Global Medical Device Cybersecurity Solutions Market - 2021-2028

Global Medical Device Cybersecurity Solutions Market - 2021-2028

Market Overview

The global medical device cybersecurity solutions market size was valued at US$ XX million in 2020 and is estimated to reach US$ XX million by 2028, growing at a CAGR of XX % during the forecast period (2021-2028).

Medical devices vulnerable to security threats are safeguarded by applying industry-standard guidelines. Medical device manufacturers reduce device security risks by utilising software solutions and services, encrypting data for secure data transfer, and avoiding data loss.

Market Dynamics

The advances in healthcare technology and the increase in cyberattacks and threats in the healthcare sector are expected to drive the market growth.

The increase in cyber-attacks and threats in the healthcare sector is expected to drive market growth in the forecast period

A slew of cybersecurity issues besets the healthcare industry. These issues range from malware that jeopardises system integrity, and patient privacy to distributed denial of service (DDoS) attacks that impair facilities' ability to provide patient care. While similar attacks occur in other critical infrastructure sectors, the nature of the healthcare industry's mission presents unique challenges. Cyber-attacks in healthcare can have far-reaching consequences beyond financial loss and data breaches. For hospitals, ransomware is a particularly heinous form of malware because patient data loss can endanger lives.

For instance, according to a Forbes report, the number of reported hacking incidents in healthcare increased for the fifth consecutive year in 2020, increasing 42 percent. Hacking incidents accounted for more than half of all patient data breaches last year, 62 percent an increase from 2019.

Hence, with the increasing incidence of cyberattacks and threats in the healthcare industry, the market is expected to grow in the forecast period.

The limitations of cybersecurity are expected to hamper the market growth

Due to the multiple and disparate factors, the problem of cybersecurity vulnerability associated with medical devices necessitates framing. These include the transition from isolated to networked devices and the tensions that this creates between security and safety. Examples of incidents are provided to demonstrate the breadth of the cybersecurity issue. The lack of device-embedded security controls is more concerning than the incidents that result from them. According to research, web interfaces to infusion pumps, hardcoded administration passwords, and access to the Internet through devices connected to internal networks are a few of the common vulnerabilities found in hospital devices. One of the most serious vulnerabilities in embedded web services with unauthenticated and unencrypted communication, as an attacker can potentially affect these devices remotely from anywhere in the world.

COVID-19 Impact Analysis

The Covid-19 pandemic has accelerated physician and policymaker adoption of remote care solutions, which has improved patient care. Recent large-scale cyberattacks on the healthcare industry, on the other hand, have highlighted the importance of robust cybersecurity technology and protocols. As healthcare devices become more technologically advanced, device manufacturers and healthcare providers must ensure that cybersecurity measures are scaled up to match in response to the Covid-19 pandemic. Countries worldwide enacted lockdown protocols and social distancing protocols to slow the disease's spread. As a result, physicians have had to adapt to remote care solutions such as telehealth and remote patient monitoring to continue providing care while reducing patient risk. However, greater reliance on software solutions raises the risk of cyberattacks, a threat that has grown in recent years.

For instance, cyberattacks pose a threat that extends beyond hospitals. The European Medicines Agency revealed in December 2020 that it had been hacked and that information on the Pfizer-BioNTech Covid-19 vaccine had been accessed. The same month, IBM's threat intelligence task force reported that malicious actors targeted cold supply chain organizations involved in distributing the Pfizer-BioNTech vaccine.

Segment Analysis

The Wearable and External Medical Devices segment is expected to dominate the market in the forecast period

To provide life-critical services and treatments, the healthcare sector continues to adopt new technologies such as wearables, home/remote monitoring equipment embedded with IoT, and IoT-enabled hygiene monitoring devices. Critical healthcare services have evolved to remain online to collect patient data to provide better health care. Wearable medical device adoption is being driven by technological advancements and innovations and improvements in care availability and patient lifestyle. These wearable medical devices are becoming increasingly popular due to improved technologies and compatibility with commonly used devices such as smartphones. With cyberattacks becoming more common by the year, the security of connected medical devices has never been more important. As more medical devices are integrated into clinical networks, real-time connected medical device utilisation data improves emergency preparedness and capital planning initiatives across hospitals and health systems.

