Medical Device Security Market - Global Forecast to 2023

Medical Device Security Market - Global Forecast to 2023
The global medical device security market is projected to reach USD 6.59 billion by 2023 from
4.36 billion in 2018, at a CAGR of 8.6%. Factors such increasing instances of healthcare
cyberattacks and threats, growing geriatric population and the subsequent growth in chronic
disease management, government regulations and need for compliance, growing demand for
connected medical devices, and increasing adoption of BOYD and IoT are driving the growth of
the medical device security market.
Download FREE Brochure @
https://www.marketsandmarkets.com/pdfdownload.asp?id=70612561
Based on component, the medical device security market is segmented into two major
categories, namely, solutions and services. The solutions segment is further categorized into
identity & access management (IAM), antivirus/antimalware, risk & compliance management,
encryption, intrusion detection system/intrusion prevention system (IDS/IPS), data loss
prevention (DLP), disaster recovery, distributed denial of service (DDoS) and other solutions.
In 2018, the identity & access management solution segment is expected to account for the
largest share of the market owing to factors such as growing demand for mobility solutions,
rising security concerns, and increasing awareness about compliance management among
healthcare organizations. The services segment is further categorized into professional
services, managed security services. Among services segment, managed security services is
projected to grow at the highest rate during the forecast period mainly due to increasing
complexity of threats and attacks, the emergence of sophisticated cybercriminals which are
forcing companies to upgrade their security systems constantly.

Based on type, the medical device security market is broadly divided into application security,
endpoint security, network security, cloud security, and other security types (email, web, and
database security). The application security segment is expected to register the highest CAGR
during the forecast period mainly due to factors such as proliferation of connected medical
devices and mobile devices, growing usage of web and mobile healthcare applications for
remote patient monitoring and also the increasing demand for medical applications for
physician use.
Based on device type, the medical device security market is segmented into hospital medical
devices, internally embedded medical devices, and wearable and external medical devices.
Wearable and external medical devices are poised to be the fastest-growing segment during
the forecast period. This growth is attributed to the demand for home healthcare owing to the
high and rising prevalence of chronic diseases and the growing need to reduce overall
healthcare costs. These factors are increasing the demand and uptake of wearable and
external medical devices for remote patient monitoring.
Based on end user, the medical device security market is segmented into healthcare providers,
medical device manufacturers, and healthcare payers. The healthcare providers segment is
expected to account for the largest share of the medical device security market in 2018. The
large share of this segment is mainly due to the high demand for connected networked medical
devices among healthcare providers owing to the various benefits offered by these devices.
Asia Pacific is expected to grow at the highest CAGR during the forecast period. The growth of
this market is attributed to factors such as increasing adoption of connected medical devices,
improving healthcare infrastructure, increasing awareness about security of patient health
information (PHI), and growing awareness about medical device security solutions due to the
increasing number of cyberattacks in healthcare organizations. Several market players
expanded their presence in Asia Pacific countries. In this regard, in February 2015, Microsoft
launched the Cybercrime Satellite Center to develop cybersecurity solutions in Singapore and
other parts of APAC. This center is expected to support all major Southeast Asian countries as
well as Australia, India, Korea, and New Zealand. Also in April 2015, Symantec expanded its
Incident Response Services in North America, the UK, and some parts of APAC. This will enable
the company to proactively address security needs and enable continual security improvement
and overall medical device security.

To Know More @ https://www.marketsandmarkets.com/Market-Reports/medical-devicesecurity-market-70612561.html