The medical device security market is expected to register a CAGR of approximately 8.3% during the forecast period (2020-2025). There has been an increase in cyber-attacks on the healthcare facilities systems and their medical devices, and there have been instances of theft of personal data that are critical to hospitals and patient privacy. This has led to the implementation of strict government guidelines by the FDA and the National Institute for Standards and Technology (NIST).

  • Endpoints of several medical devices (MRI scanners, surgery robots, X-ray machines, and dental devices) are internet-enabled with IP networks. These endpoints are prone to security threats by hackers. Thus, endpoint security has become increasingly important for data protection, as well as for the protection of systems from unauthorized manipulation and prevention of the use of malicious software.
  • There has been a growing trend of adoption of connected and wearable medical devices. Medical devices with configurable embedded computer systems are more vulnerable to cybersecurity threats. With a rise in the use of medical devices across healthcare organizations, device manufacturers and hospitals have become more vigilant in improving their network security.
  • Also, medical devices in the hospital rooms in intensive care units are integrated into a cloud-based infrastructure for online sharing of encrypted healthcare data. This gives rise to the need for providing security for medical devices, which is further contributing to the growth of the medical device security market.
  • Owing to the widespread transmission of the COVID-19 pandemic, there has been an overwhelming number of patients seeking medical care, leading to an increased usage of medical devices. This may lead to an increase in vulnerability to the critical infrastructure of the healthcare industry and medical devices. Hence, the adoption of medical device security solutions is expected to grow during this crisis.

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 and innovations, along with the improvement in care availability and the lifestyle of patients. Currently, these wearable medical devices are gaining immense popularity due to improved technologies and their compatibility with regularly used devices, such as smartphones.
  • Increased usage of medical devices connected to mobile networks or through IoT in the healthcare sector can significantly increase the risk of security issues, which is forcing more and more medical technology companies to implement security solutions for external and wearable medical devices.
  • As the healthcare data carry critical records, as well as the financial information, the threats to expose these digitally stored data are on the rise. Hence, the healthcare providers, with the advent of IoT and its increasing adoption, must secure the connected medical devices more than ever before. 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 targets for breach attempts. Therefore, the adoption of IoT security in the industry is expected to grow significantly during the forecast period.

North America is Expected to Dominate the Market

  • The United States and Canada are the developed countries with prosperous economies, the aging population, and advanced medical delivery systems. However, they vary measurably in population size, healthcare spending intensities, aggregate GDP levels, and the structure of health insurance plans.
  • With advanced primary medical community, extensive medical and life science research activities, high healthcare spending intensity, and large pharmaceutical and medical supply and device industries, the United States accounts for one of the world’s largest markets for healthcare services.
  • However, as the Internet of Things (IoT) is becoming ubiquitous, there are increasing concerns regarding the security of connected medical devices and other tools. Hospitals, like Nebraska Medicine and Interfaith Medical Center, are implementing “Zero Trust” Security Models to secure wireless infrastructure. Hence, the adoption of medical device security is expected to dominate in the region.

Competitive Landscape

The medical device security market is moderately fragmented, highly competitive, and dynamic. The dynamic nature of the market is primarily due to the ability of information technology and software companies to enter freely in the market. 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 the adoption of their offerings and, hence, enhance their market presence.

  • February 2020 - GE Healthcare introduced a new cybersecurity service offering that brings together medical device expertise, artificial intelligence (AI), and process management tools to help hospital groups in their fight against cybersecurity threats.
  • May 2019 - Medigate, a dedicated medical device security and asset management platform, expanded its services to clinical IoT and general IoT devices. The company enabled accurate and comprehensive device discovery, contextual and behavioral anomaly detection, and clinical policy enforcement for Health Delivery Organizations’ (HDO) entire clinical networks.

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