(EMAILWIRE.COM, May 01, 2020 ) [249 Pages Report] The Global Medical Device Security Market was valued at USD 4.04 Billion in 2017 and is projected to reach USD 6.59 Billion by 2023, at a CAGR of 8.6% during the forecast period.

Factors such as increasing instances of healthcare cyberattacks and threats, growth in geriatric population and subsequent growth in chronic disease management, government regulations and need for compliance, growing demand for connected medical devices, and increasing adoption of cybersecurity solutions are driving the growth of the market.

Research Methodology;

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.

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This report broadly segments the medical device security market by component, type, device type, end user, and region.

On the basis of component, the market 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.

On the basis of type, the endpoint security segment is expected to dominate the market in 2018. The large share of this segment is attributed to factors such as increasing number of connected medical devices, networks are becoming more vulnerable to new and sophisticated threats such as zero-day malware, trojans, and APTs. Additionally, the trend of BYOD, social media usage, and cloud-synchronizing tools are also driving the demand for endpoint security.

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North America is expected to command the largest share of the market in 2018 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.

Asia Pacific is expected to grow at the highest CAGR during the forecast period. The growth of this market is attributed to factors such as increasing adoption of connected medical devices, improving healthcare infrastructure, increasing awareness about security of patient health information (PHI), and growing awareness about medical device security solutions due to the increasing number of cyberattacks in the healthcare organizations.

The prominent players in the global Medical Device Security Market include Cisco Systems (US), IBM (US), GE Healthcare (US), Symantec (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)