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The medical device security solutions market size is forecast to increase by USD 2.62 billion at a CAGR of 11.96% between 2023 and 2028. The market's growth hinges on multiple factors, notably the escalating apprehensions regarding healthcare data security, propelled by the rising geriatric demographic and the prevalence of chronic illnesses. These concerns drive demand for robust medical device security solutions, further fueled by stringent government regulations. As medicare systems become increasingly digitized, the need for safeguarding sensitive patient information grows paramount. The aging population's medicare needs and the challenges posed by chronic diseases accentuate the urgency for reliable security measures. Moreover, regulatory frameworks mandating enhanced security standards for medical devices amplify the market's growth trajectory, creating opportunities for innovative solutions and technologies in the medical cybersecurity sector.
Moreover, the market growth and forecasting report includes key player's detailed analyses of the competitive landscape of the market and information about 20 market companies, including Cisco Systems Inc., CLEARDATA, Clearwater Security and Compliance LLC, Coalfire Systems Inc., Device Authority, Dragerwerk AG and Co. KGaA, DXC Technology Co., Extreme Networks Inc., Forescout, Fortinet Inc., General Electric Co., Imperva Inc., International Business Machines Corp., Koninklijke Philips N.V., Meditology Services LLC, Palo Alto Networks Inc., Sophos Ltd., UL Solutions Inc., and Check Point Software Technologies Ltd. Additionally, Battelle Memorial Institute offers medical device security solutions such as Battelle DeviceSecure and device security experts, who can identify cybersecurity and cyberattack problems.
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The market is driven by the increasing need for medical device security systems to protect against cyber-attacks and illegal access control in healthcare settings. Advancements in Computing power, Wireless technologies, and Data analytics techniques are shaping the market trends. However, challenges such as securing sensitive data in devices like Pacemakers and insulin pumps, addressing vulnerabilities in hospital networks and IoT technologies, and staying ahead of evolving cybersecurity threats pose significant challenges to the industry. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
Increasing concerns about healthcare data are notably driving the market. An increase in the number of cyberattacks in the healthcare industry and the resulting requirement for data protection and privacy are fuelling the global market. In addition, the increasing integration of data-generating devices in the medicare industry and the growing centralization of data, from health insurance companies to hospitals, have led to big data flooding.
Moreover, the medicare industry is currently witnessing the trend of digitizing medicare workflows and moving to electronic patient records. In addition, the quantity of clinical data available electronically, commonly referred to as big data, has increased significantly in terms of complexity, diversity, and timeliness. Hence, such factors are positively impacting the market which in turn drives the market during the forecast period.
The increasing adoption of IoT and connected devices in healthcare industries is an emerging trend in the market. In the healthcare industry, IoT helps in bridging the gap between physical and digital data sources by tracking patients in real time. In addition, IoT infrastructure helps improve accessibility to services, reducing the operational burden on healthcare facilities, and supporting the development of digital ecosystems in medicare organizations.
Moreover, healthcare organizations are moving to connected hospital infrastructure to provide timely and improved care. In addition, IoT has a wide range of applications in medicare settings, with the potential to expand within and outside healthcare facilities. Furthermore, some of the key applications of IoT include telemedicine, connected imaging, clinical workflow and operations management, medication management, and inpatient monitoring. Hence, such factors are driving the market during the forecast period.
Lack of awareness regarding securities and technical issues related to medical device security solutions is a major challenge hindering the market. Several medicare organizations do not have an in-depth knowledge of medicare security. In addition, they often fail to provide sufficient security awareness training to employees, which is hampering the effectiveness of these solutions.
Moreover, phishing, which is commonly used in cyberattacks, is a major security threat. In addition, hackers are now using tactics to evade detection by security solutions and deliver an e-mail to employees to gain unauthorized access. Furthermore, they are also using social engineering techniques for hacking. Hence, such factors are hindering the market during the forecast period.
The market is at the forefront of technological advancements, addressing critical concerns in healthcare settings and the broader healthcare sector. With the increasing prevalence of cyber-attacks and medical device attacks, the demand for robust medical device security systems has surged. These systems ensure cyber-secure environments, especially for devices like Pacemakers, insulin pumps, and other medical gadgets that are connected to the internet and hospital networks. Innovations in new technologies such as implanted and wearable devices, have brought about significant advancements in patient care and monitoring, necessitating reliable remote monitoring solutions and robust IoT technologies integration. The use of Wireless technologies has enhanced connectivity and data transmission in healthcare facilities and the medical research sector, enabling efficient data analytics techniques and leveraging Big Data for insights into Proteomics, Genomics, and Pharmacogenomics.
