Facts and Factors Market Research has published a new report titled “Connected Medical Devices Security Market By Technology (Wired, Wireless, and Hybrid), By Security Type (Cloud Security, Network Security, Wireless Security, and Application Security), By Category (Telemetry Systems, Integration/Networking Platforms, and Interface Devices), and By End-User (Clinics, Laboratories, Hospitals, Diagnostic Centers, and Home Healthcare): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2025”. According to the report, the global Connected Medical Devices Security market is predicted to be valued at approximately USD 6,331 million in 2018 and is expected to reach a value of around USD 53,035 million by 2025, at a CAGR of around 35.13% between 2019 and 2025.
The connected medical device provides compliance prominence for network-connected medical equipment and real-time functional intelligence via automated equipment discovery, cataloging, and documentation. Moreover, the connected medical devices security tool offers a complete insight into the security position and a positive stance toward identification and remediation issues. Apparently, the tool provides device awareness, networking awareness, and knowhow pertaining to potential threats.
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Furthermore, IoT-enabled medical equipment is revolutionizing the patient care process. Today, medical device firms and healthcare service providers are facing cyber-security issues including legal, monetary, patient safety, and operational threats. The malware attacks are on rise and becoming more complex, while breaches of data privacy are becoming common across all sectors. The growing risk and data security concerns have generated the need for connected medical device security systems at the global level.
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Growing vulnerability to data thefts will drive the market growth over the forecast period
An increase in the number of cases of data theft is expected steer the surge in the market growth during the forecast period. Moreover, the growing acceptance of connected equipment by the customers will favorably leverage the growth of the connected medical devices security industry during the forecast timeline.
Furthermore, IoT technology is finding lucrative applications in various clinics, hospitals, and healthcare units. Moreover, the introduction of innovative healthcare technologies including telemedicine and telehealth services has resulted in massive acceptance of connected medical equipment across the globe. All the aforementioned factors are anticipated to drive the market growth over the forecast period. Nevertheless, lack of knowledge about data security & access control is anticipated to hinder business growth during the forecast period. However, enforcement of strict government laws in countries like the U.S. to put brakes on data thefts or data violations will create ample growth opportunities for the market over the forecast period.
Interface devices segment to dominate the category landscape over the forecast period in terms of revenue
The growth of interface devices segment during the period from 2019 to 2025 is credited to ability of the medical equipment to collate the data of the patient automatically and combine it with the data of same patients acquired from other medical equipment. Later, the interface sends the data to the electronic medical record system for diagnosing & treating the medial data. All these beneficial features are likely to steer the segmental growth over the forecast period.
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Wireless technology to register highest CAGR over the forecast period
The wireless technology segment is predicted to record the highest growth rate of more than 36% during the period from 2019 to 2025. The segmental growth is attributed to rise in acceptance of wireless technologies like WI-FI, Bluetooth, and Zig Bee as a result of its beneficial characteristics such as portability of medical equipment & cost efficiency.
North America to contribute majorly towards the overall market revenue share by 2025
The regional market growth during the forecast timeline is owing to the huge presence of clinics, labs, pharma firms, and hospitals in the countries like the U.S. Apart from this, huge funding of research activities in IoT sector by the U.S. government is likely to drive the revenue growth of the market in the region.
Some of the key participants in the business include SAP SE, NantHealth, Inc., Qualcomm Life, Inc., Microsoft Corporation, Stanley Healthcare, Digi International Inc., Cerner Corporation, Koninklijke Philips N.V., GE Healthcare, Lantronix, Inc., International Business Machines Corporation, Infosys Limited, Medtronic, Extreme Networks, Inc., Nova Leah Ltd., Cisco Systems, Inc., Synopsys, Inc., and Drägerwerk AG & Co. KgaA.
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This report segments the Connected Medical Devices Security market as follows:
Connected Medical Devices Security Market: By Technology Analysis
Connected Medical Devices Security Market: By Security Type Analysis
- Cloud Security
- Network Security
- Wireless Security
- Application Security
Connected Medical Devices Security Market: By Category Analysis
- Telemetry Systems
- Integration/Networking Platforms
- Interface Devices
Connected Medical Devices Security Market: By End-User Analysis
- Diagnostic Centers
- Home Healthcare
Connected Medical Devices Security Market: By Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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