- Healthcare organizations are implementing medical device security systems to lower the risk of cyber-attacks and to improve the security of medical devices, which is driving the market growth
JERSEY CITY, N.J., July 14, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Medical Device Security Market" By Component (Solutions, Services), By Type (Application Security, Endpoint Security, Network Security), By Device Type (Hospital Medical Devices, Internally Embedded Medical Devices), By End-User (Healthcare Providers, Medical Device Manufacturers, Healthcare Payers), and By Geography. According to Verified Market Research, the Global Medical Device Security Market was valued at USD 4.98 Billion in 2020 and is projected to reach USD 9.49 Billion by 2028, growing at a CAGR of 8.40% from 2021 to 2028.
Healthcare organizations all over the world are using connected devices because of the numerous benefits they provide, such as patient health monitoring, tracking of patients, personnel, and objects, and automatically gathering and storing data for the company. Furthermore, different linked devices comprise essential information of enterprises that require increased security hence, healthcare organizations are adopting medical device security solutions that are driving the growth of the market. Furthermore, the increased usage of connected devices in various hospitals for improving patient care, minimizing operational errors, and lowering overall hospital expenses supports market growth.
Furthermore, cloud computing enables the healthcare sector to enhance or decrease data storage capacity, as a result of which many healthcare service providers are transitioning from traditional storage systems to cloud-based systems. As a result, to improve storage security and assure a safe and secure transmission method to cloud storage, many healthcare service providers are using cloud-based medical device storage systems, which are likely to drive market expansion. However, Emerging countries face stringent government regulations as well as a shortage of infrastructure which might hinder the market growth.
Key Developments inMedical Device Security Market
In February 2020, GE Healthcare Introduced a New Medical Device Cybersecurity Offering called Skeye, to Assist Health Systems in protecting against risk.
In November 2020, Philips launched Integrated Cybersecurity Services to Protect Connected Medical Devices.
In October 2020, Philips collaborated with CyberMDX, a leader in connected medical device security, to offer vendor-neutral solutions for protecting connected medical systems and devices.
The major players in the market are Cisco Systems (US), IBM (US), GE Healthcare (US), Symantec (US), CA Technologies (US), Philips (Netherlands), DXC Technology (US), CloudPassage (US), FireEye (US), and Sophos(UK).
Verified Market Research has segmented the Global Medical Device Security Market On the basis of Mode of Component, Type, Device, End-User, and Geography.
Medical Device Security Market by Component
Identity & Access Management (IAM)
Risk & Compliance Management
Intrusion Detection System/Intrusion Prevention System (IDS/IPS)
Data Loss Prevention (DLP)
Support & Maintenance
Design & Integration
Training and Education Services
Medical Device Security Market by Type
Other Security Types
Medical Device Security Market, by Device Type
Hospital Medical Devices
Internally Embedded Medical Devices
Wearable and External Medical Devices
Medical Device Security Market, by End-User
Medical Device Manufacturers
Medical Device Security Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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