Global Medical Device Security Market is anticipated to grow at a decent CAGR of 8 to 10% by 2027

A medical device security system refers to the protection of medical devices and their associated systems from unauthorized and unidentified access, modifications, theft, and physical damage. It helps in implementing all security measures to safeguard the patient data and the functionality of medical devices thus assuring the well-being of patients and further preventing any potential harm to the patient data.

Emerging Trend of the Application of Connected Medical Devices in Healthcare-IT Segment

Recent developments and advancements in the medical technology and the availability of advanced medical devices such as wearable devices and remote monitoring systems have enhanced the patient outcomes and the overall efficiency of the healthcare system. With the quick growth in the number of medical devices connected to the internet, there is a growing risk of cyber-attacks and and data thefts and data breaches. Hence, it has become extremely essential for healthcare service providers and manufacturers to assure the safety of medical devices and look into the security measures for patient data security.

Rapid Growth in Medical Device Security Market Post Covid-19 Pandemic

The global medical device security market is growing rapidly due to the rising applications of connected medical devices in healthcare and life science segment. Post Covid-19 pandemic, there has been a quick surge in the adoption of telemedicine and remote monitoring solutions which requires secure cybersecurity solutions to protect the patient data and prevent data theft and data breaches. This has created further awareness among all the healthcare companies and healthcare professionals about the cybersecurity solutions to prevent the risks associated with data threats which has driven the demand for medical device security market. The favourable initiatives undertaken by the government to implement secure cybersecurity solutions and rising investments in Healthcare-IT are the other major factors driving the market growth in the global market.

For instance,

  • In February 2023, Cisco introduced its Cisco Cyber Vision through which IoT and IT operations teams shall have full visibility into IT and OT devices to manage data threats across the organization and provide an unified security posture across the entire network.

North America Accounts for the Larger Market Share in the Global Medical Device Security Market

From a geographic overview, North America accounts for the larger market share in the global medical device security market. This can be mainly attributed to the growing demand for connected medical devices, random cyber-attacks on medical devices and medical equipment, favourable initiatives undertaken by the government for cybersecurity and data breached and the presence of top market players in North America.

However, the APAC region is projected to witness a rapid growth in the upcoming years, due to the global application of connected medical devices, an increasing number of cyberattacks and data breaches and data thefts and growing awareness on advanced cybersecurity solutions among all the healthcare professionals and workers to protect the health information of patients.

Competitive Landscape Analysis: Medical Device Security Market

Some of the leading players operating in the global medical device security market are Cisco Systems Inc., IBM, GE Healthcare, Philips Healthcare, Check Point Software Technologies, FireEye Inc. and Palo Alto Networks Inc., etc.

The global medical device security market is poised to gain a constant momentum in the coming years with the growing application of connected devices, rising investments in Healthcare-IT, rapid product developments by key market players, and aggressive growth strategies followed by the top market players.

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