broad range of advantages, including improved medications, more precise diagnostics, a better understanding of monitoring, computerized control, and focused details and information checking. Nonetheless, this enlarged network provides opportunities for both patients and suppliers. Although these companies are heavily investing in the development of new medical gadget advancements, they usually fall short on security mastery, and assets to ensure irrefutable levels of security are integrated into these things. Many devices utilize novel standards, stages, and middleware setups that have not been thoroughly tested for security flaws. The end result, of course, is a plethora of gadgets that are easily exploited by programmers. Previous ransomware attacks targeted IT and data set frameworks; however, future attacks may target medical equipment. Indeed, in 2019, network security experts discovered threatening flaws in the specialized plan of some insulin syphons, prompting the FDA to issue a warning that programmers could bargain insulin syphons by interacting with them via WiFi and changing the siphon's settings to either under-or over-convey insulin. If programmers can manage frameworks that influence patient results, they will have a huge impact on their payment requests.
Utilization of various layers of insurance, including firewalls, verification, security conventions, and interruption discovery/interruption avoidance, is a since a long time ago settled driving guideline for big business security. Interestingly, most medical devices need essential firewalls or security conventions and frequently depend on minimal more than straightforward secret phrase validation. There was a presumption that these devices are not appealing focuses to programmers, or are not defenseless against assaults, however that is not, at this point legitimate. Assaults against a wide range of inserted devices, including medical items, are on the ascent, and more prominent safety efforts are presently required, which, as a result, is expected to propel the medical device security market growth even further.
Moreover, distributed computing helps the healthcare area to increment or decline their information stockpiling limit, attributable to which numerous healthcare specialist co-ops are moving from customary capacity framework to cloud-based framework. Consequently, to give upgrade security highlights to the capacity framework and to guarantee a free from any danger transmission framework to distributed storage, different healthcare specialist organizations are embracing cloud-based clinical gadgets stockpiling framework, which is required to fuel the development of the market. Moreover, the selection of clinical gadget security frameworks among healthcare associations assists emergency clinics with safely trading information among all the important healthcare partners like specialists, attendants, and parental figures that, as well, progressively. What's more, huge healthcare associations manage a huge number of associated gadgets, which are more inclined to digital assaults and information danger issues, giving rewarding freedom to the market.
Healthcare associations across the globe are utilizing associated gadgets, inferable from its different advantages which incorporate observing of patient's wellbeing, following of patients, staff, and protests and for consequently gathering and putting away information of the association. What's more, different associated gadgets include basic data of the associations which need upgraded security; consequently, healthcare association is embracing clinical gadget security arrangement, which drives the development of the market. Moreover, developing a selection of associated gadgets in different emergency clinics for improving patients care, diminishing blunders in activities, and decreasing the general costs of the emergency clinics likewise drives the development of the market. Also, many developing countries across the globe have restricted admittance to healthcare offices. The patients in these areas need to travel a huge distance for standard registration or sickness finding at a healthcare office. Thus, the growing adoption of Telemedicine or connected medical devices in such countries will enable patients to communicate to healthcare facilities through their homes which is positively impacting the growth of the market.
Impact OF COVID – 19 On Medical Device Security Market
The spending on the clinical gadget security industry is required to increment when contrasted with the spending arranged before this pandemic, inferable from expansion deprived for associated gadgets among different healthcare associations to battle against the pandemic circumstance. Moreover, the COVID-19 pandemic has carried extremist changes to the daily lives of individuals, work, and the general climate attributable to the developing patients across the globe and the rising need for associated gadgets in healthcare associations. These variables have become the vital segments in the rise of business informing as the best channel to speak with customers.
Prominent/major key market players in the medical device security market include Cisco Systems, Inc., IBM, General Electric Company, and Koninklijke Philips N.V. among others. The players in the medical device security market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the medical device security market.
|Market size value in 2019||US$1,123.200 million|
|Market size value in 2026||US$2,096.359 million|
|Growth Rate||CAGR of 9.32% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, Device Type, Solution, Services, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Cisco Systems, Inc., IBM, GENERAL ELECTRIC COMPANY, Koninklijke Philips N.V., McAfee, LLC, Check Point Software Technologies Ltd., CloudPassage Inc., DXC Technology Company, Palo Alto Networks Company, Cleardata|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the medical device security market size by 2026?
A1. The medical device security market is expected to reach a total market size of US$2,096.359 million by 2026.
Q2. What is the size of global medical device security market?
A2. Medical Device Security Market was valued at US$1,123.200 million in 2019.
Q3. What are the growth prospects for medical device security market?
A3. The global medical device security market is expected to grow at a CAGR of 9.32% during the forecast period.
Q4. Who are the major players in the medical device security market?
A4. Prominent/major key market players in the medical device security market include Cisco Systems, Inc., IBM, General Electric Company, and Koninklijke Philips N.V. among others.
Q5. What factors are anticipated to drive the medical device security market growth?
A5. Assaults against a wide range of inserted devices, including medical items, are on the ascent, and more prominent safety efforts are presently required, which, as a result, is expected to propel the medical device security market growth.
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Function
4.4. Function Value Chain Analysis
5. Medical Device Security Market Analysis, By Type
5.2. Network Security
5.3. Endpoint Security
5.4. Application Security
5.5. Cloud Security
6. Medical Device Security Market Analysis, By Device Type
6.2. Hospital Medical Devices
6.3. Wearable and External Devices
6.4. Internally Embedded Medical Devices
7. Medical Device Security Market Analysis, By Solution
7.2. Identity and Access Management Solutions
7.3. Antivirus or Antimalware Solutions
7.4. Encryption Solutions
8. Medical Device Security Market Analysis, By Services
9. Medical Device Security Market Analysis, By Geography
9.2. North America
9.2.1. United States
9.3. South America
9.5. The Middle East and Africa
9.5.2. Saudi Arabia
9.6. Asia Pacific
9.6.5. South Korea
10. Competitive Environment and Analysis
10.1. Major Players and Strategy Analysis
10.2. Emerging Players and Market Lucrativeness
10.3. Mergers, Acquisitions, Agreements, and Collaborations
10.4. Vendor Competitiveness Matrix
11. Company Profiles.
11.1. Cisco Systems, Inc.
11.3. GENERAL ELECTRIC COMPANY
11.4. Koninklijke Philips N.V.
11.5. McAfee, LLC
11.6. Check Point Software Technologies Ltd.
11.7. CloudPassage Inc.
11.8. DXC Technology Company
11.9. Palo Alto Networks Company
Cisco Systems, Inc.
GENERAL ELECTRIC COMPANY
Koninklijke Philips N.V.
Check Point Software Technologies Ltd.
DXC Technology Company
Palo Alto Networks Company
All our studies come with 2 months of analyst support.
We are in compliance with the global privacy laws.