The global medical device security market is slated to grow at a compound annual growth rate of 35.59% from 2017 to 2023, reaching $28.9 billion. A key reason, according to Research and Markets officials? Medical device companies and healthcare providers are facing a slew of threats in mobile and web applications, as well as various network nodes.

After all, the healthcare sector is increasingly employing connected medical devices such as wearables, backend system, integration devices, and automated equipment—devices that are vulnerable to cyberattacks. As such, the medical device security value chain players need to ensure high-end security in each layer of the connected hospital infrastructure, Research and Markets officials add.

Moreover, consumer demand for connected devices, the use of mobile health applications/devices, government regulations, the lack of security testing on medical devices, and increasing initiatives regarding hospital connectivity are expected to drive the market during the forecast period.

Hampering growth in the medical device security market, however, are a lack of knowledge and access control, the pressure to meet production activities, and standardization of technology, study authors say.