The Global Medical Device Security Market Size accounted for USD 5,205 Million in 2021 and is estimated to achieve a market size of USD 10,315 Million by 2030 growing at a CAGR of 8.1% from 2022 to 2030. The growing demand for connected and smart medical devices in the healthcare industry is propelling the growth of the medical device security market. Moreover, healthcare organizations are implementing medical device security systems to reduce the risk of cyber-attacks and enhance medical device protection, which is pushing the medical device security market value over the forecasted years.
Medical Device Security Market Report Key Highlights
Medical device security refers to the solutions and services that are designed to protect firmware from tampering, secure data stored by the device, secure communication, protect the device from cyber-attacks, provide integrated security into the device, as well as designed to provide customized security to each device. Moreover, the US FDA provides guidelines to help cybersecurity teams manage medical device security; the offered guidelines are not formal compliance requirements, and these are just useful starting points for meeting IoMT cybersecurity demands. Also, the European Union Agency for Cybersecurity (ENISA) offers similar guidance in Europe.
Global Medical Device Security Market Dynamics
Medical Device Security Market Report Coverage
|Market||Medical Device Security Market|
|Medical Device Security Market Size 2021||USD 5,205 Million|
|Medical Device Security Market Forecast 2030||USD 10,315 Million|
|Medical Device Security Market CAGR During 2022 - 2030||8.1%|
|Medical Device Security Market Analysis Period||2018 - 2030|
|Medical Device Security Market Base Year||2021|
|Medical Device Security Market Forecast Data||2022 - 2030|
|Segments Covered||By Component, By Security Type, By Device Type, By End User, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Battelle Memorial Institute, Broadcom Inc., Cisco Systems, Drägerwerk AG & Co. KGaA, Extreme Networks, GE Healthcare, IBM, Koninklijke Philips N.V, Microsoft, and UL, LLC.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
The increasing instances of healthcare cyberattacks and threats across the globe are bolstering the medical device security market trend. The growing geriatric population and subsequent growth in chronic disease management are bolstering the demand for medical devices in the market. Additionally, rising government regulations and the need for compliance in the healthcare sector of developed and developing economies are boosting the market value. The growing demand for connected medical devices coupled with the increasing adoption of technology trends like bringing your own device (BYOD) and the Internet of things (IoT) into the market is further projected to boost the market value over the forecast period from 2022 to 2030. Furthermore, the emergence of sensor-based wireless mobile medical devices and the rising adoption of advanced cloud security solutions in healthcare are anticipated to create demand over the forecast period from 2022 to 2030.
On the other hand, limited healthcare security budgets in underdeveloped and some developing economies are further restricting market growth.
Medical Device Security Market Segmentation
The worldwide medical device security market segmentation is based on the component, security type, device type, end user, and geography.
Medical Device Security Market By Component
Based on component, the services segment lead the global market and is also projected to maintain its dominance over the forecast timeframe from 2022 to 2030. The services segment is primarily inclusive of professional services, consulting, support & maintenance, design & integration, training & education services, and managed security services. The increasing demand for these services in order to protect connected and cloud-based medical device data is contributing to the segmental market value.
Medical Device Security Market By Security Type
According to a medical device security industry analysis, the endpoint security segment is expected to dominate and have the highest market share in the coming years. The growing number of interconnected medical devices, along with networks becoming far more susceptible to new and advanced threats such as trojans, zero-day malware, and APIs, all contribute to this segment's growth.
Medical Device Security Market By Device Type
According to the medical device security market forecast, the wearable and external medical devices sectors are expected to expand at the highest rate during the projected timeline. This rise is due to an increase in demand for geriatric care as a result of chronic disease prevalence and rising costs, together with the growing need to reduce healthcare spending.
Medical Device Security Market By End User
In terms of end-user, healthcare providers are expected to hold the largest share of the medical device security market. Due to the numerous benefits offered by this equipment, there is a high demand for integrated networked medical equipment among medical practitioners, which has attributed to the segment's growth.
Medical Device Security Market Regional Outlook
The Middle East & Africa (MEA)
North America Accounted For The Maximum Revenue Share In The Medical Device Security Market
In 2021, North America lead the medical device security market with maximum share in terms of revenue, and the region is also projected to maintain its dominance over the forecast period from 2022 to 2030. The major economies of the region including the US and Canada are the major revenue contributors owing to their advanced healthcare infrastructure and technological infrastructure. The continuous development in the medical device offerings by the major players in terms of advanced features and connected solutions is additionally bolstering the regional market value.
Asia-Pacific Is Estimated To Exhibit The Fastest Growth During The Forecast Period From 2022 To 2030
Asia-Pacific along with its major economies is projected to experience significant growth in the medical device security market. The continuous development in healthcare and medical technologies in the developing economies of the region is supporting regional market growth. The increased risk associated with chronic diseases among the geriatric population due to changing lifestyles and unhealthy eating habits is further estimated to create demand over the forecast period. The increasing spending power of people on healthcare solutions and disease management devices is additionally contributing to the maximum CAGR (%) of the region during the forecast timeframe.
Medical Device Security Market Players
Some of the top medical device security companies offered in the professional report include Battelle Memorial Institute, Broadcom Inc., Cisco Systems, Drägerwerk AG & Co. KGaA, Extreme Networks, GE Healthcare, IBM, Koninklijke Philips N.V, Microsoft, and UL, LLC.
The estimated value of global medical device security market in 2021 was accounted to be USD 5,205 Million.
The projected CAGR medical device security market during the analysis period of 2022 to 2030 is 8.1%.
The prominent players of the global medical device security market are Battelle Memorial Institute, Broadcom Inc., Cisco Systems, Drägerwerk AG & Co. KGaA, Extreme Networks, GE Healthcare, IBM, Koninklijke Philips N.V, Microsoft, and UL, LLC.
North America held the dominating medical device security during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for medical device security during the analysis period of 2022 to 2030.
Increasing incidence of healthcare cyber attacks and threats, as well as growth in the elderly population and the management of chronic diseases, drives the growth of global medical device security market.
Based on component, services segment is expected to hold the maximum share medical device security market.