Invest Opportunity in Medical Device Security Market Size Projected to Reach USD 17.49 Billion by 2027

Allied Market Research published a new report, titled, " Invest Opportunity in Medical Device Security Market Size Projected to Reach USD 17.49 Billion by 2027." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

The global medical device security market size was valued at USD 6.23 billion in 2019, and is projected to reach USD 17.49 billion by 2027, growing at a CAGR of 13.8% from 2020 to 2027.

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The global medical device security market is segmented on the basis of component, deployment model, security type, device type, end user, and region. In terms of component, the market is fragmented into solution and services. On the basis of deployment model, the market is bifurcated into on-premise and cloud. Depending on security type, it is classified into endpoint security, network security, application security, cloud security and other. On the basis of device type, it is categorized into stationery medical devices, internally embedded medical devices and external medical devices & consumer wearable. According to end user, it is classified into healthcare institutions, medical device manufacturers, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Based on component, the solution segment accounted for around two-thirds of the global medical device security market in 2019, and is projected to maintain its leadership status during the forecast period. This is due to need to manage different types of cyber-attacks on medical devices. However, the service segment is expected to manifest the highest CAGR of 15.1% from 2020 to 2027, owing to adoption of different services to ensure the effective functioning of medical devices.

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Based on industry vertical, the healthcare segment held the largest market share in 2019, contributing to nearly three-fifths of the global medical device security market in 2019, and is estimated to maintain its lead position by 2027. This is due to increase in connected medical devices among hospitals and rise in need for connected devices to optimize patient care services. However, the medical segment is projected to witness the highest CAGR of 16.4% from 2020 to 2027. This is due to stringent FDA regulations for medical devices and needs to reduce cybersecurity risks in the rapidly changing environment in the healthcare industry across the globe.

Based on region, North America accounted for the highest market share in 2019, holding more than one-third of the global medical device security market, and is expected to continue its dominance in terms of revenue by 2027. This is due to rise in IT spending in the healthcare sector and surge in adoption of connected medical devices in hospitals. However, Asia-Pacific is expected to witness the fastest CAGR of 16.0% from 2020 to 2027, owing to the establishment of presence of key players of the software in emerging countries such as China and India.

The key players operating in the global medical device security market include Cisco Systems, Inc., CA Technologies, Check Point Software Technologies, DXC Technology, Fortinet Inc., IBM Corporation, McAfee, LLC, Palo Alto Networks, Sophos Ltd, and Symantec Corporation. These players have adopted various strategies to increase their market penetration and strengthen their foothold in the medical device security market industry.

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Covid-19 Scenario

● The demand for external medical devices & consumer wearables from healthcare institutions surged significantly during the Covid-19 pandemic. In addition, there has been rise in the number of smartphone-based healthcare apps among the general public and hospitals. This increased the need for the security of data.

● The overall spending on the security of medical devices is expected to surge during the pandemic as there has been a significant rise in need for connected devices among various healthcare organizations.

● With increase in number of patients infected with Covid-19, the amount of patient data generated is huge and the need for cloud-based solutions increased. Consequently, the demand for medical device security solutions and services rose considerably to ensure security of data and records.

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