Global Medical Device Security Market Size By Component (Solutions, Services), By Type (Application Security, Endpoint Security, Network Security), By Device Type (Hospital Medical Devices, Internally Embedded Medical Devices), By End-User (Healthcare Providers, Medical Device Manufacturers, Healthcare Payers), By Geographic Scope And Forecast
Report ID: 27345|No. of Pages: 202
Global Medical Device Security Market Size By Component (Solutions, Services), By Type (Application Security, Endpoint Security, Network Security), By Device Type (Hospital Medical Devices, Internally Embedded Medical Devices), By End-User (Healthcare Providers, Medical Device Manufacturers, Healthcare Payers), By Geographic Scope And Forecast
Medical Device Security Market Size And Forecast
Medical Device Security Market size was valued at USD 6.8 Billion in 2024 and is projected to reach USD 12.17 Billion by 2031, growing at a CAGR of 8.32% from 2024 to 2031.
The rise in demand for connected medical devices in the healthcare sector is driving the market growth. Healthcare organizations are implementing medical device security systems to lower the risk of cyber-attacks and to improve the security of medical devices, which is driving the market growth. The Global Medical Device Security Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Medical Device Security Market Definition
Medical device security refers to the procedures and techniques that can be used to avoid medical device attacks. Attacks may involve illegal access control of medical equipment, as well as the leakage of sensitive data generated by them.
Pacemakers, insulin pumps, and other medical gadgets are improving and getting more advanced. Most include software and connect to the internet, hospital networks, your cell phone, or other devices to share data. As a result, it is critical to ensure that medical devices are cyber secure. New technologies are being used for a wide range of devices, including those that are implanted or wearable, as well as those that are used at home or in health care settings. The advancements can provide safer, more timely, and more convenient care as now Patients who have a cardiac device implanted can be monitored remotely, potentially saving them a visit to the doctor’s office and To improve treatment and efficiency, hospitals are increasingly utilizing connected data-sharing technologies. However, if a medical device contains software and relies on a wireless or cable connection vigilance is required as the software that powers these gadgets, like other technology, can become exposed to cyber-attacks.
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Global Medical Device Security Market Overview
Healthcare organizations all over the world are using connected devices because of the numerous benefits they provide, such as patient health monitoring, tracking of patients, personnel, and objects, and automatically gathering and storing data for the company. Furthermore, different linked devices comprise essential information of enterprises that require increased security hence, healthcare organizations are adopting medical device security solutions that are driving the growth of the market. Furthermore, the increased usage of connected devices in various hospitals for improving patient care, minimizing operational errors, and lowering overall hospital expenses supports market growth.
According to American Medical Association, from 2016 and 2019, there was a significant increase in clinician usage of remote monitoring and management for improved care. Remote monitoring had the second-largest rise in the adoption rate of the seven digital health tools included in the AMA’s assessment of physicians’ motives and needs for the adoption of digital clinical tools, following only televisions, which doubled from 14% to 28%.
Global adoption of cloud-based medical device security is increasing which is another growth driver of the market. In 2018, 82 % of hospital technology professionals reported a “major security event,” with the average data breach costing $3.86 million. As a result, the healthcare industry around the world is utilizing cloud computing services to store electronic records, patient data, and other hospital data on private clouds to increase data protection. Furthermore, cloud computing enables the healthcare sector to enhance or decrease data storage capacity, as a result of which many healthcare service providers are transitioning from traditional storage systems to cloud-based systems. As a result, to improve storage security and assure a safe and secure transmission method to cloud storage, many healthcare service providers are using cloud-based medical device storage systems, which are likely to drive market expansion. However, Emerging countries face stringent government regulations as well as a shortage of infrastructure which might hinder the market growth.
Global Medical Device Security Market Segmentation Analysis
The Global Medical Device Security Market is segmented based on Component, Type, Device Type, End-User, and Region.
