Global Medical Device Security Market 2022 Segmentation Analysis, Key Players, Industry Share and Forecast by 2031

Kenneth Research, in its repository of market research reports, have recently added a report on Global Medical Device Security Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Global Medical Device Security Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Medical Device Security Market products.

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The growth of the market can be attributed to the growing accessibility to internet amongst the households globally and the need for advanced technologies that promote effective communication between two distant geographies. In the United States, internet access to households grew from around 73% of the households in 2015 to close to 80% of the households in 2019. In Korea, it was around 98% in 2014 which grew to nearly 100% in 2020. On the other hand, in the Netherlands, internet access to households touched nearly 98% in 2019. Countries in the Latin America, such as Brazil and Mexico grew at a significant pace by about 1.45x and 1.63x respectively within a span of 4 years between 2015 and 2019.

Overview:
Medical device companies and healthcare providers are facing threats in mobile and web applications, and various network nodes. The healthcare industry, medical device providers, and individuals/patients are adopting a wide range of connected devices such as wearables, backend system, integration devices, and automated equipment. These devices also vulnerable to attacks by hackers as these devices store and transfer health information on a regular basis. Furthermore, the healthcare organizations are moving toward connected hospitals infrastructure to provide best-quality and on time services. The medical device security value chain players need to ensure high-end security in each layer of connected hospital infrastructure to increase patient experience and business footprints.

Market Analysis:
The increasing adoption rate of connected devices by consumers, use of mobile health applications/devices (home care), government regulations, lack of security testing on medical devices, and increasing initiatives toward connected hospital are expected to drive the market. In addition, lack of knowledge and access control, pressure to meet production activities, and standardization of technology are few challenges hampering the medical device security market growth. According to Infoholic Research, Global Medical Device Security Market revenue is expected to reach 28.9 billion, growing at a CAGR of 35.59% over the forecast period 2017-2023. The market is analyzed by services, solutions, security type, end-users, regions, and device type.

Market Segmentation Analysis:
The security type segment includes cloud security, wireless security, application security, and network security. Currently, the cloud security segment is expected to play a vital role as both small and large healthcare organizations consider cloud security to be one of their key priorities in their businesses. The growing adoption of smart medical devices, mobile health applications, and investment in mobile platform have led the demand for mobile applications in the market. The service segment will hold the major market share by 2023 followed by solutions due to huge demand for various services from the healthcare and medical devices manufacturers. High-end services are required to manage the connected medical devices as multiple devices count rate is expected to increase in the near future.

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Region Analysis:
The regions covered in the report are North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. The governments had been implementing new rules and regulations to protect the patient lives and sensitive data breaches from the hackers. The US, Germany, Canada, France, China, and Japan are expected to outperform in terms of growth. Asia Pacific is set to be fastest growing region due to increasing investment activities, FDI, and private & public partnerships.

Benefits and Vendors
The report contains an in-depth analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategy, and views and competitive landscape. The major companies included in the report are IBM, Microsoft, Cisco, GE Healthcare, and Philips.

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The study offers a comprehensive analysis of the “Medical Device Security Market”. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, helps the venture capitalist in understanding the companies better and take informed decisions.

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