Medical Device Security Market will Reach Nearly USD 9.78 Billion, at a CAGR of 8.5% during the Forecast Period of 2028

Market Size – USD 5.10 Billion in 2020 Market Growth – 8.5% Market Trends – Expanding pharmaceutical industry and increasing cyber attacks

NEW YORK CITY, NEW YORK, USA, September 26, 2022 /EINPresswire.com/ — The global medical device security market size is expected to reach USD 9.78 billion by 2028 registering a CAGR of 8.5% over the forecast period according to the latest report by Reports and Data. Major factors driving market revenue growth are rising number of healthcare cyber-attacks and expanding pharmaceutical industries. Increasing healthcare devices manufacturers coupled with growing digitalization will also drive market growth.

Medical devices that are linked to the internet provide healthcare facilities with multiple ways to better track and manage patients. They do, however, provide opportunities for cyberattacks aimed at stealing highly personal information or disrupting treatment efforts. The technologies and practises that prevent attackers from gaining unauthorised access or control over medical devices and the data they produce are referred to as medical device cybersecurity.

Medical devices are increasingly being connected to healthcare networks and other medical devices in order to have capabilities that increase the efficiency of health care providers to manage patients. Regulatory bodies that authorise the sale of such devices may refuse to approve them for use by general public if these same features increase the risk of potential cybersecurity threats. Medical devices are vulnerable to security breaches, which could jeopardise the device’s safety and efficacy. Medical device manufacturers must be careful in recognising threats and hazards associated with their devices including cybersecurity dangers according to the US Food and Drug Administration. This has enhanced growth of the medical device protection market significantly.

Furthermore, the medical device protection market is expected to expand due to technological advancements, increasing healthcare research activities, rising digital health education trends, and proliferation of connected medical devices over the forecast period.

However, high security costs, lack of knowledge about security arrangements and complexity of medical device security are major factors that will limit market growth to a significant extent over the forecast period. Furthermore, revenue growth is hampered by scarcity of qualified professionals to operate such sophisticated security systems.

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Top Profiled in the Medical Device Security Market Report:
• Cisco Systems
• IBM
• GE Healthcare
• Symantec
• CA Technologies
• Philips
• DXC Technology
• CloudPassage
• FireEye
• Check Point Software Technologies
• Sophos
• Imperva
• Fortinet
• Palo Alto Networks
• ClearDATA
• Zscaler

Market Segmentation:
Type Outlook (Revenue, USD Million; 2018 – 2028)
• Network Security
• Endpoint Security
• Cloud Security
• Application Security
• Others

Device Outlook (Revenue, USD Million; 2018 – 2028)
• Wearable and External Medical Devices
• Hospital Medical Devices
• Internally Embedded Medical Devices

Component Outlook (Revenue, USD Million; 2018 – 2028)
• Solution
o Risk & Compliance Management
o Identity & Access Management (IAM)
o Encryption
o Antivirus/Antimalware
o Other Solutions
• Services
o Training & Education Services
o Consulting
o Professional services
o Support & Maintenance
o Design & Integration
o Other Services

End User Outlook (Revenue, USD Million; 2018 – 2028)
• Healthcare Providers
• Medical Device Manufacturers
• Healthcare Payers

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Key Takeaways of the Medical Device Security Market Report:
• A comprehensive overview of the global Medical Device Security industry.
• Accurate market projections in terms of market size, share, and volume.
• Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
• Deep-dive analysis of the upcoming market trends.
• Qualitative and quantitative analyses of the Medical Device Security Market.
• Elaborate study of the leading regional markets in the Medical Device Security Market.
• Complete overview of the market’s competitive landscape.
• Brief look at the company profiles and portfolios.

Key Regional Markets Covered in the Report:
• North America
o U.S.
o Canada
o Mexico

• Europe
o Russia
o U.K.
o Germany
o France
o BENELUX
o Rest of Europe

• Asia Pacific
o China
o Japan
o India
o South Korea
o Rest of Asia Pacific

• Latin America
o Brazil
o Rest of Latin America

• Middle East & Africa
o Saudi Arabia
o U.A.E.
o Israel
o Rest of Middle East & Africa

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About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

Tushar Rajput
Reports and Data
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