Industry Background:
Medical Device Security is one of the most trending pictures in the sector of healthcare, hence cybersecurity in the case of data breaches is the medical industry is a must. Therefore, with an increase in cyber-attacks in healthcare facilities computers and systems has led to the implementation of some stringent rules and regulations by the FDA and National Institute for Standards and Technology (NIST). Furthermore with the medical devices that have IP network-enabled within themselves can need some security threats by hackers. North America is expected to command the largest share of the market in 2018 primarily driven by increasing instances of cyberattacks on medical devices.
According to AMA Research, the market for Medical Device Security is expected to register a CAGR of 8.3% during the forecast period to 2030. This growth is primarily driven by Increasing Awareness Among Healthcare Professionals Regarding Cybersecurity
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Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | Units |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Health Care Services sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Cisco Systems (United States), IBM (United States), GE Healthcare (United States), Symantec (United States), CA Technologies (United States), Philips (Netherlands), DXC Technology (United States), CloudPassage (United States), FireEye (United States) and Check Point Software Technologies (Israel), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In August 2023, Medcrypt announced a partnership with NetRise, to revolutionize medical device security with full Software Bill of Materials creation and management.
In August 2023, Product Security Hub announced the launch of a new platform and solutions to help medical device manufacturers build and manage cybersecurity for their products.The market is seeing moderate market players, by seeing huge growth in this market the key leading vendors are highly focusing on production technologies, efficiency enhancement, and product life. This market has various growth opportunities that leading players capture via tracking the ongoing process enhancement and huge investment in market growth strategies.
Regulatory Insights:
The FDA allows devices to be marketed when there is a reasonable assurance that the benefits to patients outweigh the risks. Medical devices are increasingly connected to the Internet, hospital networks, and other medical devices to provide features that improve health care and increase the ability of health care providers to treat patients. These same features also increase the risk of potential cybersecurity threats. Medical devices, like other computer systems, can be vulnerable to security breaches, potentially impacting the safety and effectiveness of the device.
Influencing Trend:
Growing Adoption of Connected Medical Devices and Increasing Awareness about the Security of Patient Health Information (PHI)
Market Growth Drivers:
Increasing Awareness Among Healthcare Professionals Regarding Cybersecurity and Government Initiatives to Implement Security Solutions are Driving the Medical Device Security Market
Challenges:
Lack of Awareness about Healthcare Security and Concern Towards Standardization of Technology
Restraints:
Issue Related Towards Limited Healthcare Security Budgets and Lack of Knowledge and Access Control Towards these Security System
Opportunities:
Asia Pacific is Expected to Grow at the Highest CAGR During the Forecast Period, Owing to the Highest Growth in Health care Sector and Growing Awareness about the Increasing Number of Cyberattacks in Healthcare Organizations
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Medical Device Security Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Medical Device Security Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Medical Device Security players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Medical Device Security Study Sheds Light on
The Medical Device Security Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Medical Device Security industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Medical Device Security industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.