(EMAILWIRE.COM, December 29, 2018 ) 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, growth in geriatric population and subsequent growth in chronic disease management, government regulations and need for compliance, growing demand for connected medical devices.
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Geographically, medical device security market is segmented into North America, Europe, Asia Pacific, the Rest of Latin America, and the Middle East & Africa. In 2018, North America expected to account for largest share of market followed by Europe.
Factors such as increasing instances of healthcare cyber attacks and threats, growing geriatric population and the subsequent growth in chronic disease management, 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, lack of healthcare IT security budget may restrain the growth of the market during the forecast period.
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Asia Pacific is expected to register the highest CAGR during the forecast period mainly due to the increasing adoption of connected medical devices, improving healthcare infrastructure, increasing awareness about security of patient health information (PHI), and growing awareness about medical device security solutions due to the increasing number of cyber attacks in the healthcare organizations.
Target Audience for this Report
Medical device security service providers
Suppliers and distributors of medical device security solutions
Independent software vendors (ISVs)
Medical device manufacturers
Healthcare providers (including hospitals and clinics)
Healthcare institutions
Healthcare payers
Market research and consulting firms
Venture capitalists and investors
Prominent players in the global medical device security market 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)
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North America is expected to command medical device security market largest share of the market in 2018 primarily driven by increasing instances of cyberattacks on medical devices, growing adoption of connected medical devices, increasing awareness among healthcare professionals regarding cybersecurity, and government initiatives to implement security solutions are driving the medical device security market in the region. Asia Pacific is expected to grow at the highest CAGR during the forecast period.
Industry Insights
Introduction
Technological Advancements
Growing Machine-To-Machine and Machine-To-People Automation
Food and Drug Administration (FDA)
ISAO Standards Organization (ISAO SO)
ISO Standards – ISO 27799:2008 & ISO/TR 27809: 2007
Health Insurance Portability and Accountability Act (HIPAA)
Health Information Technology for Economic and Clinical Health Act (HiTech)
European Union Agency for Network and Information Security (ENISA)
European Technical Standards Institute (ETSI)
Primary sources from supply side include various industry CEOs, vice presidents, marketing directors, technology and innovation directors, and related key executives from the various players in the medical device security market.
Mr. Vishal
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Source: EmailWire.Com 
