Medical Device Security Market Anticipated To Reach USD 14.2 Billion By 2032 | Report By SNS Insider

(MENAFN- GlobeNewsWire - Nasdaq) The medical device security market is growing rapidly due to escalating cyber threats and stringent regulatory requirements, prompting increased investment in advanced security solutions.

Pune, Oct. 11, 2024 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that, “ The Medical Device Security Market , valued at USD 6.6 billion in 2023, is projected to grow to USD 14.2 billion by 2032, at a CAGR of 8.9% over the forecast period 2024-2032. ” This significant growth is driven by the rising demand for connected healthcare devices and the need to secure sensitive patient data from cyberattacks. Increasing regulatory mandates on healthcare organizations to enhance cybersecurity measures further amplifies the market's expansion.

Overview of the Market

The number of connected healthcare devices is rising, while cyberattacks on health facilities are at an all-time high. In such a scenario, the prospects for growth in the medical device security market are on the rise. The IoT-enabled devices provide essential care services and are dangerous tools in the hands of hackers due to their vulnerability to cyber threats. This has only heightened the demand for strong security technologies such as encryption, antivirus software, and advanced threat detection systems. The increasing complexity of healthcare networks and the evolving regulatory requirements, starting with the FDA's premarket cybersecurity guidelines, motivate investments in medical device security on the supply side. Tailored services from firms have thus become a high priority among healthcare providers and insurers in an endeavor to protect patient data, keep pace with changes in regulations, as well as neutralize the risk of cyberattacks. The growing demand for managed security services supply is hence giving rise to the specific needs of healthcare environments, thereby creating a fast-changing market.

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Key Companies:

• Check Point Software Technologies
• Palo Alto Networks
• ClearDATA
• Cisco Systems
• IBM
• GE Healthcare
• Imperva
• Fortinet
• Symantec
• CA Technologies
• Philips
• DXC Technology
• CloudPassage
• FireEye
• Sophos and Others.

Medical Device Security Market Report Scope:

Report Attributes	Details
Market Size in 2023	USD 6.6 Billion
Market Size by 2032	USD 14.2 Billion
CAGR	CAGR of 8.9% From 2024 to 2032
Base Year	2023
Forecast Period	2024-2032
Historical Data	2020-2022
Report Scope & Coverage	Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments	. By Component (Solutions, Services) . By Type (Application Security, Endpoint Security, Network Security, Cloud Security) . By Device Type (Hospital Medical Devices, Internally Embedded Medical Devices, Wearable and External Medical Devices) . By End User (Healthcare Providers, Medical Device Manufacturers, Healthcare Payers)
Key Drivers	. Demand For Connected Medical Devices with Increased Awareness of Cybersecurity Vulnerabilities

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Segment Analysis

• By Component

Dominant Segment: Solutions (54.2% market share in 2023)

Solutions accounted for the highest share of the medical device security market as they hold an important position in securing healthcare devices from cyber threats. Solutions cover security solutions such as encryption technology, antivirus software, and intrusion detection systems. The solutions market for IoT-related devices used by healthcare providers is furthered by the growing focus of healthcare providers on protecting patient data from breaches. Recent regulatory pressure and high-profile cyberattacks have fast-forwarded the adoption of security solutions, and this market segment looks all set to remain a leader in this market.

• By Type

Dominant Segment: Application Security (38.6% market share in 2023)

Application security was the most prominent market due to the rapidly increasing dependency on software applications in health environments. As a result of this, ever-growing interest in telemedicine and healthcare management applications and the need to protect such applications from vulnerableness has brought about the imperative requirement for safeguarding such applications, and regulatory demands to protect the patient's data and ensuring that healthcare devices are operationally secure have, no doubt, boosted investments in this segment, making application security the dominant force in the market.

• By Device Type

Dominant Segment: Hospital Medical Devices (41.6% market share in 2023)

The product category of hospital medical devices primarily comprises imaging systems, surgical instruments, and patient monitoring equipment. These types of medical devices are dominating the operations in hospitals, yet they are increasingly integrated with the networks that the hospitals use today. As the hospitals come to connect these medical devices to their networks, there are growing admonitions toward them, and ensuring these gadgets against hackers has become perhaps the highest priority ever. Hospitals will continue to spend more in this product category as they embrace advanced technologies.

