Global Medical Device Security Market Size 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), By Geographic Scope And Forecast

Medical Device Security Market Size And Forecast

Medical Device Security Market size was valued at USD 6.8 Billion in 2024 and is projected to reach USD 12.17 Billion by 2031, growing at a CAGR of 8.32% from 2024 to 2031.

The rise in demand for connected medical devices in the healthcare sector is driving the market growth. 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. The Global Medical Device Security Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Medical Device Security Market Definition

Medical device security refers to the procedures and techniques that can be used to avoid medical device attacks. Attacks may involve illegal access control of medical equipment, as well as the leakage of sensitive data generated by them.

Think about itpacemakers, insulin pumps, and all those other amazing medical gadgets are getting smarter and more advanced all the time! Many now have software inside and even connect to the internet, hospital networks, your cell phone – you name it – to share data. That's why it's so important to make sure these devices are cyber secure. We're seeing new tech pop up in all sorts of places, from devices implanted or wearable, to those used at home or in the hospital. These advancements can lead to safer, faster, and easier care. For example, patients with a heart device can now be monitored remotely, which could save them a trip to the doctor. And hospitals are using connected data more and more to make things better and more efficient. But here's the thingif a medical device uses software and connects wirelessly or with a cable, we've got to be careful. Just like any other tech, the software that runs these gadgets can be vulnerable to cyber-attacks.

Global Medical Device Security Market Overview

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.

According to American Medical Association, from 2016 and 2019, there was a significant increase in clinician usage of remote monitoring and management for improved care. Remote monitoring had the second-largest rise in the adoption rate of the seven digital health tools included in the AMA’s assessment of physicians’ motives and needs for the adoption of digital clinical tools, following only televisions, which doubled from 14% to 28%.

The increasing use of cloud tech for securing medical devices globally is really pushing the market forward. It's no wonder, especially when you hear that in 2018, a whopping 82% of hospital tech folks said they experienced a “major security event,” and those breaches cost an average of $3.86 million! So, to protect electronic records, patient data, and all that crucial hospital info, healthcare folks around the world are turning to cloud computing, storing it all on private clouds. Plus, cloud computing lets them easily scale up or down their data storage. That's why so many healthcare providers are ditching old-school storage and moving to the cloud. Ultimately, it's all about boosting storage security and making sure data gets to the cloud safely. Using cloud-based medical device storage is really helping drive market growth! However, let's not forget that emerging countries have strict government rules and lack the necessary infrastructure, and this could slow things down a bit.

Global Medical Device Security Market Segmentation Analysis

The Global Medical Device Security Market is segmented based on Component, Type, Device Type, End-User, and Region.

Medical Device Security Market, By Component

• Solutionso Identity & Access Management (IAM)o Antivirus/Antimalwareo Risk & Compliance Managemento Encryptiono Intrusion Detection System/Intrusion Prevention System (IDS/IPS)o Data Loss Prevention (DLP)o Disaster Recovery
• Serviceso Professional serviceso Consultingo Support & Maintenanceo Design & Integrationo Training and Education Services

The market is broadly segmented into solutions and services based on components. The services segment is projected to dominate the market. The growing demand for continuous consultation, support, and maintenance services to secure connected medical devices and healthcare IT infrastructure from the growing number of cyberattacks is primarily responsible for this segment’s large share.

The Solution segment is categorized into Identity and access management, compliance management, encryption, intrusion prevention system, data loss prevention, disaster recovery, distributed denial of service, and other solutions. The encryption solutions segment is expected to grow at the fastest rate during the forecast period, owing to factors such as rising demand for advanced encryption-based services that are integrated with other security solutions to provide enhanced Data Protection at a lower cost, and these solutions secure user data both on-premise and in the cloud.

Medical Device Security Market, By Type

• Application Security
• Endpoint Security
• Network Security
• Cloud Security
• Other Security Types

The endpoint security category is predicted to dominate the market and have the largest market share. The substantial share of this segment is due to factors such as the increasing number of connected medical equipment, as well as networks becoming more vulnerable to new and sophisticated attacks such as zero-day malware, trojans, and APIs. Furthermore, the trend of BYOD, social media usage and cloud-synchronizing technologies is driving the market growth.

Medical Device Security Market, By Device Type

• Hospital Medical Devices
• Internally Embedded Medical Devices
• Wearable and External Medical Devices

So, the market's basically split into three areashospital gizmos, devices that live inside you, and wearable gadgets and things you can use outdoors. And guess what? Experts think the wearable and external stuff is going to take off like a rocket in the next few years! Why? Well, more and more people want to take care of themselves at home because, sadly, chronic diseases are on the rise. Plus, everyone's looking for ways to save money reduce healthcare costs. That's why we're seeing such a big push for using wearable and external medical devices to keep an eye on patients remotely.

Medical Device Security Market, By End-User

• Healthcare Providers
• Medical Device Manufacturers
• Healthcare Payers

Based on End-user the Healthcare providers segment is predicted to hold the highest share of the medical device security market. The high demand for connected networked medical devices among healthcare professionals, as a result of the multiple benefits offered by these devices, has contributed to the segment’s rise.

Medical Device Security Market, By Region

• North America
• Europe
• Asia Pacific
• Rest of the world

North America is expected to command the largest share of the market, owing to rising instances of cyberattacks on medical devices, rising adoption of connected medical devices, rising cybersecurity awareness among healthcare professionals, and government initiatives to implement security solutions, which are driving the region’s medical device security market.

Asia Pacific is expected to develop at the fastest CAGR during the forecast period. This market’s growth can be attributed to factors such as rising adoption of connected medical devices, improved healthcare infrastructure, increased awareness about the security of patient health information (PHI), and growing awareness about medical device security solutions as the number of cyberattacks on medical devices rises.

Key Players

The “Global Medical Device Security Market” study report will provide valuable insight with an emphasis on the global market. 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). The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• 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.
• In January 2018, Cisco announced that Felix Platter Hospital in Basel, Switzerland, will use Cisco®’s Intent-Based Networking to provide the groundwork for the hospital’s digital operations.

Report Scope

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Reasons to Purchase this Report

We dig into the market, looking at both the money side (quantitative) and the softer stuff like trends and consumer behavior (qualitative). We break things down using segmentation, considering both economic and non-economic stuff. You'll get the market size in USD Billion for every segment and sub-segment, plus we'll point out which region and segment we think will grow the fastest and be the biggest. We'll also give you a geographic breakdown, showing where the product/service is being used the most and what's influencing the market in each area. Speaking of competition, we cover that too! We'll rank the major players and look at what they've been up to in the last five years – new products, partnerships, expansions, and acquisitions. We also provide detailed company profiles with overviews, insights, product benchmarking, and SWOT analysis for the big names. Expect a look at where the market is now and where it's going, factoring in recent events, growth opportunities, and the challenges and restraints in both up-and-coming and established regions. We also give you an in-depth analysis using Porter's Five Forces and walk you through the Value Chain. Finally, we’ll give you a sense of the market's dynamics, highlight upcoming growth opportunities, and even provide 6 months of post-sales analyst support to help you make sense of it all.

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