Medical Device Security Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Medical device security refers to the measures and protocols implemented to protect medical devices, systems, and networks from cyber threats, unauthorized access, and data breaches. It encompasses a range of strategies, technologies, and best practices to safeguard the confidentiality, integrity, and availability of medical devices and the sensitive patient data they handle.

Sizing and Forecast
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 growth in the historic period can be attributed to rising cybersecurity threats, proliferation of connected device, high-profile security breaches, shift towards value-based car, and 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 growth in the forecast period can be attributed to focus on supply chain security, shift towards remote healthcare, growing healthcare investments, rising number of connected medical devices, and increasing adoption of iot in healthcare. Major trends in the forecast period include technological advancements, embedded security solutions, collaboration among healthcare organizations and cybersecurity vendors, and integration of AI and machine learning.

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Segmentation & Regional Insights
The medical device security market covered in this report is segmented –

1) By Component: Solutions, Services
2) By Security Type: Endpoint Security, Network Security, Application Security, Cloud Security, Other Security Types
3) By Deployment Mode: On-Premise, Cloud-Based
4) By End User: Healthcare Institutions, Medical Device Manufacturers, Other End Users

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.

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Major Driver Impacting Market Growth
The rising healthcare cyberattacks are expected to propel the growth of the medical device security market going forward. Healthcare cyberattacks refer to malicious activities targeting healthcare organizations, systems, networks, and devices intending to disrupt services, steal sensitive data, or cause harm. The rising healthcare cyberattacks are due to investment in cybersecurity infrastructure, staff training, regular risk assessments, and collaboration within the industry to share threat intelligence and best practices. Medical device security helps prevent cyber-attacks on healthcare by protecting devices, data, and networks, ensuring compliance, and raising cybersecurity awareness among professionals. For instance, in October 2023, according to the U.S. Department of Health and Human Services, a US-based government department, an average of nearly two healthcare data breaches involving 500 or more records occurred each day, resulting in an average daily breach of over 364,000 healthcare records. The rising cyberattacks on healthcare are driving the growth of medical device security.

Key Industry Players
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.

The medical device security market report table of contents includes:

1. Executive Summary
2. Medical Device Security Market Characteristics
3. Medical Device Security Market Trends And Strategies
4. Medical Device Security Market – Macro Economic Scenario
5. Global Medical Device Security Market Size and Growth
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32. Global Medical Device Security Market Competitive Benchmarking
33. Global Medical Device Security Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Medical Device Security Market
35. Medical Device Security Market Future Outlook and Potential Analysis
36. Appendix

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