Global Medical Device Security Market to Grow at 8-10% CAGR, Driven by Cyber Threats by 2027

The Global Medical Device Security Market is expected to grow at a CAGR of 8-10% by 2027. The key factors driving the growth of the global market are an increasing trend of connected and wearable medical devices, growing number of cyber-attacks, an increasing geriatric population, and the subsequent rise in chronic diseases. However, the limited budget for healthcare device security is one of the major constraints that is likely to hamper the global market’s growth.

A medical device security system refers to the protection of medical devices and their associated systems from unauthorized access, modification, theft, and damage. It helps in implementing measures to safeguard patient data and the functionality of medical devices thereby ensuring the well-being of patients and preventing potential harm or adverse events.

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Growing Trend of Connected Medical Devices in the Healthcare Sector

Recent and rapid advancements in medical technology and the availability of innovative medical devices like wearable devices and remote monitoring systems have improved patient outcomes and the efficiency of the healthcare system. With the rise in the number of medical devices connected to networks or the internet, there is a greater risk of cyber-attacks and data breaches. Hence it has become important for healthcare providers and manufacturers to ensure the safety of medical devices and prioritize the security measures for patient data security.

For instance,

• In April 2023, GE Healthcare introduced ReadySee Asset Management & Network Supervision Solutions which automatically locates devices, self-manages cybersecurity protocols to help identify vulnerabilities, provide risk scoring and help protect sensitive patient health information (PHI) without disrupting the patient care experience.
• In March 2023, Check Point Software Technologies introduced its Infinity Global Services. This new service provides end-to-end cyber resilience by enhancing cybersecurity practices & control and preventing advanced cyber threats.

Rapid Surge in Medical Device Security Market Post Covid-19 Pandemic

The medical device security market is booming rapidly due to the growing usage of connected devices in the healthcare sector. Post-pandemic there has been a significant rise in the adoption of telemedicine and remote monitoring solutions which require secure and reliable cybersecurity solutions to protect patient data. This has created more awareness among healthcare organizations about cybersecurity solutions to mitigate the risk associated with data threats which in turn has driven the demand for the medical device security market. The initiatives taken by the government to implement cybersecurity solutions and the rising investments in the healthcare-IT sector are other factors fueling its growth in the global market.

For instance,

• In February 2023, Cisco introduced its Cisco Cyber Vision through which IoT and IT operations teams will have full visibility into IT and OT devices to manage threats across the organization and provide a unified security posture across the entire network. The other service unveiled by Cisco is Secure Equipment Access Plus, which makes it easier for IT and OT teams to remotely deploy, manage, and troubleshoot connected equipment.

Key Constraints/ Challenges: Medical Device Security Market

The higher costs associated with implementing security measures for medical devices and the lack of skilled professionals are some of the constraints that are likely to hinder the growth of the medical device security market.

North America is Expected to Continue to Hold a Larger Share in the Medical Device Security Market

Geographically, North America holds a larger market share in the global medical device security market. This can be mainly attributed to the growing demand for connected medical devices, frequent cyber-attacks on medical devices, initiatives taken by the government for cybersecurity, and the presence of key players in this region.

However, the Asia-Pacific region is expected to witness a strong growth in the upcoming years, due to growing adoption of connected medical devices, increased number of cyberattacks, and growing awareness about cybersecurity solutions among healthcare professionals to protect patient health information and avoid data breaches.

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Competitive Landscape Analysis: Medical Device Security Market

Some of the leading and established players operating in the global medical device security market are listed below:-

• Cisco Systems Inc.
• IBM
• GE Healthcare
• Philips Healthcare
• Check Point Software Technologies
• FireEye Inc.
• Palo Alto Networks Inc., among others.

Organic and Inorganic Growth Strategies Adopted by Leading Market Players to Establish Their Foothold in the Medical Device Security Market

All players operating in the global medical device security market are adopting both organic and inorganic growth strategies such as upgrading with new technology, launching new products, collaborations, and acquisitions to garner a higher market share.

For instance,

• In December 2022, Palo Alto Networks launched Medical IoT Security — the most comprehensive Zero Trust security solution for medical devices. It enables healthcare organizations to deploy and manage new connected technologies quickly and securely.
• In February 2022, Forescout Technologies acquired CyberMDX to expand its healthcare cybersecurity focus. The acquisition fortifies Forescout’s industry-leading IT, IoT and operational technology (OT) device coverage with Internet of Medical Things (IoMT) expertise.

The global medical device security market is expected to gain further momentum in the upcoming years with increasing adoption of connected devices, growing investments in healthcare-IT sector, increasing product developments by key market players and aggressive organic and inorganic growth strategies followed by the key market players.

About Medi-Tech Insights

Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services in the areas of market assessments, due diligence, competitive intelligence, market sizing and forecasting, pricing analysis & go-to-market strategy. Our methodology includes rigorous secondary research combined with deep-dive interviews with industry-leading CXO, VPs, and key demand/supply side decision-makers.

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