Medical Device Security Market Size, Share Global Analysis Report, 2022 – 2028

Industry Insights

[207+ Pages Report] According to Facts and Factors, the global medical device security market size was worth USD 725.10 million in 2021 and is estimated to grow to USD 1493.66 million by 2028, with a compound annual growth rate (CAGR) of approximately 12.80% over the forecast period. The report analyzes the medical device security market’s drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the medical device security market.

Market Overview

The practices and methods that can be applied to prevent attacks on medical devices are called medical device security. Attacks may involve unauthorized use of medical equipment and the disclosure of sensitive data produced by them. Other medical devices, such as insulin pumps and pacemakers, are also developing and getting better. Most connect to the internet, hospital networks, cell phones, or other devices to share data and typically come with software. It is crucial to guarantee that medical gadgets are cyber security as a result. Numerous gadgets, including those that are implanted or wearable, as well as those that are utilized at home or in medical facilities, are utilizing a new technology. As a result of these developments, patients who have had a cardiac device implanted can now be monitored remotely, potentially sparing them a trip to the doctor's office. Additionally, hospitals are using connected data-sharing technology more frequently to enhance patient care and efficiency. However, care must be taken if medical equipment uses a wireless or cable connection and has software because, like other modern technology, it may be vulnerable to cyber-attacks.

Because of the many advantages connected devices offer, including the ability to track patients, staff, and items, monitor patient health, and automatically collect and store data for the business, healthcare companies worldwide are implementing them. Additionally, many linked devices include crucial information for businesses that necessitate better security; as a result, healthcare organizations are implementing medical device security solutions, which are propelling the market's expansion. Additionally, the market is expected to develop due to hospitals using linked devices more frequently to enhance patient care, reduce operational errors, and cut costs generally.

COVID-19 Impact:

The production and assembly of medical devices have been significantly impacted by COVID-19. Every industry area has had to adjust to meet the needs of this dynamic situation. While some devices, like ventilators and personal protective equipment, are in high demand, others, including those used in elective treatments, are experiencing a sharp decline in demand. Since COVID-19 outbreaks have the potential to take over hospitals, making elective operations impossible to find, this abrupt change may not be a one-time occurrence.

Businesses must rapidly increase their production capacity due to the sudden increase in demand for specific products. Some experts believe that digitization and cutting-edge manufacturing technologies will be the way of the future as businesses look for ways to increase efficiency as much as possible.

Key Insights

• The Medical Device Security market is anticipated to expand at a CAGR of about 3.50% over the course of the projected period, based on research conducted by our key respondents.
• According to primary research, the market size for medical device security is projected to be valued at around USD 455.30 Million in 2021 and USD 559.68 Million by 2028.
• The Asia-Pacific region is anticipated to lead the global market for medical device security.

Growth Drivers

• The market for medical device security is experiencing growth due to the rising prevalence of chronic diseases.

Because of sedentary lifestyles and other circumstances, chronic diseases including diabetes, cancer, and other infectious diseases are becoming increasingly prevalent. As a result, the financial burden of treating chronic diseases on the healthcare systems of different nations has significantly increased. For example, the National Cancer Institute predicts that in 2020, there will be 442 new cases of cancer for every 100,000 individuals in the United States. As a result, the healthcare systems of various nations are concentrating on raising the rates of diagnosis and treatment through a growing number of awareness campaigns. This contributes to a rise in individuals receiving diagnosis and treatment and increased per capita healthcare spending in both developed and developing nations. Due to this, demand for the medical device security market will increase in these nations during the anticipated period.

Restraints

• Lack of technological advancement and low healthcare budget

Poor penetration of technologically advanced medical devices, ignorance about the availability of advanced healthcare data security solutions, and low healthcare expenditures are anticipated to constrain the growth of the global medical device security market over the forecast period.

