Medical Device Security Market

Global Medical Device Security Market is valued at USD 6.91 Billion in 2022 and it is expected to reach USD 15.56 Billion by 2029 with a CAGR of 12.3% over the forecast period.

Global Medical Device Security Market: Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2023-2029- The increasing number of cyber attacks on medical devices, rising demand for telehealth services and connected medical devices, and growing demand for cloud-based medical device security solutions are some of the major factors driving the growth of Global Medical Device Security Market.

Scope of Global Medical Device Security Market Report-

Medical device security refers to the measures and techniques used to protect medical devices, their networks, and data from unauthorized access, use, disclosure, modification, or destruction. Medical devices are increasingly connected to networks, including hospital networks and the internet, which can increase their vulnerability to cyber-attacks.

Medical device security has become a significant concern with the proliferation of networked medical devices, which has increased the risk of cybersecurity breaches. One of the earliest known incidents occurred in 2008 when researchers demonstrated that they could hack into a pacemaker and deliver a lethal shock. Since then, there have been several other high-profile incidents, including the WannaCry ransomware attack in 2017, which affected many hospitals and medical devices.

Medical device security is essential to protect patient privacy and safety, maintain device functionality, and prevent unauthorized access to sensitive medical information. Medical device security solutions can include network segmentation, firewalls, intrusion detection and prevention systems, encryption, and access control.

The end-users of medical device security solutions include healthcare providers, medical device manufacturers, and government organizations that regulate medical devices.

Covid-19 Impact on the Global Medical Device Security Market:

The Covid-19 pandemic has had a significant impact on the medical device security market. On the one side, the increased demand for medical devices and their connectivity to networks has increased the need for medical device security solutions. Healthcare providers have been more focused on ensuring the security of medical devices, as they are critical in treating patients with Covid-19.

On the other side, the pandemic has resulted in supply chain disruptions, which have affected the availability of raw materials and components needed to manufacture medical devices and security solutions. Additionally, the pandemic has led to budget cuts in some healthcare organizations, which has impacted their ability to invest in medical device security solutions.

Key Players of Global Medical Device Security Market Report-

Some major key players for the global Medical Device Security market report cover prominent players like.

• Cisco Systems
• GE Healthcare
• IBM Corporation
• Symantec Corporation
• CA Technologies
• McAfee
• Royal Philips Electronics N.V.
• Drägerwerk AG & Co. KGaA
• Palo Alto Networks
• Siemens AG
• Fortinet
• FireEye
• Check Point Software Technologies Ltd.
• AT&T Inc.
• Trend Micro
• Forescout Technologies
• Medtronic plc
• Cynerio Ltd.
• Sensato Cybersecurity Solutions
• Zingbox
• CynergisTek
• ClearDATA Networks
• Hill-Rom Holdings
• Synopsys
• Security Innovation
• Novacoast Inc.
• ZscalernInc.
• CloudPassage Inc.
• Owl Cyber Defense Solutions LLC
• Bastille Networks
• Imprivata
• Medigate Ltd.
• Cybexer Technologies
• Radiflow Ltd.
• BioSig Technologies
• Capsule Technologies
• MedCrypt
• CyGlass
• Cylera
• CynergisTek

Global Medical Device Security Market Segmentation:-

By Component:

• Solution

  • Identity and Access Management
  • Antivirus/Anti-Malware
  • Firewall
  • Encryption
  • Intrusion Detection & Prevention Systems
• Others

• Services

  • Professional Services
  • Managed Services

By Deployment Model:

• On-Premise
• Cloud Based

By Security Type:

• Application Security
• Network Security
• Endpoint Security
• Cloud Security
• Others

By Device Type:

• Stationery Medical Devices
• Internally Embedded Medical Devices
• External Medical Devices
• Consumer Wearables

By End-User:

• Healthcare Providers
• Medical Device Manufacturers
• Healthcare Payers

By Regional & Country Level:

• North America

  • US.
  • Canada

• Europe

  • UK.
  • France
  • Germany
  • Italy

• Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia

• Latin America

  • Brazil
  • Mexico

• Middle East and Africa

  • GCC
  • Africa
  • Rest of Middle East and Africa

Revenue Generation Model:

The revenue generation model of the medical device security market includes the sale of hardware, software, and services related to medical device security. The market size is expected to grow due to increased awareness of the importance of medical device security and the increasing number of cyber-attacks on medical devices.

Supply Chain Model:

The supply chain model of the medical device security market includes medical device manufacturers, security solution providers, and distributors. The security solution providers can either work directly with medical device manufacturers or through distributors.

Value Chain Model:

The value chain model of the medical device security market includes the following components like raw materials and components suppliers, medical device manufacturers, security solution providers, distributors, and healthcare providers and end-users.

Market Drivers:

The Increasing number of cyber attacks on medical devices: As the use of networked medical devices in healthcare continues to grow, so does the risk of cyber threats that can compromise patient safety and data security. Cyber attacks on medical devices can result in serious consequences, such as unauthorized access to sensitive patient information, interference with medical device performance, and even patient harm. Thus, healthcare providers are increasingly prioritizing medical device security to ensure the safety and security of their patients and data.

