Connected medical devices security market to reach USD 20+ billion by 2033

Connected medical device security refers to the security measures taken to safeguard medical devices connected to the internet or other networks. These range from pacemakers and insulin pumps, all essential for managing patients’ healthcare. The market for connected medical device security is being driven by the increased use of these devices as well as concerns over data breaches and cyber-attacks on healthcare systems.

Key takeaways

• The global connected medical devices security market is projected to grow at a CAGR of around 8.9% during the forecast period.
• The market is driven by the increasing adoption of connected medical devices, rising concerns about cyber security in healthcare, and the increasing prevalence of chronic diseases.
• North America is the largest market for connected medical device security, followed by Europe and Asia-Pacific.
• The fastest-growing market is expected to be Asia-Pacific, driven by increasing healthcare spending, the adoption of new technologies, and government initiatives to improve healthcare infrastructure.
• The key drivers of the market include the increasing demand for connected medical devices, the growing need for data privacy and security, and the increasing prevalence of chronic diseases.
• The major restraints include high costs associated with implementing security measures and the lack of skilled professionals.
• The opportunities in the market include the growing demand for cloud-based security solutions and the increasing use of IoT in healthcare.
• The major challenges include the complexity of implementing security measures in medical devices and the lack of standardization in the industry.

Market demand and trend
The demand for connected medical device security is being driven by an increase in their use, rising concerns about cyber security in healthcare, and an ever-increasing need for data privacy and security. The trend in this market is towards developing more secure and dependable medical devices, cloud-based security solutions, and IoT applications in healthcare.

Largest market and fastest growing market
North America leads the market for connected medical device security, followed by Europe and Asia-Pacific. The fastest-growing region is expected to be Asia-Pacific due to increasing healthcare spending, technological advancements, and government initiatives to upgrade healthcare infrastructure.

Regional snapshot
North America leads the global connected medical devices security market, followed by Europe and Asia-Pacific. North America’s growth is being spurred on by the increasing adoption of connected medical devices, rising concerns about cyber security in healthcare, and an ever-increasing need for data privacy and security. Meanwhile, Europe is seeing chronic diseases rise along with increased adoption of new technologies; Asia-Pacific is expected to experience rapid growth due to increasing healthcare spending, adoption of new technologies, and government initiatives to upgrade infrastructure.

Drivers
The key drivers of the market include rising demand for connected medical devices, an increasing need for data privacy and security, as well as an escalating prevalence of chronic diseases. Other drivers include increased adoption of new technologies, an uptick in cloud-based security solutions, and government initiatives to enhance healthcare infrastructure.

Restraints
The primary obstacles in the market include high costs associated with implementing security measures and a shortage of skilled professionals. Other constraints include complexity in implementing security protocols on medical devices and lack of standardization within the industry.

Opportunities
The cloud-based security market is seeing growing demand, as does the growing use of IoT in healthcare. Other opportunities arise due to the increased adoption of new technologies, an increasing prevalence of chronic diseases, and government initiatives to upgrade healthcare infrastructure.

Challenges
The major difficulties in the medical device security market include the complexity of implementing security measures, lack of standardization in the industry, and shortage of qualified professionals. Other obstacles include the need for improved collaboration between healthcare providers and cyber security specialists as well as greater education about cyber security in healthcare.

Market segments
Type

• Hardware
• Software
• Network components

Application

• Hospitals
• Clinics
• Laboratories
• Other

Market players

• UL LLC (US)
• Whitescope (US)
• Battelle (US)
• Coalfire Systems (US)
• Drager Medical GmbH (Germany)
• Extreme Networks (US)
• Synopsys (US)

Market.us