The wearable and external medical devices segment is estimated to witness significant growth during the forecast period. Over the past decade, the healthcare sector has undergone a significant transformation, from integrating IoT in the healthcare system to adopting technologically advanced medical devices as well as changing the business model. In addition, the healthcare industry has moved to a decentralized working model, from hospitals to homes. Furthermore, patient data has become centralized due to storage on the cloud of hospital systems, which has made hospitals data centers.
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The wearable and external medical devices segment was the largest segment and was valued at USD 1.08 billion in 2018. Moreover, the growing healthcare costs and inconvenience caused due to large waiting times led consumers to increasingly prefer online consultation and telemedicine as well as remote monitoring, which reduces inconvenience and healthcare costs. In addition, the demand for self-medication and home-based treatment is increasing, with a greater number of people resorting to at-home diagnosis and treatment for specific diseases. Furthermore, factors such as increasing awareness about lifestyle disorders and familiarity with new technologically advanced devices such as smartphones and gaming devices led people to adopt more sophisticated devices to self-monitor their health conditions. Hence, such factors are fuelling the growth of this segment which in turn drives the market during the forecast period.
The rising use of medical device security solutions in the healthcare providers segment will increase the market growth. Factors such as the increasing digitization of healthcare systems and the growing threat of cyberattacks is fuelling the adoption of medical device security solutions by healthcare providers. In addition, with the proliferation of connected medical devices, such as infusion pumps, pacemakers, and imaging machines, healthcare organizations are facing heightened risks of cyber threats that could compromise patient safety and data integrity. Therefore, healthcare providers are investing in robust security solutions specifically designed to protect medical devices from unauthorized access, data breaches, and malicious manipulation. Furthermore, these medical device security solutions typically encompass a range of measures, including network segmentation, encryption, authentication mechanisms, and continuous monitoring for anomalous activities. Hence, such factors are fuelling the growth of this segment which in turn drives the market during the forecast period.
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North America is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio's analysts have provided extensive insight into the market forecast, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. North America remains the biggest market for medical device security solutions owing to the huge adoption and penetration of wired and wireless networked medical devices. In addition, stringent regulations by governments are also acting as a driver for the adoption of security solutions by healthcare organizations. Moreover, other factors, such as the growing need for better healthcare facilities, the rising geriatric population, and increasing cyberattacks on healthcare organizations, are driving the growth of the market in North America. Hence, such factors are driving the market in North America during the forecast period.
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Broadcom Inc: The company offers medical device security solutions such as Symantec Cyber Security and Symantec Enterprise Cloud, which can be used for endpoint, network, and secure connections.
Market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market is witnessing rapid growth due to various factors, such as the increasing sophistication of medical device attacks and the rising concerns about illegal access control to sensitive data. With the proliferation of insulin pumps and other medical gadgets connected to the internet, securing hospital networks and cell phones has become crucial. The demand for cyber-secure solutions is driven by the integration of new technologies into implanted devices used in healthcare settings. Advancements in connected data-sharing technologies have facilitated patient health monitoring and data gathering, leading to the adoption of remote monitoring and management solutions and digital health tools. The emergence of cloud-based medical device security has garnered attention from hospital technology professionals seeking robust security event management and cloud computing services for electronic records and hospital data stored in private clouds and storage systems.
Moreover, the expanding use of wearable and outdoor medical devices in home healthcare has brought IoT technologies to the forefront, necessitating robust cybersecurity strategies to counter cybercriminals and ransomware attacks. However, challenges persist, including budget constraints and the need for monetary funds to invest in telehealth platforms, patient support technologies, smart wearables, remote monitoring equipment, and Internet of Things (IoT) devices spanning short-range and wide-area IoT devices. Privacy and security concerns surrounding digital patient records, smart connected devices, and network infrastructure are driving innovation in medical device security solutions, with a focus on ensuring comprehensive protection for healthcare data and smart healthcare devices.
Market Scope |
|
Report Coverage |
Details |
Page number |
178 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.96% |
Market Growth 2024-2028 |
USD 2.62 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
10.62 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 44% |
Key countries |
US, Japan, China, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Battelle Memorial Institute, Broadcom Inc., Cisco Systems Inc., CLEARDATA, Clearwater Security and Compliance LLC, Coalfire Systems Inc., Device Authority, Dragerwerk AG and Co. KGaA, DXC Technology Co., Extreme Networks Inc., Forescout, Fortinet Inc., General Electric Co., Imperva Inc., International Business Machines Corp., Koninklijke Philips N.V., Meditology Services LLC, Palo Alto Networks Inc., Sophos Ltd., UL Solutions Inc., and Check Point Software Technologies Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Device
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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