PUBLISHER: The Business Research Company | PRODUCT CODE: 1513183
PUBLISHER: The Business Research Company | PRODUCT CODE: 1513183
Medical device security pertains to the methods and protocols established to shield medical devices, systems, and networks against cyber threats, unauthorized entry, and data breaches. It encompasses an array of strategies, technologies, and best practices aimed at preserving the confidentiality, integrity, and accessibility of medical devices and the sensitive patient data they manage.
The primary constituents of medical device security encompass solutions and services. Medical device security solutions encompass diverse technologies, protocols, and strategies devised to safeguard medical devices and the data they produce from unauthorized access, manipulation, and abuse. These security measures encompass endpoint security, network security, application security, cloud security, and others, implemented both on-premise and via cloud platforms by healthcare establishments, medical device manufacturers, and other entities.
The medical device security market research report is one of a series of new reports from The Business Research Company that provides medical device security market statistics, including medical device security industry global market size, regional shares, competitors with medical device security market share, detailed medical device security market segments, market trends, and opportunities, and any further data you may need to thrive in the medical device security industry. This medical device security market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The medical device security market size has grown strongly in recent years. It will grow from $6.28 billion in 2023 to $6.81 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The historical growth can be attributed to the escalation in cybersecurity threats, the proliferation of connected devices, high-profile security breaches, the transition towards value-based care, and the increasing interconnectivity.
The medical device security market size is expected to see strong growth in the next few years. It will grow to $9.54 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The expansion anticipated in the forecast period can be attributed to a heightened emphasis on supply chain security, a shift towards remote healthcare, increased investments in healthcare, a rising number of connected medical devices, and the growing adoption of IoT in healthcare. Significant trends expected in the forecast period encompass technological advancements, embedded security solutions, collaboration among healthcare organizations and cybersecurity vendors, and the integration of AI and machine learning.
The surge in healthcare cyberattacks is projected to drive the expansion of the medical device security market in the foreseeable future. Healthcare cyberattacks encompass malicious activities directed at healthcare entities, systems, networks, and devices with the aim of disrupting services, pilfering sensitive data, or inflicting harm. This escalation in healthcare cyberattacks is attributed to investments in cybersecurity infrastructure, personnel training, routine risk evaluations, and industry-wide cooperation to exchange threat intelligence and best practices. Medical device security plays a pivotal role in thwarting cyber threats in healthcare by safeguarding devices, data, and networks, ensuring regulatory compliance, and heightening cybersecurity awareness among professionals. For instance, in October 2023, as reported by the U.S. Department of Health and Human Services, an average of nearly two healthcare data breaches involving 500 or more records occurred daily, resulting in over 364,000 healthcare records being compromised each day. The mounting incidents of cyberattacks in healthcare are fueling the growth of medical device security.
Key players in the medical device security market are directing their efforts towards crafting innovative solutions, such as comprehensive zero-trust security solutions, to revolutionize the medical device security landscape. Zero-trust security solutions entail validating the identity of every user and device seeking access to the network, irrespective of their location or prior trust levels, to mitigate the risk of security breaches. For instance, in December 2022, Palo Alto Networks, Inc., a U.S.-based cybersecurity firm, unveiled Medical IoT Security, a holistic zero-trust security solution engineered to safeguard interconnected medical devices critical to patient care. This solution tackles the security challenges posed by the escalating adoption of digital devices in healthcare, encompassing diagnostic and monitoring systems, ambulance equipment, and surgical robots. Leveraging machine learning, the solution empowers healthcare organizations to establish device rules with automated security responses, automate Zero Trust policy recommendations and enforcement, and comprehend device vulnerabilities and risk posture.
In January 2022, Claroty Ltd., a U.S.-based cybersecurity platform developer, acquired Medigate for an undisclosed sum. Through this acquisition, Claroty aims to enhance its cybersecurity offerings for the extended internet of things (XIoT), particularly in healthcare, to furnish comprehensive protection for interconnected assets and ensure safety across sectors. Medigate is a U.S.-based developer of a platform for medical device security that integrates and manages health delivery organization (HDO) security.
Major companies operating in the medical device security market are General Electric Company, International Business Machines Corporation, Cisco Systems Inc., Koninklijke Philips N.V., DXC Technology Company, Palo Alto Networks, Synopsys Inc., Fortinet Inc., Check Point Software Technologies Ltd., McAfee LLC, Trend Micro Inc., Zscaler Inc., FireEye, Sophos Ltd., Irdeto B.V., Imperva Inc., Armis Inc., Protegrity USA Inc., Silex Technology America Inc., ClearData, Cynerio Ltd., Zingbox Inc., CloudPassage Inc., Cylera Inc., Bayshore Networks Inc.
North America was the largest region in the medical device security market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical device security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the medical device security market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The medical device security market consists of revenues earned by entities by providing services such as risk assessments, security consulting, security architecture design, vulnerability management, and security training and awareness. The market value includes the value of related goods sold by the service provider or included within the service offering. The medical device security market also includes sales of access control systems, network segmentation tools, device integrity verification tools, and IoT security platforms. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Medical Device Security Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on medical device security market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for medical device security? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The medical device security market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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