A medical device security system refers to the protection of medical devices and their associated systems from unauthorized access, modification, theft, and damage. It helps in implementing measures to safeguard patient data and the functionality of medical devices thereby ensuring the well-being of patients and preventing potential harm or adverse events.
Growing Trend of Connected Medical Devices in the Healthcare Sector
Recent and rapid advancements in medical technology and the availability of innovative medical devices like wearable devices and remote monitoring systems have improved patient outcomes and the efficiency of the healthcare system. With the rise in the number of medical devices connected to networks or the internet, there is a greater risk of cyber-attacks and data breaches. Hence it has become important for healthcare providers and manufacturers to ensure the safety of medical devices and prioritize the security measures for patient data security.
- In April 2023, GE Healthcare introduced ReadySee Asset Management & Network Supervision Solutions which automatically locates devices, self-manages cybersecurity protocols to help identify vulnerabilities, provide risk scoring and help protect sensitive patient health information (PHI) without disrupting the patient care experience.
- In March 2023, Check Point Software Technologies introduced its Infinity Global Services. This new service provides end-to-end cyber resilience by enhancing cybersecurity practices & control and preventing advanced cyber threats.
Rapid Surge in Medical Device Security Market Post Covid-19 Pandemic
The medical device security market is booming rapidly due to the growing usage of connected devices in the healthcare sector. Post-pandemic there has been a significant rise in the adoption of telemedicine and remote monitoring solutions which require secure and reliable cybersecurity solutions to protect patient data. This has created more awareness among healthcare organizations about cybersecurity solutions to mitigate the risk associated with data threats which in turn has driven the demand for the medical device security market. The initiatives taken by the government to implement cybersecurity solutions and the rising investments in the healthcare-IT sector are other factors fueling its growth in the global market.
- In February 2023, Cisco introduced its Cisco Cyber Vision through which IoT and IT operations teams will have full visibility into IT and OT devices to manage threats across the organization and provide a unified security posture across the entire network. The other service unveiled by Cisco is Secure Equipment Access Plus, which makes it easier for IT and OT teams to remotely deploy, manage, and troubleshoot connected equipment.
Key Constraints/ Challenges: Medical Device Security Market
The higher costs associated with implementing security measures for medical devices and the lack of skilled professionals are some of the constraints that are likely to hinder the growth of the medical device security market.
North America is Expected to Continue to Hold a Larger Share in the Medical Device Security Market
Geographically, North America holds a larger market share in the global medical device security market. This can be mainly attributed to the growing demand for connected medical devices, frequent cyber-attacks on medical devices, initiatives taken by the government for cybersecurity, and the presence of key players in this region.
However, the Asia-Pacific region is expected to witness a strong growth in the upcoming years, due to growing adoption of connected medical devices, increased number of cyberattacks, and growing awareness about cybersecurity solutions among healthcare professionals to protect patient health information and avoid data breaches.
Competitive Landscape Analysis: Medical Device Security Market
Some of the leading and established players operating in the global medical device security market are listed below:-
- Cisco Systems Inc.
- GE Healthcare
- Philips Healthcare
- Check Point Software Technologies
- FireEye Inc.
- Palo Alto Networks Inc., among others.
Organic and Inorganic Growth Strategies Adopted by Leading Market Players to Establish Their Foothold in the Medical Device Security Market
All players operating in the global medical device security market are adopting both organic and inorganic growth strategies such as upgrading with new technology, launching new products, collaborations, and acquisitions to garner a higher market share.
- In December 2022, Palo Alto Networks launched Medical IoT Security — the most comprehensive Zero Trust security solution for medical devices. It enables healthcare organizations to deploy and manage new connected technologies quickly and securely.
- In February 2022, Forescout Technologies acquired CyberMDX to expand its healthcare cybersecurity focus. The acquisition fortifies Forescout’s industry-leading IT, IoT and operational technology (OT) device coverage with Internet of Medical Things (IoMT) expertise.
The global medical device security market is expected to gain further momentum in the upcoming years with increasing adoption of connected devices, growing investments in healthcare-IT sector, increasing product developments by key market players and aggressive organic and inorganic growth strategies followed by the key market players.
Key Strategic Questions Addressed in this Research Report:
- What is the market size & forecast for the medical device security market?
- What are the historical, present, and forecasted market shares and growth rates of various segments and sub-segments of the medical device security market?
- How has Covid-19 impacted the medical device security market?
- What are the major growth drivers, restraints/challenges impacting the medical device security market?
- What are the opportunities prevailing in the medical device security market?
- What is the investment landscape of medical device security market?
- Which region has the highest share in the global market? Which region is expected to witness the highest growth rate in the next 5 years?
- Who are the major players operating in the medical device security market? What is the competitive positioning of key players?
- Who are the new players entering the medical device security market?
- What are the key strategies adopted by leading players in medical device security market?
1. Research Methodology
1.1. Secondary Research
1.2. Primary Research
1.3. Market Estimation
1.4. Market Forecasting
2. Executive Summary
3. Market Overview
3.1. Market Dynamics
3.2. Industry Speaks
4. Global Medical Device Security Market - Size & Forecast (2019-2027), By Component
5. Global Medical Device Security Market - Size & Forecast (2019-2027), By Type
5.1. Application Security
5.2. Endpoint Security
5.3. Network Security
5.4. Cloud Security
5.5. Other Security Types
6. Global Medical Device Security Market - Size & Forecast (2019-2027), By End User
6.1. Healthcare Institutions
6.2. Medical Device Manufacturers
6.3. Other End Users
7. Global Medical Device Security Market - Size & Forecast (2019-2027), By Region
7.1. North America (U.S. & Canada)
7.2. Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
7.3. Asia Pacific (China, India, Japan, Rest of Asia Pacific)
7.4. Rest of the World (Latin America, Middle East & Africa)
8. Competitive Landscape
8.1. Key Players and their Competitive Positioning
8.1.1. Competitive Positioning of Key Players (2022)
8.1.2. Offerings Assessment, By Players
8.2. Key Strategies Assessment, By Player (2021-2023)
8.2.1. New Product & Service Launches
8.2.2. Partnerships, Agreements, & Collaborations
8.2.3. Mergers & Acquisitions
8.2.4. Geographic Expansion
9. Key Companies Scanned (Indicative List)
9.1. Cisco Systems Inc.
9.3. GE Healthcare
9.4. Philips Healthcare
9.5. Check Point Software Technologies
9.6. Palo Alto Networks Inc.
9.7. FireEye Inc.
9.10. Other Key Players
The study has been compiled based on extensive primary and secondary research.
Secondary Research (Indicative List)
To validate research findings (market size & forecasts, market segmentation, market dynamics, competitive landscape, key industry trends, etc.), extensive primary interviews were conducted with both supply and demand side stakeholders.
Supply Side Stakeholders:
- Senior Management Level: CEOs, Presidents, Vice-Presidents, Directors, Chief Technology Officers, Chief Commercial Officers
- Mid-Management Level: Product Managers, Sales Managers, Brand Managers, R&D Managers, Business Development Managers, Consultants
Demand Side Stakeholders:
- Stakeholders in Healthcare Institutions, Medical Device Manufacturers and other End-Users.
Breakdown of Primary Interviews
Market Size Estimation
Both ‘Top-Down and Bottom-Up Approaches’ were used to derive market size estimates and forecasts.
Research findings derived through secondary sources & internal analysis were validated with Primary Interviews, Internal Knowledge Repository, and Company Sales Data.