Global Medical Device Security Market - Segmented by Component, Security Type, Device Type, End-User, and Geography - Growth, Trends, and Forecast (2022 - 2030)
The Global Medical Device Security Market is expected to register a CAGR of nearly 8.3% during 2018-2023 (the forecast period). Medical Devices are vulnerable to security threats and are protected with use of industry standard guidelines. Medical device manufacturers mitigate risks use software solutions, and encrypt data for secure data transfer and data loss.
Increasing Instances Of Healthcare Cyberattacks and Threats
There is an increase in cyber attacks on the healthcare facilities systems and their medical devices and theft of personal data that are critical to hospitals and patient privacy. This has led to implementation of strict government guidelines by FDA and National Institute for Standards and Technology (NIST). For medical devices (MRI scanners, surgery robots, X-ray machines, dental devices) endpoints are Internet-enabled with IP network. In the healthcare endpoints are prone to security threat by hackers. Endpoint security has become increasingly important for data protection and protection of systems from unauthorized manipulation and preventing use of malicious softwares. Medical devices with configurable embedded computer systems are more vulnerable to cyber security threats. With rise in use of medical devices across healthcare organizations, the device manufacturers and hospitals have become more vigilant in improving their network security. Medical devices in hospital room in an intensive care units are integrated to a cloud bases infrastructure for online sharing of encrypted healthcare data. Thus arising the need for providing security for medical devices, which is further contributing to the growth of medical device security market. Other factors which are driving the medical device security market growth are increasing demand for connected medical devices and government regulations along with need for compliance.
Limited Healthcare Security Budgets
Security threats in healthcare are increasing continuously, this pose a risk to patient safety. Despite increase in data breaches the healthcare industry still allots a limited security budget to defend against the hackers. Security budgets in healthcare lag behind other industries. Most healthcare facilities are reluctant to invest as they have thin revenue margins and the investment in cybersecurity improvement does not generate revenue. They also has to invest on expensive equipment for the facility. The most purchased cybersecurity solutions are to comply with the regulatory guidelines and most organizations fail to evaluate their investments in security. Digital devices in hospitals are not upgraded and usually run on old operating systems which are less secure. Hospitals fail to allot budgets for upgrading the devices as it is costly and if upgraded that will trigger FDA certification. Therefore, limited healthcare security budgets is acting as a major factor responsible to hinder the growth of medical device security market.
The US Lead the Market in North America Region
In United States there is a rise in adoption of wired and wireless networked medical devices because they have important role in individuals health outcomes. Because they collect vast clinical data these medical device systems are prone to security risk. In 2018, FDA released a safety action plan outlining proposals for improvement of cyber security in medical devices. These government initiatives to lessen the data breaches by increasing the security of medical devices is a major factor responsible to contribute for the growth of medical device security market in US.
Key Developments in the Medical Device Security Market Report
Mar 2018: IBM unveiled a new data science and machine learning platform and an elite consulting team to help them accelerate their AI journeys.
Major Players: CA TECHNOLOGIES, CHECK POINT SOFTWARE TECHNOLOGIES, CHECK POINT SOFTWARE TECHNOLOGIES, CISCO SYSTEMS, DXC TECHNOLOGY, FIREEYE, GE HEALTHCARE, IBM, KONINKLIJKE PHILIPS N.V., MCAFEE , and SYMANTEC CORPORATION among others.
Reasons to Purchase the Report
• Current and future Global Medical Device Security Market outlook in the developed and emerging markets
• Analysis of various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
Increasing Instances Of Healthcare Cyberattacks and Threats
There is an increase in cyber attacks on the healthcare facilities systems and their medical devices and theft of personal data that are critical to hospitals and patient privacy. This has led to implementation of strict government guidelines by FDA and National Institute for Standards and Technology (NIST). For medical devices (MRI scanners, surgery robots, X-ray machines, dental devices) endpoints are Internet-enabled with IP network. In the healthcare endpoints are prone to security threat by hackers. Endpoint security has become increasingly important for data protection and protection of systems from unauthorized manipulation and preventing use of malicious softwares. Medical devices with configurable embedded computer systems are more vulnerable to cyber security threats. With rise in use of medical devices across healthcare organizations, the device manufacturers and hospitals have become more vigilant in improving their network security. Medical devices in hospital room in an intensive care units are integrated to a cloud bases infrastructure for online sharing of encrypted healthcare data. Thus arising the need for providing security for medical devices, which is further contributing to the growth of medical device security market. Other factors which are driving the medical device security market growth are increasing demand for connected medical devices and government regulations along with need for compliance.
Limited Healthcare Security Budgets
Security threats in healthcare are increasing continuously, this pose a risk to patient safety. Despite increase in data breaches the healthcare industry still allots a limited security budget to defend against the hackers. Security budgets in healthcare lag behind other industries. Most healthcare facilities are reluctant to invest as they have thin revenue margins and the investment in cybersecurity improvement does not generate revenue. They also has to invest on expensive equipment for the facility. The most purchased cybersecurity solutions are to comply with the regulatory guidelines and most organizations fail to evaluate their investments in security. Digital devices in hospitals are not upgraded and usually run on old operating systems which are less secure. Hospitals fail to allot budgets for upgrading the devices as it is costly and if upgraded that will trigger FDA certification. Therefore, limited healthcare security budgets is acting as a major factor responsible to hinder the growth of medical device security market.
The US Lead the Market in North America Region
In United States there is a rise in adoption of wired and wireless networked medical devices because they have important role in individuals health outcomes. Because they collect vast clinical data these medical device systems are prone to security risk. In 2018, FDA released a safety action plan outlining proposals for improvement of cyber security in medical devices. These government initiatives to lessen the data breaches by increasing the security of medical devices is a major factor responsible to contribute for the growth of medical device security market in US.
Key Developments in the Medical Device Security Market Report
Mar 2018: IBM unveiled a new data science and machine learning platform and an elite consulting team to help them accelerate their AI journeys.
Major Players: CA TECHNOLOGIES, CHECK POINT SOFTWARE TECHNOLOGIES, CHECK POINT SOFTWARE TECHNOLOGIES, CISCO SYSTEMS, DXC TECHNOLOGY, FIREEYE, GE HEALTHCARE, IBM, KONINKLIJKE PHILIPS N.V., MCAFEE , and SYMANTEC CORPORATION among others.
Reasons to Purchase the Report
• Current and future Global Medical Device Security Market outlook in the developed and emerging markets
• Analysis of various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
Frequently Asked Questions
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