Medical Device Security Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024

Description

The Global Medical Device Security Market was valued at USD 8.2 billion in 2023 and is projected to grow at 8.9% CAGR from 2024 to 2032. A primary factor driving this growth is the rising use of connected medical devices and the expanding Internet of Medical Things (IoMT) ecosystem. This proliferation has resulted in a vast network of interconnected devices, making them susceptible to cyber threats. The increase in ransomware attacks, data breaches, and malware targeting healthcare organizations has underscored the necessity for comprehensive security solutions. As healthcare data is both sensitive and highly sought after, organizations prioritize the protection of patient information and ensuring compliance with regulatory standards.

This heightened focus is significantly boosting the demand for medical device security solutions. The market is segmented into solutions and services, with the solutions segment generating the most revenue-around USD 5.6 billion in 2023. Key solutions such as encryption, identity and access management (IAM), and intrusion detection/prevention systems (IDS/IPS) play vital roles in protecting sensitive patient data and ensuring device integrity. Additionally, regulatory bodies are imposing strict guidelines that mandate security measures throughout the lifecycle of medical devices, further driving market growth. The medical device security market can also be classified by type, including endpoint security, network security, cloud security, application security, and other security types.

The endpoint security segment led the market with revenue of about USD 2.7 billion in 2023. As the number of IoMT devices continues to rise, securing endpoints-such as wearable devices, patient monitors, and imaging systems-has become increasingly critical. These devices often operate on outdated systems, making them particularly vulnerable to cyberattacks and attractive targets for hackers. In North America, the medical device security market reached USD 3.1 billion in revenue in 2023, with expectations to grow at a CAGR of 8% from 2024 to 2032. Several trends are driving this growth. The rising number of connected medical devices, including smart implants and health monitors, has heightened the demand for effective security solutions that protect patient data and ensure device integrity.Moreover, the surge in cyberattacks targeting healthcare organizations has prompted providers to prioritize their cybersecurity initiatives, recognizing the need for robust measures to safeguard sensitive information.

Market Scope
Start Year	2023
Forecast Year	2024-2032
Start Value	$8.2 Billion
Forecast Value	$17.5 Billion
CAGR	8.9%

Product Code: 11805

Chapter 1 Methodology & Scope

1.1 Market scope & definitions
1.2 Research design
- 1.2.1 Research approach
- 1.2.2 Data collection methods
1.3 Base estimates & calculations
- 1.3.1 Base year calculation
- 1.3.2 Key trends for market estimation
1.4 Forecast model
1.5 Primary research and validation
- 1.5.1 Primary sources
- 1.5.2 Data mining sources

Chapter 2 Executive Summary

2.1 Industry 360° synopsis

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
3.2 Industry impact forces
- 3.2.1 Growth drivers
  - 3.2.1.1 Rising cyberattacks targeting medical devices and healthcare infrastructure
  - 3.2.1.2 Growing stringent regulations
  - 3.2.1.3 Increased adoption of IoT in healthcare
  - 3.2.1.4 Increasing investments in cybersecurity research and development
  - 3.2.1.5 Rising awareness among healthcare providers and patients
- 3.2.2 Industry pitfalls & challenges
  - 3.2.2.1 High implementation costs
  - 3.2.2.2 Shortage of skilled cybersecurity professionals
3.3 Growth potential analysis
3.4 Regulatory landscape
3.5 Innovation landscape
3.6 Porter's analysis
3.7 PESTEL analysis
3.8 Future market trends
3.9 Gap analysis
3.10 Policy outlook

Chapter 4 Competitive Landscape, 2023

4.1 Introduction
4.2 Company matrix analysis
4.3 Competitive analysis of major market players
4.4 Competitive positioning matrix
4.5 Strategy dashboard

Chapter 5 Market Estimates and Forecast, By Component, 2021 - 2032 ($ Mn)

5.1 Key trends
5.2 Solutions
- 5.2.1 Encryption
- 5.2.2 Identity & access management (IAM)
- 5.2.3 Antivirus/Antimalware
- 5.2.4 Risk & compliance management
- 5.2.5 Intrusion detection system/Intrusion prevention system (IDS/IPS)
- 5.2.6 Data loss prevention (DLP)
- 5.2.7 Disaster recovery
- 5.2.8 Distributed denial of service (DDoS)
- 5.2.9 Other solutions
5.3 Services
- 5.3.1 Managed security services
- 5.3.2 Support & maintenance
- 5.3.3 Consulting
- 5.3.4 Design & integration
- 5.3.5 Professional services
- 5.3.6 Training and education services

Chapter 6 Market Estimates and Forecast, By Type, 2021 - 2032 ($ Mn)

6.1 Key trends
6.2 Endpoint security
6.3 Network security
6.4 Cloud security
6.5 Application security
6.6 Other security types

Chapter 7 Market Estimates and Forecast, By Device Type, 2021 - 2032 ($ Mn)

7.1 Key trends
7.2 Hospital medical devices
7.3 Internally embedded medical devices
7.4 Wearable and external medical devices

Chapter 8 Market Estimates and Forecast, By Deployment Mode, 2021 - 2032 ($ Mn)

8.1 Key trends
8.2 Cloud-based
8.3 On-premises

Chapter 9 Market Estimates and Forecast, By End Use, 2021 - 2032 ($ Mn)

9.1 Key trends
9.2 Healthcare providers
9.3 Medical device manufacturers
9.4 Healthcare payers

Chapter 10 Market Estimates and Forecast, By Region, 2021 - 2032 ($ Mn)

10.1 Key trends
10.2 North America
- 10.2.1 U.S.
- 10.2.2 Canada
10.3 Europe
- 10.3.1 Germany
- 10.3.2 UK
- 10.3.3 France
- 10.3.4 Spain
- 10.3.5 Italy
- 10.3.6 Netherlands
- 10.3.7 Rest of Europe
10.4 Asia Pacific
- 10.4.1 China
- 10.4.2 Japan
- 10.4.3 India
- 10.4.4 Australia
- 10.4.5 South Korea
- 10.4.6 Rest of Asia Pacific
10.5 Latin America
- 10.5.1 Brazil
- 10.5.2 Mexico
- 10.5.3 Argentina
- 10.5.4 Rest of Latin America
10.6 Middle East and Africa
- 10.6.1 South Africa
- 10.6.2 Saudi Arabia
- 10.6.3 UAE
- 10.6.4 Rest of Middle East and Africa

Chapter 11 Company Profiles

11.1 Check Point Software
11.2 Cisco Systems, Inc.
11.3 ClearDATA
11.4 CrowdStrike Holdings
11.5 CyberArk Software Ltd.
11.6 FireEye, Inc.
11.7 Forescout Technologies
11.8 Fortinet, Inc.
11.9 IBM Corporation
11.10 Imperva, Inc.
11.11 McAfee, LLC
11.12 Palo Alto Networks
11.13 Qualys, Inc.
11.14 Rapid7, Inc.
11.15 Sophos Group
11.16 Trend Micro, Inc.
11.17 Zscaler, Inc.

Medical Device Security Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 - 2032