Medical Device Security Market Value to Benefit from Increasing Use of IoT in Healthcare | CAGR of 13.8%

Rising number of cyberattacks targeting healthcare organizations & number of connected medical devices are driving medical device security market growth.

PORTLAND, PORTLAND, OR, UNITED STATES, May 11, 2023 /EINPresswire.com/ — The global medical device security market was valued at $6.23 billion in 2019 and is expected to increase at a CAGR of 13.8% from 2020 to 2027, reaching $17.49 billion by 2027.

Medical device security is a sort of programme that assists healthcare organisations in managing risk associated with various data risks and cyberattacks. Furthermore, the surge in cyber-attacks on various linked medical equipment, as well as the necessity to minimise unauthorised access to essential healthcare devices, is positively boosting market growth. For instance, according to a research report published in the United States in 2019, over 81% of healthcare organisations worldwide have been assaulted by cyber-attackers in the last two years, propelling the market’s growth.

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The medical device security market is being driven by several factors, including the increasing number of cyberattacks targeting healthcare organizations, the growing number of connected medical devices, and the need to comply with regulations and standards. Healthcare organizations are becoming more vulnerable to cyberattacks due to the increasing number of connected medical devices that are connected to their networks. These devices may be vulnerable to cyber threats, such as ransomware attacks and data breaches, which can compromise patient data and disrupt critical healthcare services.

Additionally, regulations and standards, such as the HIPAA Security Rule and the FDA guidance on medical device security, are driving the need for medical device security solutions. These regulations require healthcare organizations to implement security measures to protect patient data and ensure the integrity of medical devices. As a result, there is a growing demand for medical device security solutions that can help organizations comply with these regulations and standards and mitigate the risk of cyber threats.

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The medical device security market is experiencing several trends that are shaping the industry. One significant trend is the increasing adoption of cloud-based security solutions. Cloud-based solutions can provide healthcare organizations with a more flexible and scalable approach to securing their medical devices. This trend is driving the development of medical device security solutions that can be deployed and managed in the cloud, providing organizations with greater visibility and control over their security posture.

Another trend is the use of artificial intelligence (AI) and machine learning (ML) to enhance medical device security. Medical device security providers are leveraging AI and ML technologies to develop more advanced solutions that can detect and respond to cyber threats in real-time. These technologies can also be used to analyze large amounts of data generated by medical devices, helping to identify potential vulnerabilities and proactively address security risks. This trend is enabling healthcare organizations to improve the security and integrity of their medical devices and protect patient data from cyber threats.

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The key players operating in the global medical device security market include Cisco Systems, Inc., CA Technologies, Check Point Software Technologies, DXC Technology, Fortinet Inc., IBM Corporation, McAfee, LLC, Palo Alto Networks, Sophos Ltd, and Symantec Corporation. These players have adopted various strategies to increase their market penetration and strengthen their foothold in the medical device security market industry.

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David Correa
Allied Analytics LLP
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