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How has the medical device security market grown over the years?

The security market for medical devices has seen a substantial expansion in previous years. The market size is set to rise from $6.81 billion in 2024 to $7.43 billion in 2025, indicating a compound annual growth rate (CAGR) of 9.0%. This growth during the historic phase can be tied back to an increase in cybersecurity threats, an explosion of connected devices, significant security breaches, a move towards value-based care, and heightened interconnectivity.

What Is the forecasted market size and growth rate for the medical device security market?

In the coming years, the market for security in medical devices is projected to experience robust growth. It’s anticipated to reach a valuation of $10.35 billion in 2029, growing at a compound annual growth rate of 8.7%. Factors contributing to the growth in the forecasted period include an emphasis on securing the supply chain, a migration towards remote healthcare, increasing investments in healthcare, a surge in interconnected medical devices, and a rising acceptance of IoT in healthcare. Noteworthy trends during the prediction period will likely be technological advancements, built-in security solutions, partnerships between healthcare institutions and cybersecurity vendors, and the incorporation of AI and machine learning.

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What are the major factors driving growth in the medical device security market?

The growth of the medical device security market is anticipated to be driven by the increasing incidents of healthcare cyberattacks. These attacks specifically target healthcare organisations, systems, networks, and devices with the intention of disrupting services, stealing crucial data, or causing harm. Factors contributing to the rise in healthcare cyberattacks include increased investments in cybersecurity infrastructure, staff training, regular risk assessments, and inter-industry collaboration aimed at sharing threat intelligence and best practices. Medical device security serves to thwart cyber-attacks on healthcare by securing devices, data, networks, boosting compliance, and enhancing the professionals’ awareness about cybersecurity. For example, in October 2023, the U.S. Department of Health and Human Services reported that an average of nearly two healthcare data breaches involving 500 or more records occurred daily, leading to an average daily breach of around 364,000 healthcare records. This escalation in healthcare cyberattacks is stimulating the expansion of the medical device security market.

What key areas define the segmentation of the global medical device security Market?

The medical device security market covered in this report is segmented –

1) By Component: Solutions, Services

2) By Security Type: Endpoint Security, Network Security, Application Security, Cloud Security, Other Security Types

3) By Deployment Mode: On-Premise, Cloud-Based

4) By End User: Healthcare Institutions, Medical Device Manufacturers, Other End Users

Subsegments:

1) By Solutions: Security Software (Antivirus, Firewalls, Encryption), Network Security Solutions ( Intrusion Detection Systems, Vpns), Authentication And Access Control Solutions ( Multi-Factor Authentication), Risk And Compliance Management Solutions, Endpoint Security Solutions ( Device Monitoring, Patch Management)

2) By Services: Managed Security Services, Security Consulting Services, Vulnerability Assessment And Penetration Testing Services, Incident Response And Forensic Services, Training And Awareness Services

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What are the top market players propelling the growth of the medical device security industry?

Major companies operating in the medical device security market are General Electric Company, International Business Machines Corporation, Cisco Systems Inc., Koninklijke Philips N.V., DXC Technology Company, Palo Alto Networks, Synopsys Inc., Fortinet Inc., Check Point Software Technologies Ltd., McAfee LLC, Trend Micro Inc., Zscaler Inc., FireEye, Sophos Ltd., Irdeto B.V., Imperva Inc., Armis Inc., Protegrity USA Inc., Silex Technology America Inc., ClearData, Cynerio Ltd., Zingbox Inc., CloudPassage Inc., Cylera Inc., Bayshore Networks Inc.

What key trends are currently impacting the medical device security market’s development?

Leading firms in the medical device security market are centering their efforts on creating innovative approaches like all-inclusive zero-trust security solutions, aimed at revolutionizing the medical device security sector. These zero-trust security strategies require the verification of every user and device intending to connect to the network, regardless of their location or prior trust level, in an effort to reduce the threat of security violations. A prime example of this is Palo Alto Networks, Inc., a cybersecurity firm based in the USA, which launched the Medical IoT Security in December 2022. This zero-trust security solution is tailored to safeguard vital medical devices directly linked with patient care. The solution tackles the security threats triggered by a surge in digital device usage in healthcare ranging from diagnostic to monitoring systems, equipment used in ambulances, and surgical robots. Employing machine learning, this solution enables healthcare establishments to formulate device rules entailing automated security responses, automate Zero Trust policy recommendation and enforcement, and comprehend device vulnerabilities and risk position.

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What regions are dominating the medical device security market growth?

North America was the largest region in the medical device security market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical device security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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