Medical Device Security Solutions Market by Device and Geography - Forecast and Analysis 2020-2024
Global Medical Device Security Solutions Market: About this market
Technavio’s medical device security solutions market analysis considers sales from wearable and external medical devices, hospital medical devices, and internally embedded medical devices. Our study also finds the sales of medical device security solutions in APAC, Europe, MEA, North America, and South America. In 2018, the wearable and external medical devices segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as increasing awareness about lifestyle disorders and familiarity with new technologically advanced devices will play a significant role in the wearable and external medical devices segment to maintain its market position. Also, our global medical device security solutions market report looks at factors such as growing concerns about healthcare data, growing adoption of IoT and connected devices in the health care industry, and stringent government regulations. However, use of outdated platforms in healthcare industry, lack of awareness regarding security and technical issues, and low expenditure on healthcare security may hamper the growth of the medical device security solutions industry over the forecast period.
Global Medical Device Security Solutions Market: Overview
Growing adoption of IoT and connected devices in the healthcare industry
Healthcare organizations are gradually moving toward creating a connected hospital infrastructure with the aid of IoT to provide timely and improved care. IoT is increasingly leveraged in the healthcare industry through various applications, including telemedicine, connected imaging, medication management, and inpatient monitoring. However, the increasing use of connected medical devices coupled with increasing deployment of IoT 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. Thus, with the growing adoption of IoT and connected devices will lead to the expansion of the global medical device security solutions market at a CAGR of over 8% during the forecast period.
Increasing demand for cloud-based solutions
The deployment of cloud computing in the healthcare industry has increased considerably in recent years as it offers 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. Furthermore, 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.
For the detailed list of factors that will drive the global medical device security solutions market during the forecast period 2020-2024, click here.
With the presence of several major players, the global medical device security solutions market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading medical device security solutions manufacturers, that include Broadcom Inc., Check Point Software Technologies Ltd., Cisco Systems Inc., ClearDATA Networks Inc., CloudPassage Inc., General Electric Co., International Business Machines Corp., Koninklijke Philips NV, McAfee LLC, and Palo Alto Networks Inc.
Also, the medical device security solutions market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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