Market Overview
The Global Medical Device Cybersecurity Solutions Market is expected to grow at a CAGR of 8.5% during the forecast period (2022-2029).
Medical devices vulnerable to security threats are safeguarded by applying industry-standard guidelines. Medical device manufacturers reduce device security risks by utilising software solutions and services, encrypting data for secure data transfer, and avoiding data loss.
Market Dynamics
The advances in healthcare technology and the increase in cyberattacks and threats in the healthcare sector are expected to drive market growth.
The increase in cyber-attacks and threats in the healthcare sector is expected to drive market growth in the forecast period
A slew of cybersecurity issues besets the healthcare industry. These issues range from malware that jeopardises system integrity, and patient privacy to distributed denial of service (DDoS) attacks that impair facilities’ ability to provide patient care. While similar attacks occur in other critical infrastructure sectors, the nature of the healthcare industry’s mission presents unique challenges. Cyber-attacks in healthcare can have far-reaching consequences beyond financial loss and data breaches. For hospitals, ransomware is a particularly heinous form of malware because patient data loss can endanger lives.
For instance, according to a Forbes report, the number of reported hacking incidents in healthcare increased for the fifth consecutive year in 2020, increasing 42 per cent. Hacking incidents accounted for more than half of all patient data breaches last year, 62 per cent an increase from 2019.
Hence, with the increasing incidence of cyberattacks and threats in the healthcare industry, the market is expected to grow in the forecast period.
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Market Segmentation
By Solution
- Data Loss Prevention Solutions
- Antivirus/Antimalware Solutions
- Identity and Access Management Solutions
- Intrusion Detection Systems/Intrusion Prevention Systems
By Device Type
- Wearable and External Medical Devices
- Internally Embedded Medical Devices
- Hospital Medical Devices
Competitive Landscape
The global medical device cybersecurity solutions market is highly competitive with the increasing development of innovative products and forming strategic partnerships and collaborations. Some of the key players in the market are GE Healthcare, Check Point Software Technologies, FireEye Inc, McAfee, LLC, Cisco Systems Inc, Palo Alto Networks, Inc., Intertek Group plc, SGS, Promenade Software, Inc. and Trend Micro.
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