Medical Device Security Market

Medical Device Security Market Size:

The global medical device security market size reached US$ 9.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 30.6 Billion by 2032, exhibiting a growth rate (CAGR) of 13.18% during 2024-2032. The market is experiencing steady growth driven by the increasing awareness about the need for advanced security solutions to protect patient data and prevent device tampering, integration of advanced technologies, and the rising adoption of connected medical devices.

Medical Device Security Market Analysis:

• Major Market Drivers: The market is witnessing robust growth due to rising concerns about cyberthreats, coupled with rapid digitalization in the healthcare industry.    
• Key Market Trends: The market is showcasing rapid growth on account of the increasing awareness about the need for advanced security solutions and integration of advanced technologies.
• Geographical Trends: North America leads the market, driven by developed healthcare infrastructure, with numerous hospitals, clinics, research institutions, and long-term care facilities. However, Asia Pacific is emerging as a fast-growing market due to interconnected healthcare systems.
• Competitive Landscape: Some of the major market players in the medical device security industry include Check Point Software Technologies Ltd., Cisco Systems Inc., ClearDATA, FireEye (Symphony Technology Group), Fortinet Inc., General Electric Company, International Business Machines Corporation, Koninklijke Philips N.V., McAfee Corp., Medigate, Palo Alto Networks Inc., Synopsys Inc., among many others.
• Challenges and Opportunities: While the market faces challenges, such as the complexity of securing diverse medical devices, it also encounters opportunities on account of the rising focus on enhanced patient care.     

Medical Device Security Market Trends:

Increasing awareness about the need for advanced security solutions

AAG claims that around 236.1 million ransomware attacks occurred across the globe in the first half of 2022. Moreover, in 2021, 323,972 internet users reported falling victim to phishing attacks, indicating that half of the users who suffered a data breach fell for a phishing attack. As a result, there is an increase in the awareness about the need for advanced security solutions to protect patient data and prevent device tampering. This is catalyzing the demand for medical device security worldwide.

Integration of advanced technologies  

The integration of advanced technologies, such as machine learning (ML) and artificial intelligence (AI), in medical devices is contributing to the growth of the market. These technologies enable real-time threat detection, anomaly detection, and predictive analytics. These solutions capabilities allow healthcare organizations to identify and mitigate security risks more effectively. For instance, Royal Philips, a global leader in health technology, and NYU Langone Health, the top-ranked academic medical center, announced an 8-year strategic partnership in 16 November 2023, which aims to enhance patient care through further innovation. With this new partnership, NYU Langone Health will be adopting Philips’ IntelliSite Pathology solution, enterprise informatics, and artificial intelligence (AI)-enabled diagnostic imaging technologies, such as the Philips Lumify Handheld Ultrasound.

Rising adoption of connected medical devices

The increasing adoption of connected medical devices is propelling the medical device security market growth. The introduction of the Internet of Things (IoT) technology in healthcare is leading to a surge in connected medical devices, including wearable monitors, infusion pumps, and implantable devices. Rising connectivity of medical devices requires enhanced security measures for high-performance, thereby increasing medical device security market demand. Cynerio and Check Point Software Technologies partnered in July 2023 to provide healthcare organizations with comprehensive security for their medical IoT devices. Cynerio's 360 platform will provide functionality critical to securing healthcare IoT devices, such as device discovery, patch guidance, microsegmentation, and attack detection.

Medical Device Security Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on device type, component, deployment mode, and end user.

Breakup by Device Type:

• Stationery Medical Devices
• Internally Embedded Medical Devices
• External Medical Devices and Consumer Wearable
   

Stationery medical devices account for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the device type. This includes stationery medical devices, internally embedded medical devices, and external medical devices and consumer wearable. According to the report, stationery medical devices represented the largest segment.

Stationery medical devices are medical equipment or instruments that are fixed in a particular location and are not intended to be moved frequently. They comprise magnetic resonance imaging (MRI) machines, X-ray machines, computed tomography (CT) scanners, linear accelerators, and laboratory analyzers. These devices serve various purposes in healthcare settings and play a crucial role in improved patient care. Furthermore, the growing adoption of stationery medical devices due to the rising prevalence of chronic diseases among individuals is positively influencing the market. National Library of Medicine reported that in the United States, 934,509 people died of cardiovascular diseases, including heart disease and stroke in 2021.

