The market for medical device security solutions is projected to grow at a compound annual growth rate of 8% over the forecast period from 2020 to 2024, according to a new study from Reportlinker. This market analysis considers sales from wearable and external medical devices, hospital medical devices, and internally embedded medical devices.
Key factors driving growth in medical device security solutions include increasing adoption of Internet of Things (IoT) and connected devices in the health care industry. IoT is increasingly prevalent throughout the healthcare industry through various applications, including telemedicine, connected imaging, medication management, and inpatient monitoring.
However, the increasing use of these technologies has made computer systems more vulnerable to cybersecurity threats. This is prompting stakeholders in the healthcare sector to increase their focus on improving network security and forming robust healthcare IT infrastructure. Other significant factors include growing concerns about healthcare data security and stringent government regulations.
Growth in the wearable and external medical devices segment commands a significant market share, a trend that is also expected to increase due to factors such as increasing awareness about lifestyle disorders and familiarity with new technologically advanced devices.
The deployment of cloud computing in the healthcare industry has increased considerably in recent years because it enables business agility, privacy, and security at lower costs. Cloud computing quickens the access of electronic medical records and enables the storage of clinical statistical data related to hospitals and clinics. Other factors including the rising need to comply with regulations, growing penetration of high-speed networks, and rising digital awareness are increasing the adoption of cloud-based solutions in the healthcare sector. This development is expected to have a positive impact on the overall market growth.
Factors that may hamper growth of the medical device security solutions industry in the coming few years include the use of outdated platforms in healthcare industry, lack of awareness regarding security and technical issues, and low expenditure on healthcare security.
The study encompasses the sales of medical device security solutions in North America, South America, Europe, Africa, the Middle East, and the Asia Pacific region.