For instance, TRIMEDX, a healthcare technology company, partnered with Medigate in July 2020 to meet the unique demands of clinical asset management (CAM), medical device safety, and healthcare system security. TRIMEDX and Medigate have collaborated to provide an integrated solution that combines the TRIMEDX CAM Advanced and CYBER Advanced solutions with Medigate's real-time visibility, utilisation data, and threat/vulnerability detection. The Medigate platform discovers and precisely identifies every connected device on a clinical network, doing so automatically and in real-time using proprietary algorithms designed specifically to identify devices and communication protocols.

Geographical Analysis

North America region is expected to hold the largest market share in the global medical device cybersecurity solutions market

In North America, the healthcare industry is one of the most regulated industries due to the security and privacy concerns associated with digital patient records. Regulations such as the Health Information Technology for Economic and Clinical Health (HITECH)Act and the Health Insurance Portability and Accountability Act (HIPAA) ensure consistent growth in cybersecurity solution penetration rates in the country's healthcare sector.

For instance, in March 2019, over 12 healthcare sector companies and groups submitted a proposal to the FDA to update premarket medical device cybersecurity guidelines. Initiatives like these are expected to boost cybersecurity adoption in the country's healthcare sector. Some vulnerabilities are introduced inadvertently into devices, software, and servers, while patches are another driving factor.

Competitive Landscape

The global medical device cybersecurity solutions market is highly competitive with the increasing development of innovative products and forming strategic partnerships and collaborations. Some of the key players in the market are GE Healthcare, Check Point Software Technologies, FireEye Inc, McAfee, LLC, Cisco Systems Inc, Palo Alto Networks, Inc., Intertek Group plc, SGS, Promenade Software, Inc. and Trend Micro.

GE Healthcare

Overview: GE Healthcare is an innovator in medical technology and diagnostics, enabling clinicians to make faster, more informed decisions through intelligent devices, data, analytics, applications, and services powered by its Edison intelligence platform. It is a subsidiary of General Electric, an American multinational conglomerate founded in New York and headquartered in Chicago, Illinois. The company was established in 1994.

Product Portfolio: The company’s solution Skeye is a comprehensive cybersecurity solution for networked medical devices. It makes use of the company's medical device expertise, advanced technologies, and artificial intelligence to help keep the network secure in the face of cybersecurity threats.

Key Development: On February 20th, 2020, to assist hospital groups in combating cybersecurity threats, GE Healthcare launched a new cybersecurity service that combines medical device expertise, artificial intelligence, and process management tools. Skeye, the new solution, augments hospitals' existing resources and capabilities by providing proactive monitoring via a remote security operations center (SOC), assisting them in detecting, analysing, and responding to cybersecurity threats and events in real-time.

Why Purchase the Report?
• Visualize the composition of the global medical device cybersecurity solutions market segmentation by solution, by device type, and end-user highlighting the key commercial assets and players.
• Identify commercial opportunities in global medical device cybersecurity solutions market by analyzing trends and co-development deals.
• Excel data sheet with thousands of data points of global medical device cybersecurity solutions market- level 4/5 segmentation.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key product of all major market players

The global medical device cybersecurity solutions market report would provide an access to an approx. 45+market data table, 40+figures and 180 pages.

Target Audience
• Service Providers/ Buyers
• Industry Investors/Investment Bankers
• Education & Research Institutes
• Research Professionals
• Emerging Companies
• Manufacturers

Market Segmentation

Global Medical Device Cybersecurity Solutions Market- By Solution
• Data Loss Prevention Solutions
• Antivirus/Antimalware Solutions
• Identity and Access Management Solutions
• Intrusion Detection Systems/Intrusion Prevention Systems
• Risk and Compliance Management
• Other Solutions

Global Medical Device Cybersecurity Solutions Market- By Device Type
• Wearable and External Medical Devices
• Internally Embedded Medical Devices
• Hospital Medical Devices

Global Medical Device Cybersecurity Solutions Market- By End-User
• Hospitals
• Medical Device Manufacturers
• Other

Global Medical Device Cybersecurity Solutions Market- By Region
• North America
• Europe
• South America
• Asia Pacific
• Middle East and Africa