Medical Device Security Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Medical Device Security Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Medical Device Security Market is expected to witness a CAGR of 11.8% over the forecast period. Medical device manufacturers mitigate the device security risks using software solutions and services and encrypt data for secure data transfer and evading data loss. Risks generated by using cyber technologies in healthcare were examined, including medical devices, telemedicine software, and electronic data.

• Cyberattacks have become more frequent, posing risks to commercial and healthcare data. Healthcare organizations are converting to cloud storage to help manage this massive amount of data. Due to these healthcare organizations' inability to keep their data safe from theft, network security players were introduced to safeguard and maintain this vital cloud data from being misused. Up to November of 2022, there were almost 1.9 million hacking instances only in India.
• With security monitoring and real-time dynamic threat intelligence, AI and IoT techniques are implemented to secure systems, networks, and data by detecting and neutralizing cyber threats and malicious actions. The government is taking initiatives to promote the deployment of digital security solutions in the healthcare industry. India's National Informatics Centre (NIC) floated a tender for private technological players for cyber security.
• The healthcare industry is witnessing a shift in information security's operational process due to digital transformation. The healthcare sector has been adopting new technologies, such as wearables, and remote monitoring equipment embedded with IoT-enabled hygiene monitoring devices, to offer life-critical services and treatments. The HIPAA Journal compiled healthcare data breach statistics and confirmed that there had been an upward trend in data breaches over the past 14 years, with 2021 seeing more data breaches reported than any other year. However, the number came down in 2022.
• The effect of COVID-19 was not limited to health and the economy, but there was a steady increase in cyberattacks and data breaches post-pandemic. A recent report showed that government bodies in India suffered the highest number of cyberattacks, 82 in 2022. In November 2022, AIIMS operations were paused after a massive cyberattack derailed everyday work, appointments and registration, billing, and lab reports.
• Lack of awareness about medical surveillance equipment and scarcity of monetary funds for healthcare security in underdeveloped countries are expected to hamper the growth of the medical device security market.

• The healthcare sector has been adopting new technologies, such as smart wearables and remote monitoring equipment embedded with IoT-enabled technologies, to offer life-critical services and treatments. Healthcare services are moving online to capture patient data to provide better health services. These wearable medical devices are gaining immense popularity due to improved technologies and their compatibility with regularly used instruments, such as smartphones. Health awareness among people is promoting the growth and use of these smart wearables to monitor health and fitness conditions.
• PracticeSuite Inc., a provider of a cloud-based medical office solution for healthcare, announced its partnership with Opus EHR, a leading cloud-based EHR platform focused on behavioral health. Through a single platform, PracticeSuite tools streamline automated insurance verification, accurate insurance billing, intelligent collections, credit card processing, and online patient payment and also provide treatment centers with 100% transparency on key performance indicators.
• As cyberattack cases continue to rise, the security of connected medical devices is becoming challenging. With more medical devices integrated into clinical networks, real-time connected medical device utilization data adds greater accuracy to emergency preparedness and capital planning initiatives across hospitals and health systems. docs24, a leading provider of Digital and Print Asset Management Solutions for Clinical Research, joined hands with Intrinseque Health, the provider of clinical supplies and equipment necessary to conduct regulatory-compliant trials on time and on budget.
• Trimedx, a provider of clinical engineering, medical device cybersecurity, and clinical asset management solutions, collaborated with Indiana University Health to develop a cybersecurity lab to test medical device security and reduce device security threats.

• The healthcare sector is one of the most regulated industries in North America because of privacy and security concerns involved with digital patient records. Regulations, such as Health Insurance Portability and Accountability Act (HIPAA) and the Health Information Technology for Economic and Clinical Health (HITECH) Act, ensure steady growth in the penetration rates of cyber security solutions in the country's healthcare sector.
• The HSCC cybersecurity working group launched an MC2 tool to aid contract negotiations for medical device purchasing and support between HDOs and MDMs. This will facilitate improving cybersecurity outcomes in all healthcare sectors.
• In Ontario, the provincial government adopted Microsoft Defender technology that helped to improve security posture and saved time by automation of medical facilities.
• Ovation Medical uses Salesforce Customer 360 software that helps in delivering secure engagements with its customers online. The initial focus of Ovation Medical is to provide secure automation and agility as they handle the circulation of orthopedic and podiatry equipment to thousands of medical facilities throughout the U.S. Salesforce provides customers with a secure portal for online orders.
• MedCrypt, a cyber security provider, revealed that U.S. hospitals are equipped with 10 to 15 million medical devices, and 25% of these are connected to the Internet. The company raised funds through investment support from Johnson & Johnson Innovation, Section 32, Eniac Ventures, Anzu Partners, and Dolby Family Ventures. This investment will be used to expand its cryptography, behavior monitoring, and vulnerability inventory products

The medical device security market is diverse, intensely competitive, and evolving. Check Point Software Technologies, Cisco Systems, FireEye, IBM, Imperva, McAfee, Palo Alto Networks, and Symantec Corporation are essential to market participants. To further increase the acceptance of their offerings and, thus, strengthen their market presence, these firms are developing novel products and forging strategic alliances and collaborations.

In February 2022, CyberMDX, a corporation specializing in healthcare cybersecurity, was bought by device security startup Forescout Technologies. With the help of this alliance, Forescout will be able to expand its service and support for Internet of Medical Things (IoMT) devices. The discovery of vulnerabilities in GE Healthcare's anesthetic equipment and patient monitoring products is credited to CyberMDX.

In December 2022, the healthcare data security expert, CloudWave, announced OpSus Cloud Services with 11 healthcare institutions. Hilo Medical Center selected CloudWave to update their on-premises data centers with infrastructure to support their MEDITECH EHR.

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