The market for medical device security is expected to grow at a CAGR of around 8.1% from 2020 to 2027 and expected to reach the market value of around US$ 7,947.9 Mn by 2027.
Medical devices 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.
The increasing instances of healthcare cyberattacks and threats across the globe are bolstering the market value. The growing geriatric population and subsequent growth in chronic disease management are bolstering 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 bring your own device (BYOD) and Internet of things (IoT) in the market are further projected to boost the market value over the forecast period from 2020 to 2027. 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 2020 to 2027.
On the other hand, limited healthcare security budgets in underdeveloped and some developing economies are further restricting the market growth.
Segment Instance of Global Medical Device Security Market
Services segment dominated the medical device security market in 2019
On the basis of component, services segment lead the global market and also projected to maintain their dominance over the forecast timeframe from 2020 to 2027. 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.
North America accounted for the maximum revenue share in the Medical Device Security Market
In 2019, 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 2020 to 2027. 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 fastest growth during the forecast period from 2020 to 2027
Asia Pacific along with its major economies are projected to experience significant growth in the medical device security market. The continuous development in the healthcare and medical technologies in the developing economies of the region is supporting the 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.
Key Market Players
The players profiled in the 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.
Market By Component
Market By Security Type
Other Security Types
Market By Device Type
Hospital Medical Devices
Internally Embedded Medical Devices
Wearable and External Medical Devices
Market By End User
Medical Device Manufacturers
Market By Geography
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• Rest of Latin America
Middle East & Africa
• South Africa
• Rest of Middle East & Africa
The market for medical device security is expected to reach a market value of around US$ 7,947.9 Mn by 2027.
The medical device security market is expected to grow at a CAGR of around 8.1% from 2020 to 2027.
Services is the leading segment by component in the medical device security market
The increasing instances of healthcare cyberattacks and threats across the globe are driving the market value. The growing geriatric population and subsequent growth in chronic disease management, rising government regulations and need for compliance are some of the major factors driving the market growth.
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 highest market share in the medical device security market
Asia Pacific is expected to be the fastest growing market over the forecast period