Medical Device Security Market - Forecasts from 2024 to 2029

The medical device security market is expected to expand at a CAGR of 8.51% over the forecast period, reaching a market size of US$10.910 billion in 2029 from US$7.252 billion in 2024.  

Medical device manufacturers are constantly developing new, highly complex, and more linked equipment. These products provide a broad range of advantages, including improved medications, more precise diagnostics, a better understanding of monitoring, computerized control, and focused details and information checking. Nonetheless, this enlarged network provides opportunities for both patients and suppliers. Although these companies are heavily investing in developing new medical gadget advancements, they usually fall short on security mastery and assets to ensure irrefutable levels of security are integrated into these things.

The medical device security market is expected to witness a significant boost due to the increasing utilization of cloud-based solutions by hospital infrastructure that presents a threat to data theft of valuable patient data and hospital information. Moreover, the expanding employment of IoT-connected medical devices has created a vast interconnection requiring a secure device, increasing cybersecurity threats like ransomware attacks and requiring medical device security solutions.

The North American region is also predicted to hold a significant market share during the forecasted period. However, insufficient investment in healthcare security, especially in underdeveloped nations, could hinder the market expansion of medical device security.

MEDICAL DEVICE SECURITY MARKET DRIVERS:

Increasing cloud-based infrastructure development is anticipated to boost the demand for medical device security globally.

Distributed computing helps the healthcare area to increment or decline its information stockpiling limit, which is why numerous healthcare specialist co-ops are moving from a customary capacity framework to a cloud-based one. To give upgraded security highlights to the capacity framework and to guarantee a free-from-any-danger transmission framework to distributed storage, different healthcare specialist organizations are embracing cloud-based clinical gadgets stockpiling framework. This is required to fuel the market development.

Moreover, the selection of clinical gadget security frameworks among healthcare associations assists emergency clinics with safely trading information among all the important healthcare partners like specialists, attendants, and parental figures progressively. Huge healthcare associations also manage many associated gadgets, which are more inclined to engage in digital assaults and information danger issues, giving rewarding freedom to the market.

Expanding the use of IoT or connected devices in the healthcare sector is expected to bolster the medical device security market.

Healthcare associations worldwide are utilizing associated gadgets, inferable from their other advantages, which incorporate observing patients' well-being, following patients, staff, and protests, and consequently gathering and storing information about the association. Different associated gadgets include basic data of the associations that need to upgrade security. Consequently, healthcare associations are embracing clinical gadget security arrangements, which drives market development.

Moreover, developing a selection of associated IoT connective gadgets in different emergency clinics for improving patient care, diminishing blunders in activities, and decreasing the general costs of the emergency clinics likewise drives market growth. According to a data report of 2023 by Ericsson, the number of shout range IoT connections was 12.1 billion in 2023, which is predicted to rise to 31.6 billion by 2029. The total IoT connections accounted for 15.7 billion in 2023, which is anticipated to rise to 38.8 billion by 2029. This gives a potential increment in the necessity of medical device security.

Many developing countries worldwide have restricted admittance to healthcare offices. Patients in these areas need to travel a huge distance for standard registration or sickness finding at a healthcare office. Thus, the growing adoption of telemedicine or connected medical devices in such countries will enable patients to communicate with healthcare facilities through their homes, positively impacting the market growth.

Rising cybersecurity threats to medical devices are expected to accelerate the medical device security market globally.

Many devices utilize novel standards, stages, and middleware setups that have not been thoroughly tested for security flaws. The result, of course, is a plethora of gadgets that programmers easily exploit. Previous ransomware attacks targeted IT and data set frameworks. However, future cyberattacks may target medical equipment, threatening critical information losses such as patient data and hospital financial information.

For instance, in November 2022, ABC News reported that the Russian hacker was suspected of ties to the REvil ransomware gang and stole the personal data of 9.7 million Medibank clients, including 1.8 million worldwide clients and Australian politicians. The stolen information included patient names, birth dates, medical records, and social security numbers. This vital information leak can be a major potential threat to organizations and countries, which increases the necessity of employing medical device security in the coming years.

Additionally, the utilization of various layers of insurance, including firewalls, verification, security conventions, and interruption discovery/interruption avoidance, has been a long-established driving guideline for big business security. Interestingly, most medical devices need essential firewalls or security conventions and frequently depend on minimal, more than straightforward, secret phrase validation.

There was a presumption that these devices are not appealing to programmers or defenseless against assaults; however, that is not legitimate at this point. Assaults against a wide range of inserted devices, including medical items, are on the ascent, and more prominent safety efforts are presently required, which is expected to propel the medical device security market growth even further.

MEDICAL DEVICE SECURITY MARKET RESTRAINT:

The high implementation costs could hinder the medical device security market growth.

Implementing vigorous security measures in healthcare organizations can be expensive, complex, and time-consuming. It requires significant monetary funds for equipment, software, and specialized faculty. Keeping up security frameworks needs continuous costs for upgrades and incident response. Constrained budgets could lead to prioritizing other costs over security, especially in underdeveloped nations. Moreover, delays in updating outdated medical gadgets and decreased staffing can hinder viable threat administration. Inadequately financing can additionally result in deferred overhauls and decreased cybersecurity staff, making it troublesome to respond to cyber threats.

Medical Device Security Market Geographical Outlook

The North American region is predicted to hold a considerable market share.

Due to digital patient records, healthcare in North America faces significant protection and security concerns. Regulations like the Health Insurance Portability and Accountability Act (HIPAA) guarantee consistent development in cyber security arrangements. North American countries like the US and Canada's economies empower significant investment in R&D, driving the development of the IoT device market within the region, resulting in the rise of requirements for medical device security.

Moreover, in June 2023, MedCrypt, a US-based cybersecurity organization, collaborated with Stratigos Security to provide specialized penetration testing and security evaluations for life-saving medical devices. The association focuses on guaranteeing the security and viability of devices, as the FDA denied accepting medical devices that fall flat to meet cybersecurity necessities from October 1, 2023. Additionally, the partnership's objective is to supply third-party appraisal and counseling services, ensuring that designers plan and maintain devices that align with FDA's pre- and post-market direction. This key development by regional companies will benefit the medical device security market in the coming years.

Medical Device Security Market Key Developments:

• May 2024- Advanced Research Projects Agency for Health (ARPA-H) introduced the Universal Patching and Remediation for Autonomous DEfense (Upgrade) program, a cybersecurity initiative focused on improving and automating cybersecurity in healthcare offices. The program invested over $50 million in creating apparatuses for IT teams to better protect hospital areas, guaranteeing the coherence of patient care.
• August 2023- Medcrypt and NetRise collaborated to revolutionize medical gadget security by providing a Software Bill of Material (SBOM) lifecycle management system. This will empower device producers to proactively detect and address potential security dangers, guaranteeing the security and astuteness of their medical gadgets and subsequently tending to basic cybersecurity challenges in the healthcare sector.

Market Segmentation:

The Medical Device Security Market is segmented and analyzed as below:

By Type

• Network Security
• Endpoint Security
• Application Security
• Cloud Security

By Device Type

• Hospital Medical Devices
• Wearable and External Devices
• Internally Embedded Medical Devices

By Solution

• Identity and Access Management Solutions
• Antivirus or Antimalware Solutions
• Encryption Solutions
• Others

By Services

• Professional
• Managed

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• Italy
• Spain
• Others
• Middle East and Africa
• Israel
• Saudi Arabia
• Others
• Asia Pacific
• China
• Japan
• India
• Australia
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others