Medical Device Security Market - Growth, Trends, and Forecast (2019-2024)

This report is segmented by Product (Antivirus/Antimalware Solutions, Data Loss Prevention Solutions, Disaster Recovery Solutions, Distributed Denial of Service Solutions, Encryption Solutions, Identity and Access Management Solutions, Intrusion Detection Systems/Intrusion Prevention Systems, Risk and Compliance Management, and Other Services and Solutions), Device Type, End User, and Geography.

Market Snapshot

med device security 1
Study Period:

2016-2024

Base Year:

2018

Fastest Growing Market:

North America

Largest Market:

North America

Key Players:

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Market Overview

The medical device security market is expected to register a CAGR of 8.3% during the forecast period.

There has been an increase in cyber-attacks on the healthcare facilities systems and their medical devices and there have been instances of theft of personal data that are critical to hospitals and patient privacy. This has led to the implementation of strict government guidelines by the FDA and National Institute for Standards and Technology (NIST).  In case of medical devices (MRI scanners, surgery robots, X-ray machines, and dental devices) endpoints are internet-enabled with IP network. These endpoints are prone to security threat by hackers. Thus, endpoint security has become increasingly important for data protection and protection of systems from unauthorized manipulation and preventing the use of malicious software.

There has been a growing trend of adoption of connected and wearable medical devices. Medical devices with configurable embedded computer systems are more vulnerable to cyber security threats. With a rise in the use of medical devices across healthcare organizations, device manufacturers and hospitals have become more vigilant in improving their network security.  Medical devices in the hospital rooms in intensive care units are integrated to a cloud base infrastructure for online sharing of encrypted healthcare data. Thus arises the need for providing security for medical devices, which is further contributing to the growth of the medical device security market.

Other factors which are driving the medical device security market are the increasing demand for connected medical devices and government regulations along with the need for compliance.

Scope of the Report

Medical devices vulnerable to security threats are protected with the use of industry standard guidelines. Medical device manufacturers mitigate risks with the use of software solutions, services, and encrypt data for secure data transfer and evading data loss.

By Product
Antivirus/Antimalware Solutions
Data Loss Prevention Solutions
Disaster Recovery Solutions
Distributed Denial of Service Solutions
Encryption Solutions
Identity and Access Management Solutions
Intrusion Detection Systems/Intrusion Prevention Systems
Risk and Compliance Management
Other Services and Solutions
By Device Type
Hospital Medical Devices
Internally Embedded Medical Devices
Wearable and External Medical Devices
By End User
Healthcare Payers
Healthcare Providers
Medical Device Manufacturers
Geography
North America
US
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

Wearable and External Medical Devices Segment is Expected to Grow at Fastest Rate.

The increasing adoption of wearable medical devices is driven by technological advancements and innovations along with improving the care availability and lifestyle of patients. Currently, these wearable medical devices are gaining immense popularity, due to improved technologies and their compatibility with regularly used devices, such as smartphones. Increased usage of medical devices connected to mobile networks or through IoT in the healthcare sector can significantly increase the risk of security issues, which in turn is forcing more and more medical technology companies to implement security solutions for external and wearable medical devices.

med device security 2

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The United States Leads the Medical Device Security Market

In the United States, there is a rise in the adoption of wired and wireless networked medical devices because they are playing an important role in improved individual health outcomes. These devices collect, store, and process vast amounts of clinical data and are prone to security risk. In 2018, the FDA released a safety action plan outlining proposals for the improvement of cyber security in medical devices. These government initiatives to lessen the data breaches by increasing the security of medical devices are the most significant factor responsible for the growth of the medical device security market in the United States.

Medical Device Security Market

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Competitive Landscape

The medical device security market is fragmented, highly competitive, and dynamic. The dynamic nature of the market is primarily due to the ability of information technology and software companies to enter freely in the market. Key players in the market include CA Technologies, Check Point Software Technologies, Cisco Systems, DXC Technology, FireEye, IBM, Imperva, Mcafee, Palo Alto Networks, and Symantec Corporation, among others. 

Major Players

  1. Palo Alto Networks Inc.
  2. Cisco Systems
  3. FireEye
  4. Imperva
  5. McAfee

* Complete list of players covered available in the table of contents below

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Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increasing Demand for Connected Medical Devices

      2. 4.2.2 Government Regulations and Need for Compliance

      3. 4.2.3 Increasing Instances of Healthcare Cyber-attacks and Threats

    3. 4.3 Market Restraints

      1. 4.3.1 Limited Healthcare Security Budgets

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product

      1. 5.1.1 Antivirus/Antimalware Solutions

      2. 5.1.2 Data Loss Prevention Solutions

      3. 5.1.3 Disaster Recovery Solutions

      4. 5.1.4 Distributed Denial of Service Solutions

      5. 5.1.5 Encryption Solutions

      6. 5.1.6 Identity and Access Management Solutions

      7. 5.1.7 Intrusion Detection Systems/Intrusion Prevention Systems

      8. 5.1.8 Risk and Compliance Management

      9. 5.1.9 Other Services and Solutions

    2. 5.2 By Device Type

      1. 5.2.1 Hospital Medical Devices

      2. 5.2.2 Internally Embedded Medical Devices

      3. 5.2.3 Wearable and External Medical Devices

    3. 5.3 By End User

      1. 5.3.1 Healthcare Payers

      2. 5.3.2 Healthcare Providers

      3. 5.3.3 Medical Device Manufacturers

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 US

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 UK

        3. 5.4.2.3 France

        4. 5.4.2.4 Italy

        5. 5.4.2.5 Spain

        6. 5.4.2.6 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Australia

        5. 5.4.3.5 South Korea

        6. 5.4.3.6 Rest of Asia-Pacific

      4. 5.4.4 Middle East & Africa

        1. 5.4.4.1 GCC

        2. 5.4.4.2 South Africa

        3. 5.4.4.3 Rest of Middle East & Africa

      5. 5.4.5 South America

        1. 5.4.5.1 Brazil

        2. 5.4.5.2 Argentina

        3. 5.4.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 CA Technologies

      2. 6.1.2 Check Point Software Technologies

      3. 6.1.3 Cisco Systems

      4. 6.1.4 DXC Technology

      5. 6.1.5 FireEye

      6. 6.1.6 IBM

      7. 6.1.7 Imperva

      8. 6.1.8 Mcafee

      9. 6.1.9 Palo Alto Networks

      10. 6.1.10 Symantec Corporation

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments

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