Global Medical Device Security Market is Projected to Grow at a High CAGR of 8-10% by 2027

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Medical device security system involves safeguarding medical devices and their related systems against unauthorized entry, alteration, theft, and harm. It aids in the implementation of protective measures to secure patient data and maintain the proper functioning of medical devices, ultimately ensuring patient well-being and averting potential risks or negative incidents.

Growing trend of Connected Medical Devices in the Healthcare Sector is Poised to Drive the Global medical device security market
Innovations in Healthcare technology and the accessibility of innovative medical devices such as wearable devices and remote monitoring systems have led to Improvement of patient results and the efficiency of the healthcare system. As the number of medical equipment connected to networks or the internet grows, so does the potential of cyber-attacks and data breaches. As a result, it is critical for healthcare practitioners and manufacturers to assure the safety of medical devices while also prioritizing security measures for patient data security.

For instance,
* In April 2023, GE Healthcare launched ReadySee Asset Management & Network Supervision Solutions which automatically locates devices, self-manages cybersecurity protocols to help detect vulnerabilities, provide risk scoring and help protect sensitive patient health information (PHI) without interfering the patient care experience

Surge in Medical Device Security Market Growth Following Covid-19 Pandemic
The medical device security market growth is being boosted due to the increasing usage of connected devices in the healthcare sector. Post-pandemic there has been a rise in the adoption of telemedicine and remote monitoring solutions necessitate secure and dependable cybersecurity solutions to protect patient data. This has increased healthcare companies’ awareness of cybersecurity solutions to limit the risk associated with data attacks, driving demand for the medical device security market. Other factors driving its growth in the global market include the government’s initiatives to implement cybersecurity solutions and increased investments in the healthcare-IT industry.

For instance,
* In February 2023, Cisco launched its Cisco Cyber Vision through which IoT and IT operations teams will have complete visibility into IT and OT devices to mitigate threats across the organization and provide a unified security posture across the entire network. The other service introduced by Cisco is Secure Equipment Access Plus, which makes it easier for IT and OT teams to remotely deploy, manage, and troubleshoot connected equipment

North America Expected to Maintain its Dominant Position in the Medical Device Security Market
Geographically, North America holds a Large market share of the medical device security market. This can be primarily attributed to the growing demand for connected medical devices, frequent cyber-attacks on medical devices, government initiatives for cybersecurity, and the presence of key players in the region.
However, the Asia-Pacific region is anticipated to witness strong growth in the coming years as a result of rising adoption of connected medical devices, high frequency of cyberattacks, and awareness campaigns about cybersecurity solutions among healthcare professionals to protect patient health information and prevent data breaches.

Competitive Landscape Analysis : Global Medical Device Security Market
Cisco Systems Inc., IBM, GE Healthcare, Philips Healthcare, Check Point Software Technologies, FireEye Inc., and Palo Alto Networks Inc. are among the prominent players in the market.

Aggressive Growth Strategies Adopted by Players to Establish Their Foothold in the Medical Device Security Market
Players operating in this market are adopting aggressive growth strategies such as releasing upgraded products with new technology, launching new products, collaborations, and acquisitions to gain larger market share.

For instance,
* In December 2022, Palo Alto Networks launched Medical IoT Security — the most comprehensive Zero Trust security solution for medical devices. It enables healthcare organizations to deploy and manage new connected technologies quickly and securely

Global medical device security market is projected to garner further traction in the coming years with growing adoption of connected devices, investments in the healthcare-IT sector, increasing product developments by key firms, and aggressive organic and inorganic growth strategies adopted by the players.

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