Medical Device Security Market Updates, Industry Share , Trends and Advancements Research Report 2019
The Medical Device Security Market growing incidences of cyber-attacks and personal data theft have become rampant over the years due to the rapid adoption of technologically advanced medical devices that are connected through the internet of things (IoT) in the healthcare sector, leading to the emergence of robust security solutions. The devices connected to IoT are prone to hacking, and hence, there is a necessity for a security system for such devices.
Market Research Future (MRFR) has published a research report about the global medical device security market that envisions great increase for this market at 8.8% CAGR (Compound Annual Growth Rate) between 2018 and 2023. By value, the market has been figured to be worth the US $ 221 mn by the end of forecast period.
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The major factor supporting global medical device security market growth is advancements in the cloud-based technology that motivates the large-scale adoption of security services across the healthcare sector. Other factors supporting the market growth include growing demand for connected medical devices and the growing geriatric population. However, the restricted healthcare security budgets can limit the market growth.
The global medical device security market has been segmented on the basis of component, end user, type, and lastly, region. The component-based segment segments this market into services and solutions. Services have been sub-segmented into professional services and managed security services. The professional services have been further segmented into consulting services, design & integration services, support & maintenance, and training & education. Solutions have been sub-segmented into antivirus/antimalware solutions, data loss prevention solutions, disaster recovery solutions, distributed denial of service solutions, encryption solutions, identity & access management solutions, intrusion detection system/intrusion prevention systems, and risk & compliance management, and others. The solutions segment holds the major market share in the global market.
Based on end users, the market has been segmented into healthcare payers, healthcare providers, and medical device manufacturers. During the forecast period, the healthcare providers segment is expected to dominate the market. By type, the market has been segmented into application security, cloud security, endpoint security, network security, and others. Among all these segments, the lion's share in the global market is held by the endpoint security segment.
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The regional segmentation of the global medical device security market can segment the global market into regional markets namely The Americas (North America & South America), Europe, Asia Pacific, and the Middle East & Africa (MEA). During the forecast period, the Americas command for the major share in the global market due to the presence of a large number of key market players that are providing the healthcare industry with advanced security solutions, rapid adoption of IoT, and a higher threat of cyber-attacks in this region. North America alone can hold this share anyways. Due to technology, North America is a bigger market than South America. In North America, the prominent country-specific markets are USA and Canada. In South America, Argentina and Brazil are two strong economies that can be suitable markets in the future.
During the forecast period, Europe is a noteworthy regional market that is likely to grow positively. In this region, the market is growing due to the increased incidences of cybercrime, increased research and development (R&D) expenditure for introducing highly effective security solutions in the healthcare sector, and rise in utilization of advanced connected medical devices. In Europe, due to reasons same as The Americas, Western Europe is a bigger market than Eastern Europe. The most important country-specific markets in this region are France, Germany, Italy, Spain, and the UK, followed by the remaining countries of Western Europe as well as Eastern Europe.
During the forecast period, the Asia Pacific region has been figured to emerge as the fastest growing regional market. In this region, the market is expected to grow due to factors including the increasing usage of connected medical devices that are operating with the help of healthcare IoT and rise in concern regarding data security in the healthcare sector. The notable country-specific markets in this region are Australia, China, India, Japan, and South Korea, followed by the remaining countries of the Asia Pacific region.
The Middle East & Africa (MEA) region is growing at a slow rate due to the low penetration of advanced technology in the healthcare sector of the underdeveloped areas of this region. In this region, the healthcare sector itself is very backward in most parts.
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The key players in the global medical device security market include CA Technologies (USA), Check Point Software Technologies (Israel), ClearDATA (USA), CloudPassage (USA), Cisco Systems (USA), DXC Technology (USA), FireEye (USA), Fortinet (USA), GE Healthcare (USA), Palo Alto Networks (USA), Philips (Netherlands), IBM (USA), Imperva (USA), Sophos (UK), and Symantec (USA).
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