Medical Device Security Market Size, Share, Growth, Forecast (2018-23)
Medical Device Security Market Size, Share - Segmented by Component, Security Type, Device Type (Hospital Medical Devices, Internally Embedded Medical Devices, Wearable and External Medical Devices), End-User, and Geography - Growth, Trends, and Forecast (2019 - 2024)

PUBLISHED

SEP 2018

Medical Device Security Market Size, Share - Segmented by Component, Security Type, Device Type (Hospital Medical Devices, Internally Embedded Medical Devices, Wearable and External Medical Devices), End-User, and Geography - Growth, Trends, and Forecast (2019 - 2024)

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Medical Device Security Market Overview

The Global Medical Device Security Market is expected to register a CAGR of nearly 8.3% during 2018-2023 (the forecast period). Medical Devices are vulnerable to security threats and are protected with use of industry standard guidelines. Medical device manufacturers mitigate risks use software solutions, and encrypt data for secure data transfer and data loss.

Medical Device Security Market

Increasing Instances Of Healthcare Cyberattacks and Threats

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

Medical devices with configurable embedded computer systems are more vulnerable to cyber security threats. With rise in use of medical devices across healthcare organizations, the device manufacturers and hospitals have become more vigilant in improving their network security.  Medical devices in hospital room in an intensive care units are integrated to a cloud bases infrastructure for online sharing of encrypted healthcare data. Thus arising the need for providing security for medical devices, which is further contributing to the growth of medical device security market.

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

Limited Healthcare Security Budgets

Security threats in healthcare are increasing continuously, this pose a risk to patient safety. Despite increase in data breaches the healthcare industry still allots a limited security budget to defend against the hackers. Security budgets in healthcare lag behind other industries. Most healthcare facilities are reluctant to invest as they have thin revenue margins and the investment in cybersecurity improvement does not generate revenue. They also has to invest on expensive equipment for the facility.

The most purchased cybersecurity solutions are to comply with the regulatory guidelines and most organizations fail to evaluate their investments in security. Digital devices in hospitals are not upgraded and usually run on old operating systems which are less secure. Hospitals fail to allot budgets for upgrading the devices as it is costly and if upgraded that will trigger FDA certification. Therefore, limited healthcare security budgets is acting as a major factor responsible to hinder the growth of medical device security market.

The US Lead the Medical Device Security Marketin North America Region

In United States there is a rise in adoption of wired and wireless networked medical devices because they have important role in individuals health outcomes. Because they collect vast clinical data these medical device systems are prone to security risk. In 2018, FDA released a safety action plan outlining proposals for improvement of cyber security in medical devices. These government initiatives to lessen the data breaches by increasing the security of medical devices is a major factor responsible to contribute for the growth of medical device security market in US.

Medical Device Security Market

Key Developments in the Medical Device Security Market Report

  • Mar 2018: IBM unveiled a new data science and machine learning platform and an elite consulting team to help them accelerate their AI journeys

Medical Device Security Market Major Players:

  • CA Technologies
  • Check Point Software Technologies
  • Check Point Software Technologies
  • Cisco Systems
  • DXC Technology
  • Fireeye
  • GE Healthcare
  • IBM
  • Koninklijke Philips N.V.
  • Mcafee
  • Symantec Corporation 

Medical Device Security Market Report Summary

Metrics

Details

Industry

Medical Device Security Market

Study Period

(2015 – 2023)

Growth Rate

8.3%

Fastest Growing Region

North America

Key Developments

IBM unveiled a new data science and machine learning platform and an elite consulting team to help them accelerate their AI journeys

Companies Covered

CA Technologies, Check Point Software Technologies, Check Point Software Technologies, and Koninklijke Philips N.V., among others.    

Report Offerings

Medical Device Security Market offers latest trends, growth prospects, industry competitiveness, major players, regional share of market and forecast to 2023.

