Medical Device Security Market Report 2024: Threat Landscape, Solutions, and Market Growth

"The Business Research Company recently released a comprehensive report on the Global Medical Device Security Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The medical device security market size has grown strongly in recent years. It will grow from $6.28 billion in 2023 to $6.81 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to rising cybersecurity threats, proliferation of connected device, high-profile security breaches, shift towards value-based car, and increasing interconnectivity.

The medical device security market size is expected to see strong growth in the next few years. It will grow to $9.54 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to focus on supply chain security, shift towards remote healthcare, growing healthcare investments, rising number of connected medical devices, and increasing adoption of iot in healthcare. Major trends in the forecast period include technological advancements, embedded security solutions, collaboration among healthcare organizations and cybersecurity vendors, and integration of AI and machine learning.

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Market Drivers and Trends:

The rising healthcare cyberattacks are expected to propel the growth of the medical device security market going forward. Healthcare cyberattacks refer to malicious activities targeting healthcare organizations, systems, networks, and devices intending to disrupt services, steal sensitive data, or cause harm. The rising healthcare cyberattacks are due to investment in cybersecurity infrastructure, staff training, regular risk assessments, and collaboration within the industry to share threat intelligence and best practices. Medical device security helps prevent cyber-attacks on healthcare by protecting devices, data, and networks, ensuring compliance, and raising cybersecurity awareness among professionals. For instance, in October 2023, according to the U.S. Department of Health and Human Services, a US-based government department, an average of nearly two healthcare data breaches involving 500 or more records occurred each day, resulting in an average daily breach of over 364,000 healthcare records. The rising cyberattacks on healthcare are driving the growth of medical device security.

Major companies operating in the medical device security market are focusing on developing innovative solutions, such as comprehensive zero-trust security solutions, to transform the landscape of medical device security. Zero-trust security solutions involve verifying the identity of every user and device attempting to access the network, regardless of location or previous trust levels, to minimize the risk of security breaches. For instance, in December 2022, Palo Alto Networks, Inc., a US-based cybersecurity company, introduced Medical IoT Security, a comprehensive zero-trust security solution designed to protect connected medical devices critical to patient care. This solution addresses the security challenges posed by the increasing use of digital devices in healthcare, such as diagnostic and monitoring systems, ambulance equipment, and surgical robots. The solution utilizes machine learning to enable healthcare organizations to create device rules with automated security responses, automate Zero Trust policy recommendations and enforcement, and understand device vulnerabilities and risk posture.

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Major Key Players of the Market:

General Electric Company, International Business Machines Corporation, Cisco Systems Inc., Koninklijke Philips N.V., DXC Technology Company, Palo Alto Networks, Synopsys Inc., Fortinet Inc., Check Point Software Technologies Ltd., McAfee LLC, Trend Micro Inc., Zscaler Inc., FireEye, Sophos Ltd., Irdeto B.V., Imperva Inc., Armis Inc., Protegrity USA Inc., Silex Technology America Inc., ClearData, Cynerio Ltd., Zingbox Inc., CloudPassage Inc., Cylera Inc., Bayshore Networks Inc.

Medical Device Security Market 2024 Key Insights:

• The medical device security market size is expected to see strong growth in the next few years. It will grow to $9.54 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%.
• Impact Of Rising Cyber-Attacks On Healthcare On Medical Device Security
• Innovative Zero-Trust Solutions Transforming Medical Device Security Landscape
• North America was the largest region in the medical device security market in 2023

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