2024 Market Trends: Cybersecurity Solutions for Medical Devices

"The Business Research Company recently released a comprehensive report on the Global Medical Device Cybersecurity Solutions 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.

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According to The Business Research Company's, The medical device cybersecurity solutions market size has grown exponentially in recent years. It will grow from $10.62 billion in 2023 to $13.29 billion in 2024 at a compound annual growth rate (CAGR) of 25.2%. The growth in the historic period can be attributed to rise in telemedicine and remote patient monitoring, stricter regulatory requirements and data protection laws, increased usage of internet of medical things (IoMT) devices and rise in integration of medical devices with electronic health records (EHRs).

The medical device cybersecurity solutions market size is expected to see exponential growth in the next few years. It will grow to $32.94 billion in 2028 at a compound annual growth rate (CAGR) of 25.5%. The growth in the forecast period can be attributed to advances in artificial intelligence and machine learning, increasing complexity and frequency of cyberattacks, and increased investment in cybersecurity. Major trends in the forecast period include incorporation of blockchain technology, increased usage of AI based detection systems, and increased partnerships between medical device manufacturers and cybersecurity companies.

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Market Drivers and Trends:

The rising cybersecurity threats are expected to propel the growth of the medical device cybersecurity solutions market going forward. Cybersecurity threat refers to any malicious activity causing harm to data, unauthorized data access, or disruption of digital systems and operations. The rising cybersecurity threats are attributed to the growing complexity of cyberattacks, the proliferation of connected devices, the increasing value of healthcare data on the black market, and the evolving tactics of cybercriminals. Medical device cybersecurity solutions reduce cybersecurity threats by implementing access control, encryption, patch management, intrusion detection and prevention, endpoint security, secure configuration, and continuous monitoring measures. For instance, according to a report by the Identity Theft Resource Center, a US-based non-profit organization, the number of data compromises in 2023 was 3,205, an increase of 72% from 2021. Therefore, the rising cybersecurity threats are driving the growth of the medical device cybersecurity solutions market.

Major companies operating in the medical device cybersecurity solutions market are focused on developing advanced solutions such as AI-based security solutions to enhance the protection of medical devices from cyber threats. AI-based security solutions for medical devices involve the application of artificial intelligence and machine learning technologies to improve the cybersecurity of medical devices. These solutions leverage AI's ability to detect patterns, predict potential threats, and respond to security incidents in real time. For instance, in December 2022, Palo Alto Networks, a US-based cybersecurity company, launched Medical IoT Security. Medical IoT Security offers automated device discovery, risk assessment, and zero trust policy recommendation and enforcement. It uses machine learning to quickly identify and profile 90% of devices within 48 hours of connection. It also seamlessly integrates with Palo Alto Networks' cloud services, such as advanced threat prevention and URL Filtering for the best threat protection.

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Major Key Players of the Market:

International Business Machines Corporation, Cisco Systems Inc., NTT DATA Corporation, Koninklijke Philips N.V., GE HealthCare, DXC Technology Company, Battelle Memorial Institute, Palo Alto Networks, Synopsys Inc., Fortinet Inc., Trend Micro Incorporated, Zscaler Inc., Ivanti, Sophos Ltd., Rapid7, Netskope, Imperva, FORESCOUT, Claroty, MCRA, ClearDATA, Fortified Health Security Inc., Meditology Services LLC, MedSec LLC, GreyCastle Security, Qualysec.com

Medical Device Cybersecurity Solutions Market 2024 Key Insights:

• The medical device cybersecurity solutions market size is expected to see exponential growth in the next few years. It will grow to $32.94 billion in 2028 at a compound annual growth rate (CAGR) of 25.5%.
• The Role Of Medical Device Cybersecurity Solutions In Mitigating Rising Cybersecurity Threats
• Advancements in AI-Based Medical Device Cybersecurity Solutions
• North America was the largest region in the medical device cybersecurity solutions market in 2023

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This release was published on openPR.