Reasons to Purchase Medical Device Security Market Report

  • Current and future Global Medical Device Security Market outlook in the developed and emerging markets
  • Analysis of various perspectives of the market with the help of Porter’s five forces analysis
  • The segment that is expected to dominate the market
  • Regions that are expected to witness the fastest growth during the forecast period
  • Identify the latest developments, market shares, and strategies employed by the major market players
  • 3-month analyst support, along with the Market Estimate sheet (in Excel)

Customize Medical Device Security Market Report

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1. Introduction

                1.1 Market Definition

2. Research Methodology

3. Executive Summary

4. Key Inferences

5. Market Overview

                5.1 Current Market Scenario

                5.2 Porter's Five Forces Analysis

                                5.2.1 Bargaining Power of Suppliers

                                5.2.2 Bargaining Power of Consumers

                                5.2.3 Threat of New Entrants

                                5.2.4 Threat of Substitute Product and Services

                                5.2.5 Degree of Competition

6. Market Dynamics

                6.1 Medical Device Security Market Drivers

                                6.1.1 Increasing Demand for Connected Medical Devices

                                6.1.2 Government Regulations and Need for Compliance

                                6.1.3 Increasing Instances of Healthcare Cyberattacks and Threats

                6.2 Medical Device Security Market Restraints

                                6.2.1 Limited Healthcare Security Budgets

                6.3 Medical Device Security Market Opportunities

                6.4 Medical Device Security Market Challenges

7. Market Segmentation

                7.1 Medical Device Security Market By Component

                                7.1.1 Antivirus/Antimalware Solutions

                                7.1.2 Data Loss Prevention Solutions

                                7.1.3 Disaster Recovery Solutions

                                7.1.4 Distributed Denial of Service Solutions

                                7.1.5 Encryption Solutions

                                7.1.6 Identity & Access Management Solutions

                                7.1.7 Intrusion Detection Systems/Intrusion Prevention Systems

                                7.1.8 Risk & Compliance Management

                                7.1.9 Design & Integration Services

                                7.1.10 Support & Maintenance Services

                                7.1.11 Others

                7.2 Medical Device Security Market By Security Type 

                                7.2.1 Application Security 

                                7.2.2 Cloud Security 

                                7.2.3 Endpoint Security 

                                7.2.4 Network Security 

                                7.2.5 Others

                7.3 Medical Device Security Market By Device Type

                                7.3.1 Hospital Medical Devices 

                                7.3.2 Internally Embedded Medical Devices

                                7.3.3 Wearable and External Medical Devices 

                7.4 Medical Device Security Market By End User

                                7.4.1 Healthcare Payers

                                7.4.2 Healthcare Providers 

                                7.4.3 Medical Device Manufacturers 

                7.5 Medical Device Security Market By Geography

                                7.5.1 North America

                                                7.5.1.1 United states

                                                7.5.1.2 Canada

                                                7.5.1.3 Mexico

                                7.5.2 Europe

                                                7.5.2.1 France

                                                7.5.2.2 United Kingdom

                                                7.5.2.3 Germany

                                                7.5.2.4 Spain

                                                7.5.2.5 Italy

                                                7.5.2.6 Rest of Europe

                                7.5.3 Asia-Pacific

                                                7.5.3.1 India

                                                7.5.3.2 China

                                                7.5.3.3 Japan

                                                7.5.3.4 Australia

                                                7.5.3.5 South Korea

                                                7.5.3.6 Rest of Asia-Pacific

                                7.5.4 Middle East & Africa

                                                7.5.4.1 GCC

                                                7.5.4.2 South Africa

                                                7.5.4.3 Rest of Middle East & Africa

                                7.5.5 South America

                                                7.5.5.1 Brazil

                                                7.5.5.2 Argentina

                                                7.5.5.3 Rest of South America

8. Medical Device Security Market Company Profiles & Competitive Landscape

                8.1 CA Technologies 

                8.2 Check Point Software Technologies 

                8.3 Cisco Systems 

                8.4 DXC Technology 

                8.5 Fireeye

                8.6 GE Healthcare 

                8.7 IBM

                8.8 Koninklijke Philips N.V. 

                8.9 Mcafee 

                8.10 Symantec Corporation 

                *List not Exhaustive

9. Future of the Medical Device Security Market

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