Medical Device Security Market, By Component
- Solutions
o Identity & Access Management (IAM)
o Antivirus/Antimalware
o Risk & Compliance Management
o Encryption
o Intrusion Detection System/Intrusion Prevention System (IDS/IPS)
o Data Loss Prevention (DLP)
o Disaster Recovery - Services
o Professional services
o Consulting
o Support & Maintenance
o Design & Integration
o Training and Education Services
The market is broadly segmented into solutions and services based on components. The services segment is projected to dominate the market. The growing demand for continuous consultation, support, and maintenance services to secure connected medical devices and healthcare IT infrastructure from the growing number of cyberattacks is primarily responsible for this segment’s large share.
The Solution segment is categorized into Identity and access management, compliance management, encryption, intrusion prevention system, data loss prevention, disaster recovery, distributed denial of service, and other solutions. The encryption solutions segment is expected to grow at the fastest rate during the forecast period, owing to factors such as rising demand for advanced encryption-based services that are integrated with other security solutions to provide enhanced Data Protection at a lower cost, and these solutions secure user data both on-premise and in the cloud.
Medical Device Security Market, By Type
- Application Security
- Endpoint Security
- Network Security
- Cloud Security
- Other Security Types
The endpoint security category is predicted to dominate the market and have the largest market share. The substantial share of this segment is due to factors such as the increasing number of connected medical equipment, as well as networks becoming more vulnerable to new and sophisticated attacks such as zero-day malware, trojans, and APIs. Furthermore, the trend of BYOD, social media usage and cloud-synchronizing technologies is driving the market growth.
Medical Device Security Market, By Device Type
- Hospital Medical Devices
- Internally Embedded Medical Devices
- Wearable and External Medical Devices
The market is divided into three segments based on device type, hospital medical devices, internally embedded medical devices, and wearable and outdoor medical devices. The wearable and external medical devices sectors are predicted to grow at the fastest rate during the forecast period. During the forecast period, the wearable and external medical devices sectors are predicted to grow at the fastest rate. This increase is attributed to an increase in demand for home healthcare as a result of the high and rising chronic diseases, as well as the growing need to cut healthcare expenditures. These considerations are driving up the demand for and use of wearable and exterior medical devices for remote patient monitoring.
Medical Device Security Market, By End-User
- Healthcare Providers
- Medical Device Manufacturers
- Healthcare Payers
Based on End-user the Healthcare providers segment is predicted to hold the highest share of the medical device security market. The high demand for connected networked medical devices among healthcare professionals, as a result of the multiple benefits offered by these devices, has contributed to the segment’s rise.
Medical Device Security Market, By Region
- North America
- Europe
- Asia Pacific
- Rest of the world
North America is expected to command the largest share of the market, owing to rising instances of cyberattacks on medical devices, rising adoption of connected medical devices, rising cybersecurity awareness among healthcare professionals, and government initiatives to implement security solutions, which are driving the region’s medical device security market.
Asia Pacific is expected to develop at the fastest CAGR during the forecast period. This market’s growth can be attributed to factors such as rising adoption of connected medical devices, improved healthcare infrastructure, increased awareness about the security of patient health information (PHI), and growing awareness about medical device security solutions as the number of cyberattacks on medical devices rises.
Key Players
The “Global Medical Device Security Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Cisco Systems (US), IBM (US), GE Healthcare (US), Symantec (US), CA Technologies (US), Philips (Netherlands), DXC Technology (US), CloudPassage (US), FireEye (US), and Sophos(UK). The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Key Developments
- In February 2020, GE Healthcare Introduced a New Medical Device Cybersecurity Offering called Skeye, to Assist Health Systems in Protecting Against Risk.
- In November 2020, Philips launched Integrated Cybersecurity Services to Protect Connected Medical Devices.
- In October 2020, Philips collaborated with CyberMDX, a leader in connected medical device security, to offer vendor-neutral solutions for protecting connected medical systems and devices.
