WASHINGTON, March 25, 2022 (GLOBE NEWSWIRE) -- According to a new market research report "Medical Device Security Market Size, Share & Trends Analysis Report by Offering (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), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)", published by Vantage Market Research, the global post COVID-19 market size of the Medical Device Security Market is expected to grow from USD 455.30 Million in 2021 to USD 559.68 Million by 2028 at a CAGR of 3.50% during the forecast period.
Market Synopsis-
Medical Device Security Market used in the healthcare industry are increasingly being linked to hospital networks, the internet, and other devices to provide features that help healthcare organizations treat patients more effectively which is driving the growth of medical device market during the forecast period. The same characteristics raise the risk of unauthorized access and cyber-attacks on critical hospital data. As a result, healthcare organizations are implementing medical device security systems to reduce the risk of cyber-attacks and improve the security of Medical Device Security Market, fueling market growth in the upcoming years. Many healthcare service providers are using cloud-based medical device storage systems to improve storage security and ensure a safe and secure transmission method to cloud storage, which is expected to drive market expansion in the upcoming years. However, emerging countries face stringent government regulations as well as a lack of infrastructure, which could stymie market growth during the forecast period. The rise in demand for connected Medical Device Security Market in the healthcare sector, as well as an increase in cyber-attacks on connected Medical Device Security Market, are the primary factors driving the global medical device security market trends during the forecast period. On the contrary, increased global adoption of cloud-based medical device security is expected to fuel the global market's expansion during the forecast period. However, emerging countries' lack of awareness about medical security devices, as well as limited healthcare security budgets, are expected to stymie market growth during the forecast period.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Medical Device Security market is predicted to grow at a CAGR of roughly 3.50% during the forecast period.
- The Medical Device Security market was estimated to be worth roughly USD 455.30 Million in 2021 and is expected to reach USD 559.68 Million by 2028; based on primary research.
- On the basis of region, Asia-Pacific is projected to dominate the worldwide Medical Device Security market.
List of Prominent Players in the Medical Device Security Market:
- Cisco Systems (US)
- IBM (US)
- GE Healthcare (US)
- Symantec (US)
- CA Technologies (US)
- Philips (Netherlands)
- DXC Technology (US)
- Cloud Passage (US)
- FireEye (US)
- Check Point Software Technologies (Israel)
- Sophos (UK)
- Imperva (US)
- Fortinet (US)
- Palo Alto Networks (US)
- Clear DATA (US)
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Market Dynamics:
Drivers
Rising Prevalence of Chronic Diseases to Boost the Demand for Medical Device Security Market.
Chronic diseases, such as diabetes, cancer, and other infectious diseases, are becoming more common as a result of sedentary lifestyles and other factors. This has resulted in a significant increase in the economic burden of treating these diseases on various countries' healthcare systems. According to the National Cancer Institute, the cancer incidence rate in the United States is expected to be around 442 per 100,000 people in 2020. Several countries, including Australia (468 per 100,000) and New Zealand (438 per 100,000), were among the top five in terms of cancer incidence. Furthermore, due to the increasing incidence of impaired vision and hip fractures in the elderly population, a rapid rise in the geriatric population is supplementing the growth of ophthalmic and orthopedic devices during the forecast period. According to various national and regional databases, an estimated 303 million people worldwide suffer from osteoarthritis of the knee. Various countries' healthcare agencies are focusing on increasing diagnosis and treatment rates through an increasing number of awareness programmes. This, combined with rising per capita healthcare spending in both developed and developing countries, is leading to an increase in the number of patients undergoing diagnosis and treatment. This is driving up demand for Medical Device Security Market in these countries during the forecast period.
Challenges:
The biggest risks to healthcare security are a lack of employee awareness and education. According to responses from 125 health IT executives and professionals participating in the 2017 Level 3 Healthcare Security Study, the greatest security threat exposure is a lack of employee awareness and education. The HIMSS study was created to identify and comprehend high-level IT security concerns in the healthcare industry as the threat landscape evolves, putting the industry's valuable healthcare data and critical care infrastructure at risk.
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Regional Trends:
Among other regions, North America region acquires the largest market share. The healthcare industry is one of the most regulated in North America due to the general privacy and security concerns associated with digital patient records. Regulations such as the Health Insurance Portability and Accountability Act (HIPAA) and the Health Information Technology for Economic and Clinical Health (HITECH) Act are ensuring consistent growth in cybersecurity solution penetration rates in the country's healthcare sector during the forecast period. Over 12 healthcare sector companies and groups submitted a proposal to the FDA in March 2019 to update the guidelines for premarket medical device cybersecurity. Initiatives like these are expected to increase cybersecurity adoption in the country's healthcare sector in the upcoming years. The region's medical device security market is being driven by an increase in cyber-attacks on Medical Device Security Market, an increase in the adoption of connected Medical Device Security Market, an increase in cybersecurity awareness among healthcare professionals, and government initiatives to implement security solutions.
Asia Pacific is expected to grow at the fastest CAGR during the forecast period. This market's growth can be attributed to factors such as increased adoption of connected Medical Device Security Market, improved healthcare infrastructure, increased awareness about the security of patient health information (PHI), and growing awareness about medical device security solutions as the number of cyber-attacks on Medical Device Security Market rises.
Recent Developments:
In June 2019, IFS announced a partnership with Acumatica. It can benefit from each other's resources, capabilities, and strategies while maintaining full autonomy and rapid growth trajectories while avoiding disruptions to business operations or brand equity.
Browse market data Tables and Figures spread through 138 Pages and in-depth TOC on "Medical Device Security Market Size, Share & Trends Analysis Report by Offering (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), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/medical-device-security-market-market-618313
The report on the Medical Device Security Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Medical Device Security Market?
- How will the Medical Device Security Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Medical Device Security Market?
- What is the Medical Device Security market drivers and restrictions?
- What will be the CAGR and size of the Medical Device Security Market throughout the forecast period?
This market titled “Medical Device Security Market” will cover exclusive information in terms of Geographic Segmentation, Forecast, Regional Analysis, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size in 2021 | USD 455.30 Million |
| Projected Market Size in 2028 | USD 559.68 Million |
| CAGR Growth Rate | CAGR of 3.50% From 2022 – 2028 |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Offering • Solutions • Services • Type • Application Security • Endpoint Security • Network Security • Cloud Security • Other Security Types (Email, Web, and Database Security) • Device Type • Hospital Medical Devices • Internally Embedded Medical Devices • Wearable and External Medical Devices • End User • Healthcare Providers • Medical Device Manufacturers • Healthcare Payers |
| Region & Counties Covered | • North America • U.S. • Canada • Mexico • Europe • U.K • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC Countries • South Africa • Rest Of Middle East & Africa |
| Companies Covered | • Cisco Systems (US) • IBM (US) • GE Healthcare (US) • Symantec (US) • CA Technologies (US) • Philips (Netherlands) • DXC Technology (US) • Cloud Passage (US) • FireEye (US) • Check Point Software Technologies (Israel) • Sophos (UK) • Imperva (US) • Fortinet (US) • Palo Alto Networks (US) • Clear DATA (US) |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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