Medical Device Security Market - Growth, Trends, and Forecasts (2022 - 2027)

The Medical Device Security Market is expected to grow at a CAGR of 9% over the forecast period.

Key Highlights

• One of the major factors driving market expansion is the increase in cyber-attacks and threats in the healthcare business. Medical device security is frequently used to protect data and systems from unauthorized alteration and harmful software to safeguard important patient records in hospitals. Furthermore, the increased usage of digital solutions for automated data collecting and storage for improving patient care and minimizing errors is driving market growth.
• Furthermore, technological advances such as integrating healthcare systems with artificial intelligence (AI) and Internet of Things (IoT) solutions are driving market expansion. With security monitoring and real-time dynamic threat intelligence, these technologies help to secure systems, networks, and data by detecting and neutralizing cyber threats and malicious actions. Other factors expected to fuel market expansion include the implementation of several government initiatives promoting the deployment of digital security solutions in the healthcare industry, as well as the growing adoption of cloud-based medical device security solutions.
• The advances in healthcare technology have driven wearable devices' growth, with multiple biosensors monitoring diverse parameters. These advances enable the collecting, transferring, and storing of real-time data in the cloud, helping healthcare professionals (HCPs) predict and adjust precise and accurate drug dosage levels. The healthcare sector has been adopting new technologies, such as wearables, home/remote monitoring equipment embedded with IoT, IoT -enabled hygiene monitoring devices, etc., to offer life-critical services and treatments. The healthcare industry is witnessing a shift in information security's operational process due to digital transformation. Per the 2019 Mid-Year Data Breach Barometer Report, 31,611,235 healthcare records were exposed between Jan 2019 and Jun 2019, double the number of data breaches compared to 2018.
• As the global healthcare sector is battling the ongoing COVID-19 pandemic, the number of cyberattacks targeting it has increased. In March 2020, the Czech Republic hospital responsible for running most of the country's COVID-19 testing, the Brno University Hospital, was held to ransom and forced to shut down its IT Network. Moreover, data from the artificial intelligence endpoint security platform SentinelOne showed that from February 23 to March 16, with the onset of the Coronavirus outbreak, there was an upward trend of attempted attacks with peaks at 145 threats per 1,000 endpoints, compared to 30 or 37 at the start of that period. These instances are expected to drive the demand for medical device security solutions in the healthcare industry, primarily created with the outbreak of COVID-19, positively affecting the market.
• However, a lack of awareness about medical surveillance equipment in underdeveloped countries and a lack of financing for healthcare security are expected to hamper the growth of the medical device security market. And a lack of healthcare funding is projected to impede global medical device security market expansion.

Key Market Trends

Demand for IoT Security Solutions is Expected to Increase Due to the Increase in Demand for Connected Devices

• The healthcare sector continues to adopt new technologies, such as wearables, home/remote monitoring equipment embedded with IoT, and IoT-enabled hygiene monitoring devices to offer life-critical services and treatments. Critical healthcare services have evolved to remain online to capture patient data to provide better health services. The increasing adoption of wearable medical devices is driven by technological advancements, improved care availability, and patients' lifestyles. These wearable medical devices are gaining immense popularity due to improved technologies and their compatibility with regularly used devices, such as smartphones.
• With cyberattacks rising exponentially each year, the security of connected medical devices has never been more critical. And as more medical devices are 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. In July 2020, Healthcare technology company TRIMEDX announced a strategic partnership with Medigate to meet the unique demands of clinical asset management (CAM), medical device safety, and healthcare systems security.
• TRIMEDX and Medigate deliver an integrated solution that merges the TRIMEDX CAM Advanced and CYBER Advanced solutions with Medigate's real-time visibility, utilization data, and threat/vulnerability detection. The Medigate platform discovers and precisely identifies every connected device on a clinical network, automatically doing so, in real-time, through proprietary algorithms specifically built to identify devices and communication protocols.
• Increased usage of medical devices connected to mobile networks or IoT in the healthcare sector can significantly increase the risk of security issues, forcing more and more medical technology companies to implement security solutions for external and wearable medical devices.
• As healthcare data carry critical records and financial information, the threat of exposing these digitally stored data is on the rise. Hence, with the advent of IoT and its increasing adoption, healthcare providers must secure connected medical devices more than ever. According to Wipro's State of Cybersecurity Report 2019, 485 significant data breaches were reported in 2018 in the healthcare industry, making it one of the most popular breach attempts. Therefore, the industry's adoption of IoT security is expected to grow significantly during the forecast period.

North America is Expected to Dominate the Market

• 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.
• To combat the continual threats to the healthcare sector, the Department of Homeland Security (DHS) and the American Hospital Association (AHA) held a webinar on current cybersecurity threats to the healthcare sector. It encouraged healthcare workers to learn about the latest medical security methods, thereby driving market growth.
• Besides the United States, Canada works vigorously to improve medical device security. In July 2021, Relay Medical Corp announced an agreement with StarFish Product Engineering Inc., Canada's top medical device design consultancy, to supply the Cybeats integrated cybersecurity platform. The relay will offer StarFish Medical with the Cybeats cybersecurity platform for high-value connected medical devices under the conditions of the agreement.
• Some vulnerabilities inadvertently enter the devices, software, and servers or patches are another driving factors for the cyber security market. In the case of GE Aestiva and Aespire Anesthesia devices, which are used in U.S. hospitals, an improper authentication vulnerability was identified, which could allow a remote attacker to modify the parameters of a vulnerable device and silence the alarm system.
• Companies are developing novel products to secure patient data. For example, Cisco launched the most recent version of the "Cisco Umbrella," which the University of Kansas Hospital uses to secure medical devices and financial data from ransomware.
• The development of IoT medical devices necessitates threat prevention strategies. Cadula, a medical IoT security firm based in California, and Prima Healthcare have collaborated to implement cybersecurity solutions for biomedical devices throughout hospitals in the United States.

Competitive Landscape

The Medical Device Security Market is fragmented, highly competitive, and dynamic. The dynamic nature of the market is primarily due to information technology and software companies' ability to enter freely. Key players in the market include Check Point Software Technologies, Cisco Systems, FireEye, IBM, Imperva, Mcafee, Palo Alto Networks, and Symantec Corporation. These players are making innovative product developments and forming strategic partnerships and collaborations to further boost their offerings' adoption and, hence, enhance their market presence.

• September 2021 - Ordr, an IT security firm for connected devices, launched a guide to help National Health Service (NHS) providers meet NHS Digital's new Data Security and Protection Toolkit (DSPT) criteria.
• July 2021 - Relay Medical Corp. announced an engagement to provide the Cybeats integrated cybersecurity platform to StarFish Product Engineering Inc., the largest medical device design consultancy in Canada. Under the engagement, Relay will provide the Cybeats cybersecurity platform to StarFish Medical for high-valued connected medical devices.

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