• By End User

Dominant Segment: Healthcare Providers (39.5% market share in 2023)

Healthcare providers, such as hospitals and clinics, are the dominant end users of medical device security solutions. As the primary users of connected medical devices, these institutions face increasing regulatory scrutiny and are investing in comprehensive security measures to protect patient data from cyber threats.

Regional Analysis

Dominant Region: North America

North America led the medical device security market in 2023, accounting for a significant market share due to the high adoption of connected healthcare devices and stringent regulatory frameworks. The United States, in particular, is at the forefront of this growth, with healthcare organizations making substantial investments in cybersecurity solutions to protect against data breaches and comply with regulations like the Health Insurance Portability and Accountability Act (HIPAA). Major players in the U.S. are offering innovative security solutions to address these concerns, further cementing North America's dominance.

Fastest-Growing Region: Asia-Pacific

The Asia-Pacific region is expected to witness the fastest growth over the forecast period, driven by increasing investments in healthcare infrastructure and rising adoption of connected devices in countries like China, Japan, and India. The growing awareness of cybersecurity threats and evolving regulatory standards are pushing healthcare providers in the region to invest in medical device security solutions. Regional companies, as well as international firms, are expanding their presence in Asia-Pacific, offering customized solutions to address the unique challenges faced by healthcare institutions in the region.

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Recent Developments in Medical Device Security

March 2024: MedCrypt launched a new security platform tailored for connected medical devices, offering real-time threat detection and response capabilities.

February 2024: Cynerio introduced a cloud-based medical device security solution, enhancing the ability of hospitals to manage and protect IoT-enabled devices.

January 2024: Philips partnered with cybersecurity firm CyberMDX to integrate advanced security protocols into its healthcare devices.

November 2023: GE Healthcare released a new security service offering for hospitals, focusing on securing imaging and monitoring devices.

September 2023: Fortified Health Security launched a managed medical device security service designed to help small healthcare facilities meet regulatory requirements.

August 2023: Siemens Healthineers introduced an AI-powered cybersecurity platform to protect medical imaging devices from cyberattacks.

Table of Contents – Major Key Points

1. Introduction

1.1 Market Definition

1.2 Scope (Inclusion and Exclusions)

1.3 Research Assumptions

2. Executive Summary

2.1 Market Overview

2.2 Regional Synopsis

2.3 Competitive Summary

3. Research Methodology

3.1 Top-Down Approach

3.2 Bottom-up Approach

3.3. Data Validation

3.4 Primary Interviews

4. Market Dynamics Impact Analysis

4.1 Market Driving Factors Analysis

4.2 PESTLE Analysis

4.3 Porter's Five Forces Model

5. Statistical Insights and Trends Reporting

5.1 Adoption Rates, 2023

5.2 User Demographics, by User Type and Roles, 2023

5.3 Feature Analysis, by Feature Type

5.4 Cost Analysis, by Software

5.5 Integration Capabilities

5.6 Regulatory Compliance, by Region

6. Competitive Landscape

6.1 List of Major Companies, by Region

6.2 Market Share Analysis, by Region

6.3 Product Benchmarking

6.3.1 Product specifications and features

6.3.2 Pricing

6.4 Strategic Initiatives

6.4.1 Marketing and promotional activities

6.4.2 Distribution and Supply Chain Strategies

6.4.3 Expansion plans and new product launches

6.4.4 Strategic partnerships and collaborations

6.5 Technological Advancements

6.6 Market Positioning and Branding

7. Medical Device Security Market Segmentation, by Component

7.1 Chapter Overview

7.2 Solutions

7.3 Services

8. Medical Device Security Market Segmentation, by Type

8.1 Chapter Overview

8.2 Application Security

8.3 Endpoint Security

8.4 Network Security

8.5 Cloud Security

9. Medical Device Security Market Segmentation, by Device Type

9.1 Chapter Overview

9.2 Hospital Medical Devices

9.3 Internally Embedded Medical Devices

9.4 Wearable and External Medical Devices

10. Medical Device Security Market Segmentation, by End User

10.1 Chapter Overview

10.2 Healthcare Providers

10.3 Medical Device Manufacturers

10.4 Healthcare Payers

11. Regional Analysis

12. Company Profiles

13. Use Cases and Best Practices

14. Conclusion

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