For example; the healthcare cybersecurity firm Cynerio found that healthcare organizations experienced a 300% increase in cyber attacks on medical devices in 2020 compared to the previous year. In addition, the cybersecurity firm Kaspersky reported that medical devices accounted for 30% of all cybersecurity incidents in the healthcare sector in 2020.

Rising demand for telehealth services and connected medical devices: As telehealth services and connected devices become more widely used in healthcare, the risk of cyber-attacks on these devices also increases. This has led to a growing demand for medical device security solutions that can protect patient data and ensure the safe and secure use of these devices.

Additionally, the Covid-19 pandemic has accelerated the adoption of telehealth services, further increasing the demand for medical device security solutions. For example; the Centers for Disease Control and Prevention (CDC) found that telehealth uses increased by 154% in the last week of March 2020 compared to the same period in 2019, largely due to the COVID-19 pandemic.

Market Restraints:

The complexity of integrating security solutions: Integrating security solutions with existing medical devices and networks can be a complex and challenging process, which may act as a restraining factor for the growth of the medical device security market. The process involves identifying vulnerabilities in the existing network and devices, implementing appropriate security measures, and ensuring that the security measures do not impact the functionality or performance of the devices.

Additionally, the integration process may require specialized technical expertise, which may be limited in availability. These complexities and challenges can lead to delays and additional costs in implementing medical device security solutions, which may discourage healthcare providers from investing in such solutions.

High cost of implementing medical device security solutions: The cost of implementing security solutions can be substantial, particularly for small and medium-sized healthcare organizations with limited budgets. Additionally, the ongoing costs associated with maintaining and updating security solutions can also be a barrier for some healthcare organizations. For example, if a healthcare organization invests USD 100,000 in a medical device security solution, it may incur ongoing costs of USD 18,000 to USD 25,000 per year for maintenance and support.

Opportunity Factors:

• Increasing adoption of Internet of Things (IoT) technology in healthcare.
• Emergence of Artificial Intelligence (AI) and Machine Learning (ML) for medical device security.
• Growing demand for cloud-based medical device security solutions.
• Integration of medical device security solutions with Electronic Health Records (EHRs) and other healthcare IT systems.
• Increasing partnerships and collaborations among medical device manufacturers and security solution providers.

Market Trend:

Product and Technology Development:

One of the key trends in the medical device security market is the development of more sophisticated security solutions, such as AI and ML-based solutions that can identify and respond to threats in real time. Another trend is the adoption of cloud-based security solutions, which can provide greater scalability, flexibility, and cost-effectiveness.

Customer Trends:

Customers are increasingly demanding more integrated and user-friendly medical device security solutions that can seamlessly integrate with their existing IT systems. There is also a growing demand for solutions that can provide end-to-end security, from the device to the cloud.

Market Competition Nature:

The medical device security market is highly competitive, with many key players vying for market share. Some of the key strategies employed by market players include:

• Partnerships and collaborations to expand their product portfolios and reach new customers.
• Investment in research and development to stay ahead of the curve in terms of technology innovation.
• Strategic acquisitions to gain access to new technologies or markets.
• Emphasis on customer service and support to build long-term relationships with customers.
• Expansion into new geographies to tap into new markets and revenue streams.

Overall, the medical device security market is expected to continue to grow due to the increasing use of networked medical devices in healthcare, as well as the rising number of cyber-attacks on these devices. Key market players are likely to focus on developing more advanced and integrated security solutions, while also expanding their reach through partnerships, acquisitions, and other strategic initiatives.

Geography Analysis:

North America:

The North America medical device security market is driven by the growing use of connected medical devices in the region. The increasing prevalence of cyber-attacks on medical devices is also a major factor driving demand for medical device security solutions in North America. A report by the Identity Theft Resource Center (ITRC) found that the healthcare industry was the most targeted industry for cyberattacks in the U.S. in 2020, accounting for over 11% of all reported data breaches.

The United States is the largest market for medical device security in North America, due to the presence of several leading medical device manufacturers and security solution providers in the country. The region also has a highly developed healthcare infrastructure, which is driving demand for medical device security solutions.

Europe:

Europe is a significant market for medical device security due to the presence of advanced healthcare infrastructure, increasing government initiatives for the adoption of healthcare IT solutions, and growing demand for telemedicine services. The region is expected to witness significant growth in the coming years due to the increasing number of cyber attacks on medical devices and the implementation of regulations for medical device security.

In Europe, the medical device security market is dominated by countries such as Germany, France, the UK, and Italy. These countries have a large number of healthcare organizations and hospitals that require robust security solutions to protect their medical devices and patient data.

Furthermore, in 2019, the European Commission published a report on the state of health in the EU, which stated that there were over 21,000 hospitals in the EU.  Additionally, the region has a large number of medical device manufacturers that are focused on developing innovative and secure medical devices.

Key Benefits of Global Medical Device Security Market Report–

• Global Medical Device Security Market report covers in-depth historical and forecast analysis.
• Global Medical Device Security Market research report provides detailed information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, and Regional and Country Level.
• Global Medical Device Security Market report helps to identify opportunities in the marketplace.
• Global Medical Device Security Market report covers extensive analysis of emerging trends and competitive landscape.