Medical device security market projected to reach $14.2b by 2032

It is currently valued at $6.6b in 2023.

The medical device security market, currently valued at $6.6b in 2023, is projected to reach $14.2b by 2032, according to a report by SNS Insider. This growth reflects a compound annual growth rate (CAGR) of 8.9% during the forecast period from 2024 to 2032.

The surge in market value is attributed to the increasing demand for connected healthcare devices and the urgent need to protect sensitive patient data from cyber threats. 

Additionally, heightened regulatory requirements for healthcare organisations to bolster cybersecurity measures are further driving the expansion of the market.

The Asia-Pacific region is anticipated to experience the fastest growth within the forecast period, spurred by substantial investments in healthcare infrastructure and the rising adoption of connected medical devices in countries such as China, Japan, and India. 

As awareness of cybersecurity threats grows and regulatory standards evolve, healthcare providers in the region are increasingly investing in medical device security solutions.

Both regional and international companies are expanding their operations in the Asia-Pacific market, tailoring solutions to meet the specific challenges faced by healthcare institutions in this dynamic environment.