- In January 2018, Cisco announced that Felix Platter Hospital in Basel, Switzerland, will use Cisco®’s Intent-Based Networking to provide the groundwork for the hospital’s digital operations.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2021-2031 |
| BASE YEAR | 2024 |
| FORECAST PERIOD | 2024-2031 |
| HISTORICAL PERIOD | 2021-2023 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Cisco Systems (US), IBM (US), GE Healthcare (US), Symantec (US), CA Technologies (US), Philips (Netherlands), DXC Technology (US), CloudPassage (US), FireEye (US), and Sophos(UK). |
| SEGMENTS COVERED | By Component, By Type, By Device, By End-User, and By Region. |
| CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
Research Methodology of Verified Market Research
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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
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• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
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Frequently Asked Questions
TABLE OF CONTENT
1 INTRODUCTION OF GLOBAL MEDICAL DEVICE SECURITY MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL MEDICAL DEVICE SECURITY MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL MEDICAL DEVICE SECURITY MARKET, BY MODE OF COMPONENT
5.1 Overview
5.2 Solutions
5.3 Services
6 GLOBAL MEDICAL DEVICE SECURITY MARKET, BY TYPE
6.1 Overview
6.2 Application Security
6.3 Endpoint Security
6.4 Network Security
6.5 Cloud Security
6.6 Other Security Types
7 GLOBAL MEDICAL DEVICE SECURITY MARKET, BY DEVICE TYPE
7.1 Overview
7.2 Hospital Medical Devices
7.3 Internally Embedded Medical Devices
7.4 Wearable and External Medical Devices
8 GLOBAL MEDICAL DEVICE SECURITY MARKET, BY END-USER
8.1 Overview
8.2 Healthcare Providers
8.3 Medical Device Manufacturers
8.4 Healthcare Payers
9 GLOBAL MEDICAL DEVICE SECURITY MARKET, BY GEOGRAPHY
9.1 Overview
9.2 North America
9.2.1 U.S.
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 U.K.
9.3.3 France
9.3.4 Rest of Europe
9.4 Asia Pacific
9.4.1 China
9.4.2 Japan
9.4.3 India
9.4.4 Rest of Asia Pacific
9.5 Rest of the World
9.5.1 Latin America
9.5.2 Middle East and Africa
10 GLOBAL MEDICAL DEVICE SECURITY MARKET COMPETITIVE LANDSCAPE
10.1 Overview
10.2 Company Market Ranking
10.3 Key Development Strategies
11 COMPANY PROFILES
11.1 Cisco Systems (US)
11.1.1 Overview
11.1.2 Financial Performance
11.1.3 Product Outlook
11.1.4 Key Developments
11.2 IBM (US)
11.2.1 Overview
11.2.2 Financial Performance
11.2.3 Product Outlook
11.2.4 Key Developments
11.3 GE Healthcare (US)
11.3.1 Overview
11.3.2 Financial Performance
11.3.3 Product Outlook
11.3.4 Key Developments
11.4 Symantec (US)
11.4.1 Overview
11.4.2 Financial Performance
11.4.3 Product Outlook
11.4.4 Key Developments
11.5 CA Technologies (US)
11.5.1 Overview
11.5.2 Financial Performance
11.5.3 Product Outlook
11.5.4 Key Developments
11.6 Philips (Netherlands)
11.6.1 Overview
11.6.2 Financial Performance
11.6.3 Product Outlook
11.6.4 Key Development
11.7 DXC Technology (US)
11.7.1 Overview
11.7.2 Financial Performance
11.7.3 Product Outlook
11.7.4 Key Developments
11.8 CloudPassage (US)
11.8.1 Overview
11.8.2 Financial Performance
11.8.3 Product Outlook
11.8.4 Key Developments
11.9 FireEye (US)
11.9.1 Overview
11.9.2 Financial Performance
11.9.3 Product Outlook
11.9.4 Key Development
11.10 Sophos (UK)
11.10.1 Overview
11.10.2 Financial Performance
11.10.3 Product Outlook
11.10.4 Key Development
12 KEY DEVELOPMENTS
12.1 Product Launches/Developments
12.2 Mergers and Acquisitions
12.3 Business Expansions
12.4 Partnerships and Collaborations
13 Appendix
13.1 Related Research
Report Research Methodology
Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.
This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
|---|---|---|
| Supplier side |
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Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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