(PharmaNewsWire.Com, April 17, 2021 ) The Factors such as increasing instances of healthcare cyber attacks and threats, growing geriatric population and the subsequent growth in chronic disease management, government regulations and need for compliance, growing demand for connected medical devices, and increasing adoption of BYOD and IoT are driving the growth of the market.
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™.
Research Methodology Adopted:
The study estimates the medical device security industry size for 2018 and projects its demand till 2023. In the primary research process, various sources from both demand side and supply side were interviewed to obtain qualitative and quantitative information for the report. Primary sources from the supply side include various industry CEOs, vice presidents, marketing directors, technology and innovation directors, and related key executives from the various players in the market. Primary sources from the demand side include hospitals and clinics, medical device manufacturers, and healthcare payers.
For the market estimation process, both top-down and bottom-up approaches were used to estimate and validate the market size of the market. All possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Expected Revenue Surge: The Global Medical Device Security Market is projected to reach USD 6.59 Billion by 2023, at a CAGR of 8.6% during the forecast period.
Geographical Scenario in Depth:
The Medical Device Security Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2018, North America is expected to dominate the market followed by Europe. The market in North America is primarily driven by increasing instances of cyber-attacks on medical devices, growing adoption of connected medical devices, increasing awareness among healthcare professionals regarding cyber security, and government initiatives to implement security solutions are driving the market in the region.
Leading Key-Players:
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).
Cisco Systems is the leading player in the medical device security market, accounting for a share of 28.6% in 2017. Cisco provides its products and services in North America, Europe, APAC, MEA, and Latin America. The company mainly focuses on organic and inorganic growth strategies such as product launches and collaboration to sustain and enhance its presence in this market. For instance, in June 2017, the company launched Digital Network Architecture which was a major evolution network security. Also, in May 2017, Cisco and IBM collaborated to provide better protection to their customer against cybercrime as well as Cisco launched first fully-automated remote PHY solution, named Infinite Broadband Remote PHY solution (RPHY) for cable access networks.
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