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LONDON--(BUSINESS WIRE)--The global medical device security solutions market size is expected to grow by USD 301.04 million during 2020-2024, according to the latest market research report by Technavio. Request a free sample report

Healthcare organizations are gradually moving toward creating a connected hospital infrastructure with the aid of IoT to provide timely and improved care. IoT is increasingly leveraged in the healthcare industry through various applications, including telemedicine, connected imaging, medication management, and inpatient monitoring. However, the increasing use of connected medical devices coupled with increasing deployment of IoT has made computer systems more vulnerable to cybersecurity threats. This is prompting stakeholders in the healthcare sector to increase their focus on improving network security and forming robust healthcare IT infrastructure. Thus, with the growing adoption of IoT and connected devices in healthcare industry, the demand for medical device security solutions is expected to rise considerably during the forecast period.

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As per Technavio, the increasing demand for cloud-based solutions will have a positive impact on market growth over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Medical Device Security Solutions Market: Increasing Demand for Cloud-based Solutions

The deployment of cloud computing in the healthcare industry has increased considerably in recent years as it offers business agility, privacy, and security at lower costs. Cloud computing quickens the access of electronic medical records and enables the storage of clinical statistical data related to hospitals and clinics. Furthermore, factors including the rising need to comply with regulations, growing penetration of high-speed networks, and rising digital awareness are increasing the adoption of cloud-based solutions in the healthcare sector. With more healthcare organizations upgrading to cloud-based systems, the demand for cloud-based medical device security solutions is anticipated to rise considerably during the forecast period.

Growing concerns about healthcare data, stringent government regulations, and rising demand for self-medication and homecare medical devices are expected to boost the medical device security solutions market growth during the forecast period, says a senior analyst at Technavio.

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Medical Device Security Solutions Market: Segmentation Analysis

This market research report segments the medical device security solutions market by device (wearable and external medical devices, hospital medical devices, and internally embedded medical devices) and geography (APAC, Europe, North America, MEA, and South America).

North America led the market in 2019, followed by Europe, APAC, South America, and MEA, respectively. The growth of the market in North America can be attributed to the vast adoption of wired and wireless networked medical devices. Factors such as rising geriatric population, growing demand for better healthcare facilities, and increasing cyberattacks on healthcare organizations are leading the region to contribute the highest incremental growth during the forecast period.

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Some of the key topics covered in the report include:

Market Landscape

Market Sizing

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

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Global Medical Device Security Solutions Market 2020-2024 | Increasing Demand for Cloud-Based Solutions to Boost the Market Growth | Technavio -...