(PharmaNewsWire.Com, December 15, 2020 ) According to the new market research report "Medical Device Security Market by Solution (Encryption, Antivirus, Identity & Acess Management), Services (Professional, Managed), Type (Network Security, Endpoint Security), Device Type, End User (Healthcare Provider) - Global Forecast" published by MarketsandMarkets™.
Revenue Growth Opportunities and Growth Drivers?
The Global Medical Device Security Market is projected to reach USD 6.59 Billion, at a CAGR of 8.6% during the forecast period.
Growth Boosting Factors:
# Increasing Instances of Healthcare Cyberattacks and Threats
# Growth in Geriatric Population and Subsequent Growth in Chronic Disease Management
The prominent players in the global medical device security market include Cisco Systems (US), IBM Inc. (US), GE Healthcare (US), Symantec Inc.(US), CA Technologies (US), Philips (Netherlands), DXC Technology (US), CloudPassage (US), FireEye (US), Check Point Software Technologies (Israel), Sophos (UK), Imperva (US), Fortinet (US), Palo Alto Networks (US), ClearDATA (US), and Zscaler (US).
Geographical Regions Mapped in Report:
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is expected to dominate the market followed by Europe. The market in North America is primarily driven by increasing instances of cyberattacks on medical devices, growing adoption of connected medical devices, increasing awareness among healthcare professionals regarding cybersecurity, and government initiatives to implement security solutions are driving the medical device security market in the region.
On the basis of component, is broadly divided into solutions and services. The services segment is expected to dominate the market in 2018. The large share of this segment is primarily attributed to the the growing demand for continuous consultation, support & maintenance services to protect connected medical devices and healthacre IT infrastructure from the growing number of cyberattacks.
Based on device type, is segmented hospital medical devices, internally embedded medical devices, and wearable and external medical devices. The wearable and external medical devices segment is expected to register the highest CAGR during the forecast period. This growth is attributed to the demand for Home Healthcare owing to the high and rising prevalence of chronic diseases and the growing need to reduce healthcare costs. These factors are increasing the demand and uptake of wearable and external medical devices for remote patient monitoring.
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