Acumen Research and consulting recently publicize a market study titled “Medical Device Security Market Forecast till 2027″ which is a trending topic in the medical and pharmaceutical industry and providing a flawless and narrow study about COVID-19 bleak and lush impact on the industry.
The Global Medical Device Security Market is estimated to grow at a CAGR of around 8.1% from 2020 to 2027 and reach a market value of over US$ 7,947.9 Mn by 2027.
The global medical device security market is projected to experience significant growth over the forecast period from 2020 to 2027. Majorly, the increasing usage and demand of medical devices across the healthcare sector, is bolstering the need for the security of these devices in the global market. The increasing demand for services associated with medical device security across the globe is additionally propelling the market value.
The global medical device security market is segmented on the basis of components, security type, device type, end-user, and geography. Based on components, the market is bifurcated across solutions and services.
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On the basis of security type, market segments include application security, endpoint security, network security, cloud security, and other security types. By device type, the market is divided across hospital medical devices, internally embedded medical devices, and wearable and external medical devices. Additionally, the end-users in the medical device security market include healthcare providers, medical device manufacturers, and healthcare payers.
In 2019, North America dominated the medical device security market and the region is also projected to lead the market with maximum revenue share (%) throughout the forecast period. The presence of major players in the region is primarily supporting the regional market value. The increasing number of chronic disease patients in the US is supporting the demand for management devices. For instance, chronic disease management accounts for about one-third of all US healthcare spending. Remote monitoring devices are at high risk of cyber attacks because these devices enable attackers to track the activity and health information of individuals over time. Moreover, this is also expected that the stolen information of the US employees can be used for espionage purposes.
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Asia Pacific is anticipated to experience the fastest growth with a major CAGR (%) over the forecast period from 2020 to 2027, especially due to its emerging economies and developing healthcare sector. The developing medical device and technology sector of the region is primarily bolstering the regional market value. Moreover, the increasing focus of major global players in the region particularly due to increasing opportunities is contributing to the regional market growth.
Some of the leading competitors are Battelle Memorial Institute, Broadcom Inc., Cisco Systems, Drägerwerk AG & Co. KGaA, Extreme Networks, GE Healthcare, IBM, Koninklijke Philips N.V, Microsoft, Philips, and UL, LLC. The major players are continuously involved in the research and development activities in order to expand their share and position in the domestic as well as international market.
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Some of the key observations regarding the medical device security industry include:
- Mayo Clinic has introduced some set of security requirements for its medical device suppliers. According to the new set of requirements, before signing the purchasing contracts each device gets tested to meet the standards before making a purchase decision.
- Vail Health, a nonprofit community health system located in Eagle and Summit counties in Colorado was facing cybersecurity problems associated with the inconsistent medical-device security software and firmware patching. The organization has implemented monitoring tools in March 2021 which are able to capture a lot of information relating to the devices that are connected, and these tools also provide security alerts to the staff.
- A survey conducted with 40 senior executives at U.S. Fortune 1000 companies found that only 18% of respondents believed the security capabilities embedded within medical devices were strong, and 80% have of respondents have described medical device security as adequate.
- The U.S. Food and Drug Administration (FDA) has updated draft guidance on best practices in 2021 for medical device manufacturers. The guidelines were last released in October 2018 by the FDA.
- According to the Center for Devices and Radiological Health of FDA, the increasing use of the internet & network-connected devices, wireless & portable media, and the frequent electronic exchange of health information from medical devices, has increased the need for effective cybersecurity to ensure medical device functionality and safety.
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