Kenneth Research has evaluated the current market opportunities in Medical Device Security Market in the healthcare industry for the forecast period 2022-2031, which also includes the ongoing industry trends and innovations that will help industry players to attain their business targets. Apart from that, the inclusive data on market size, market share and forecast, growth opportunities and challenges for the market players, along with the worldwide analysis on regions- North America, Latin America, Europe, Asia Pacific and Middle East & Africa, has also been provided in the report.
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 Medical Device Security Market products.
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According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.
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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Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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