The global medical device security market is projected to reach USD 6.59 Billion by 2023 from 4.36 Billion in 2018, at a CAGR of 8.6%. Factors such as increasing instances of healthcare cyberattacks and threats, growing geriatric population and the subsequent increase in the prevalence of chronic disease, government regulations and need for compliance, growing demand for connected medical devices, and increasing adoption of BYOD and IoT are driving the growth of the medical device security market. However, the limited healthcare security budget is expected to restrict the growth of this market.
Product Launches are the Key Growth Strategies Adopted by the Leading Market Players Between 2015 and 2018. Some of the companies that adopted this strategy include Cisco Systems (US), Symantec (US), IBM (US), CA Technologies (US), McAfee (US), Check Point Software Technologies (Israel), CloudPassage (US), Palo Alto Networks (US), ClearDATA (US), FireEye (US), DXC Technology (US), Sophos (UK), Imperva (US), Fortinet (US), and Zscaler (US).
The medical device security market is highly competitive with the presence of several big and small players. Prominent players offering services for medical device security include Cisco Systems (US), IBM (US), GE Healthcare (US), Symantec (US), CA Technologies (US), Philips (Netherlands), DXC Technology (US), CloudPassage (US), FireEye (US), Check Point Software Technologies (Israel), Sophos (UK), Imperva (US), Fortinet (US), Palo Alto Networks (US), ClearDATA (US), and Zscaler (US).
Cisco Systems is the leading player in the medical device security market, accounting for a share of 28.6% in 2017. Cisco provides its products and services in North America, Europe, APAC, MEA, and Latin America. The company mainly focuses on organic and inorganic growth strategies such as product launches and collaboration to sustain and enhance its presence in this market. For instance, in June 2017, the company launched Digital Network Architecture which was a major evolution network security. Also, in May 2017, Cisco and IBM collaborated to provide better protection to their customer against cybercrime as well as Cisco launched first fully-automated remote PHY solution, named Infinite Broadband Remote PHY solution (RPHY) for cable access networks.
Symantec is second leading player in the medical device security market, commanding a share of 12.1% in 2017. The company offers threat protection, information protection, cybersecurity, web security, storage, and system management products and solutions, globally. Additionally, the company offers professional and managed services, where professional services include cybersecurity services, education services, and consulting services. The company also offers premium technical support to customers. The company has product offerings for Endpoint and Hybrid Cloud Security, Information Protection, Web and Cloud Security, Messaging Security, and Website Security. The company pursues organic as well as inorganic growth strategies. For example, the company adopted product development to enhance its market share and launched products such as Endpoint Management and Symantec Critical System Protection recently. The strategies of acquisitions and partnerships have increased the market reach of the company and kept the company a step ahead in the medical device security market. For instance, in October 2017, its partnership with Microsoft increased the overall company performance in the field of medical device security. Also, in February 2017, the company acquired LifeLock, Inc. and strengthened its identity security offerings.
Medical Device Security Market by Solution (Encryption, Antivirus, Identity & Acess Management), Services (Professional, Managed), Type (Network Security, Endpoint Security), Device Type, End User (Healthcare Provider) - Global Forecast to 2023
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