The global medical device security market is projected to reach $6.59 billion by 2023, up from $4.36 billion this year, at a CAGR of 8.6%, according to a new report from Dublin, Ireland-based Research and Markets.
According to the report, factors such as increasing instances of healthcare cyberattacks and threats, growth in geriatric population and subsequent growth in chronic disease management, government regulations and need for compliance, growing demand for connected medical devices, and increasing adoption of cybersecurity solutions are driving the growth of the medical device security market.
The global medical devices market is broadly divided into services and solutions, with encrypted solutions expected to experience the most growth, the analysts say.
The services segment is expected to dominate the market in 2018. The large share of this segment is primarily attributed to the growing demand for services designed to protect connected medical devices and healthcare IT infrastructure from the growing number of cyberattacks.
The solutions segment, meanwhile, is further categorized in the report into identity and access management, antivirus/antimalware, compliance management, encryption, intrusion detection system/intrusion prevention system, data loss prevention, disaster recovery, distributed denial of service and other solutions.
The encryption solutions segment, meanwhile, is projected to grow at the highest rate during the forecast period, owing to factors such as growing demand for advanced encryption-based services which are integrated with other security solutions to deliver enhanced data protection at a lower cost and these solutions secure user data on-premise as well as in the cloud.
On the basis of type, the endpoint security segment is expected to dominate the market in 2018. The large share of this segment is attributed to factors such as increasing number of connected medical devices, networks are becoming more vulnerable to new and sophisticated threats such as zero-day malware, trojans, and APTs. Additionally, the BYOD [bring your own device] trend, social media usage, and cloud-synchronizing tools are also driving the demand for endpoint security, according to the report.
Based on device type, the market is segmented hospital medical devices, internally embedded medical devices, and wearable and external medical devices. The wearable and external medical devices segment are expected to register the highest CAGR during the forecast period. This growth is attributed to the demand for home healthcare owing to the high and rising prevalence of chronic diseases and the growing need to reduce healthcare costs. These factors are increasing the demand and uptake of wearable and external medical devices for remote patient monitoring.
Finally, the healthcare providers segment is expected to account for the largest share of the medical device security market in 2018. The growth of this segment is attributed to the high demand for connected networked medical devices among healthcare providers owing to the various benefits offered by these devices, according to the report.