Breakup by Component:

• Solution 
  • Identity and Access Management Solutions
  • Antivirus and Antimalware Solutions
  • Encryption Solutions
  • Data Loss Prevention Solutions
  • Risk and Compliance Management
  • Intrusion Detection Systems and Intrusion Prevention Systems
  • Disaster Recovery Solutions
  • Distributed Denial of Service Solutions
  • Others
• Services
   

Solution holds the largest share of the industry

A detailed breakup and analysis of the market based on the component have also been provided in the report. This includes solution (identity and access management solutions, antivirus and antimalware solutions, encryption solutions, data loss prevention solutions, risk and compliance management, intrusion detection systems and intrusion prevention systems, disaster recovery solutions, distributed denial of service solutions, and others) and services. According to the report, solution accounted for the largest market share.

Solution is designed to protect medical devices and the data they handle from cybersecurity threats. There are many uses of medical device security market solutions, such as to secure medical devices, network, and data. Encryption solutions help protect patient confidentiality and integrity. In line with this, they assist in minimizing the risk of data breaches and unauthorized interception. As per Statista, the number of data compromises in the United States stood at 3,205 cases in 2023. Meanwhile, over 353 million individuals were affected in 2023 by data compromises, such as data breaches, leakage, and exposure.

Breakup by Deployment Mode:

• On-premises
• Cloud-based
   

On-premises represent the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the deployment mode. This includes on-premises and cloud-based. According to the report, on-premises represented the largest segment.

On-premises are the operation of medical device security solutions within the physical infrastructure of a healthcare facility or organization. They offer low-latency access to medical devices and data due to their proximity and prevent outsiders from accessing data and resources within the organization. Apart from this, the rising focus on maintaining sensitive patient data within the own data center of the organization for enhanced data privacy and compliance with regulations is bolstering the market growth. Cybeats Technologies Corp. collaborated with the Health Information Sharing and Analysis Center in November 2023, which is a global organization focused on enhancing cyber and physical security in the healthcare industry.

Breakup by End User:

• Healthcare Institutions
• Medical Device Manufacturers
• Others
   

Healthcare institutions exhibit a clear dominance in the market 

A detailed breakup and analysis of the market based on the end user have also been provided in the report. This includes healthcare institutions, medical device manufacturers, and others. According to the report, healthcare institutions accounted for the largest market share.

Healthcare institutions involve clinics, hospitals, home healthcare, long-term care facilities, and rehabilitation centers. They ensure the security of medical devices to protect patient data from breaches. According to Statista, healthcare organizations in the United States recorded 715 large-scale data breach cases in 2021. Security solutions assist in minimizing these threats and lowering the risk of financial losses. Apart from this, the rising focus on secure medical device usage to maintain trust among patients is supporting the growth of the market.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America leads the market, accounting for the largest medical device security market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America represents the largest regional market for medical device security.

North America has a developed healthcare infrastructure, with numerous hospitals, clinics, research institutions, and long-term care facilities. American Hospital Association reports that there were 6,120 hospitals in the US in the financial year 2022. Out of which, 5,129 were community, 659 were non-federal psychiatric, 207 were federal government, and 125 others. In addition, the rising awareness among healthcare facilities about the importance of medical device security to enhance the trust of patients while providing improved care is propelling the growth of the market in the region.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the medical device security industry include Check Point Software Technologies Ltd., Cisco Systems Inc., ClearDATA, FireEye (Symphony Technology Group), Fortinet Inc., General Electric Company, International Business Machines Corporation, Koninklijke Philips N.V., McAfee Corp., Medigate, Palo Alto Networks Inc., and Synopsys Inc. 
• Key players in the market are engaging in collaborations and partnerships for enhanced security solutions for medical devices and to identify reasonably foreseeable cybersecurity issues while providing a vital source of evidence to inform risk management. This is increasing medical device security market revenue for companies. For instance, PR Newswire states that MedCrypt, Inc., the proactive cybersecurity solutions provider for medical device manufacturers, partnered with Stratigos Security, a company that specializes in penetration testing and independent security assessments on 12 June 2023. They focus on offering a suite of third-party assessment and advisory services, with specialized penetration tests for medical device makers to assure the safety and effectiveness of their devices.

Medical Device Security Market News:

• 22 August 2023, Medcrypt, Inc., the proactive cybersecurity solution provider for medical device manufacturers (MDMs), partnered with NetRise, the company providing granular visibility into the world's XIoT security problem. This partnership will provide MDMs with a Software Bill of Materials (SBOM) lifecycle management solution that will empower device makers to proactively identify and address potential security risks while ensuring the safety and integrity of their medical devices.
• 6 May 2021, ClearDATA® expanded its partnership with BioIntelliSense to remote care and analysis of rich high-frequency vital sign data for patients and their medical care teams. The collaboration showcases the promise of the cloud in healthcare and provide a secure and compliant digital care experience with sophisticated security and compliance automation in place.

Medical Device Security Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the medical device security market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global medical device security market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the medical device security industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.