Opportunities

• The global increase in the use of cloud-based medical device security

Cloud computing services are being used by the healthcare industry worldwide to store electronic records, patient data, and other hospital data on private clouds. Many healthcare service providers are switching from traditional storage systems to cloud-based systems because cloud computing enables the healthcare sector to grow or decrease its data storage capacity. Therefore, a number of healthcare service providers are implementing cloud-based medical device storage systems, which are anticipated to drive the market's growth. These systems provide enhanced security features to the storage system and guarantee a safe and secure transmission system to cloud storage.

Challenges

• Lack of awareness and education

The main threats to healthcare security come from undereducated and unaware employees. According to comments from 125 health IT executives and experts who took part in the 2017 Level 3 Healthcare Security Study, the greatest security danger exposure is a lack of employee knowledge and education. The HIMSS study was developed to recognize and understand high-level IT security issues in the healthcare sector as the threat landscape changes, putting the sector's crucial infrastructure and priceless healthcare data at risk.

Segmentation Analysis

The global medical device security market is segregated on the basis of component, security type, device type, and end user.

The device-based market sectors are divided into hospital medical devices, internally embedded medical devices, and wearable and outdoor medical devices. During the projected period, it is expected that the wearable and external medical devices sectors will expand at the fastest rate. The wearable and external medical device sectors are anticipated to expand at the quickest rate during the forecast timeframe. Due to the increased prevalence of chronic diseases and the growing urgency to reduce healthcare costs, there is a surge in demand for home healthcare services. Due to these factors, the need for and utilization of wearable and outdoor medical devices for remote patient monitoring is increasing.

Security is divided into endpoint security, network security, application security, cloud security, and other categories based on the type of security. The market is expected to be dominated by the endpoint security category, which will also have the greatest market share. Due to factors including the rise in medical devices and the increased vulnerability of networks to new and sophisticated assaults like zero-day malware, trojans, and APIs, this segment has a sizable market share. Additionally, the market expansion is fuelled by BYOD, social media use, and cloud-synchronizing technology trends.

Recent Developments

• To help health systems in protecting against risk, GE Healthcare launched Skeye, a new medical device cybersecurity offering, in February 2020.
• Philips introduced Integrated Cybersecurity Services to Protect Connected Medical Devices in November 2020.
• In order to provide vendor-neutral solutions for safeguarding connected medical systems and devices, Philips partnered with CyberMDX, a pioneer in linked medical device security, in October 2020.
• Intent-Based Networking from Cisco® will be used to lay the foundation for the hospital's digital operations, according to a January 2018 announcement from Cisco. Felix Platter Hospital is located in Basel, Switzerland.

Regional Landscape

• Rising awareness of medical security is likely to help North America dominate the global market

The medical device security market in North America is expected to grow at the fastest rate in 2018, driven primarily by rising instances of cyberattacks on medical devices, rising adoption of medical device security, rising awareness among healthcare professionals regarding cybersecurity, and government initiatives to implement security solutions.

During the forecast period, Asia Pacific is anticipated to develop at the greatest CAGR. This market's expansion is attributable to a number of variables, including rising medical device security adoption, improved healthcare infrastructure, rising patient health information (PHI) security awareness, and rising medical device security solutions awareness as a result of an increase in cyberattacks against healthcare organizations.

Report Scope

Competitive Landscape

Key players within the global medical device security market include-

• General Electric 
• Koninklijke Philips N.V. 
• CISCO SYSTEMS 
• Sophos Ltd. 
• IBM 
• DXC Technology Company 
• FireEye Inc 
• Check Point Software Technologies Ltd 
• Palo Alto Networks 

The medical device security market is segmented as follows:

By Types Segment Analysis

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

By Device Types Segment Analysis

• Wearable and External Medical Devices
• Hospital Medical Devices
• Internally Embedded Medical Devices

By End Users Segment Analysis

• Healthcare Providers
• Medical Device Manufacturers
• Healthcare Payers

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America