Medical Device Security Market

This growth of global medical device security market will be driven by the need of manufacturers to protect their devices from cyberattacks and the increasing number of interconnected devices. Medical device security is a critical issue that needs to be addressed head-on. By implementing strong security measures, manufacturers are trying to ensure that patients' data is safe and that their devices are not vulnerable to attack.

Medical devices are becoming increasingly interconnected, and as a result, they are becoming more susceptible to cyberattacks. In fact, a study by the Federal Trade Commission (FTC) found that nearly one-third of all medical devices contain cybersecurity vulnerabilities. These vulnerabilities can be exploited by hackers to gain access to sensitive patient data or even to remotely control the device. For example, in 2017, an attacker was able to exploit a vulnerability in a popular hospital infusion pump to change the dosage of medication that was being delivered to patients.

Rising Concerns About Security of Medical Devices to Boost Growth of Medical Device Security Market

The Department of Homeland Security's Industrial Control Systems Cyber Emergency Response Team has warned about security flaws in various types of medical equipment manufactured by GE Healthcare, Philips Electronics North America Corp., Roche Diagnostics Corporation, and Smiths Medical ASD. Even more troubling is the recent discovery that hackers can break into anaesthesia workstations and control the machines.

There are also concerns that hackers could use medical devices to launch attacks against other networks. A hacker who took control of a pacemaker, for example, could potentially cause a heart attack by sending a command to the device to speed up or slow down the patient's heartbeat. Medical device security is a serious issue that we need to address and medical device regulatory authorities such as FDA needs to mandate strong security features in all medical devices, and manufacturers need to spend the money necessary to make sure their devices are secure.  This would likely increase the cost of medical care but at least it would make the use of medical devices secure to a great extent.

Stringent FDA Guidelines to Give Impetus to the Growth of the Medical device Security Market

Growing threat of cyberattacks has led the FDA to issue new guidance on medical device security. The guidance recommends that manufacturers take steps to protect their devices from cyberattacks such as implementing strong passwords and encryption techniques. It also suggests that manufacturers develop strategies for responding to and recovering from cyberattacks.

Currently, the FDA requires device manufacturers to follow cybersecurity "post-market surveillance" guidelines as part of their product approval process. These guidelines were updated in 2016 to require manufacturers to update devices with security patches and address previously identified vulnerabilities. Now, the FDA is working on another draft guidance entitled "Postmarket Management of Cybersecurity in Medical Devices." This new guidance will focus specifically on managing risks related to unpatched or poorly patched devices throughout their lifetime. The agency plans to release a final document by 2021 and has already hosted workshops and meetings where stakeholders can provide feedback.

Current and Future Prospective of Medical Device Security Market

In 2018, there have been over 18,000 attacks reported on personal healthcare devices such as insulin pumps and pacemakers from hackers across the globe. Wherein, they often go unreported due to medical privacy laws. However, based on known vulnerabilities of specific devices. These attacks come from a diverse range of people including cyber criminals who control the device for ransom or criminal intent, pranksters, and even hacktivists.

The global medical device security market is witnessing vulnerability coming from manufacturers not designing their products with security in mind from conception to production This lack of consideration leads to many zero-day exploits being available on the black market which allows attackers more choices when attacking a system. The price on these exploits’ ranges depending on how powerful it is usually around $100-200k however they do go as low as $5k meaning that almost anyone can afford them if they have bad intentions. When considered the potential implications of an attack such as death, permanent damage to health it becomes clear that this lack of consideration is unacceptable in many industry sectors, but especially the medical device sector.

The value of private health data has become so great that its very existence poses a threat to people's lives and livelihoods. And the need for greater security measures to be put in place is now more important than ever before. Blockchain technology could also play a role here by providing granular access control over each transaction being made which would allow patients to choose who can see their data while at the same time allowing doctors or other professionals involved in their care to have access when needed.

This is why growth of the medical device security market is on the rise, and is only going to continue to grow in the years to come. As manufacturers become more aware of the importance of security, market will see greater investment in this area, and better protection against attacks on healthcare devices.

U.S. to Dominate Global Medical Device Security Market

The North America medical device security market is growing rapidly. This growth is being propelled by the increasing demand for connected devices that can provide real-time data to healthcare providers. The North American has the largest market in the world and is expected to grow at a significant CAGR during the forecast period. The U.S. is expected to dominate the regional market by holding over 70% share. One reason behind this increase may be due to a directive from the Department of Health and Human Services (HHS) instructing healthcare providers to encrypt wireless communications for medical devices that are Internet-connected or have an embedded or downloadable software application. Wherein, medical device manufacturers are not only struggling with FDA recalls, but also need support navigating security vulnerability management. To stay ahead of cybercriminals, device manufacturers in the region are constantly focusing on remaining vigilant in monitoring for vulnerabilities and quickly patching them as they arise. We are seeing a shift toward proactive security, especially now with the increased awareness of threats posed to medical devices.

Vendor Landscape in Global Medical Device Security Market

Check Point Software Technologies Ltd., Sophos LTD., Palo Alto Networks, MCAFEE, LLC, General Electric Company, International Business Machines Corporation, Cloudpassage, DXC Technology Company, Cisco Systems, Inc., and Cleardata are of the key players in the market.

The major players in the market are focusing on product development and software upgrades to enhance the features of secure medical devices. For instance, BT Radianz partnered with security company AlertEnterprise to develop a technology that allows healthcare device providers to integrate advanced cyber security solutions into their products.

Partnerships between device manufacturers and security solution providers are also increasing awareness about cyber threats among end users. For instance, after it was targeted by malware attacks last year, the Danish healthcare device manufacturer Maersk introduced an anti-virus program to its automated teller machines (ATMs) located across Europe. Many medical device companies have also started providing anti-virus software for free to their customers.

Medical device security is a critical issue that needs to be addressed by both the industry and the healthcare providers. To capitalize on this growth potential, players in the medical device security market need to focus on developing innovative products and enhancing the features of their existing products.

Key Elements Included In The Study: Global Medical Device Security Market

• Medical Device Security Market by Product/Technology/Grade, Application/End-user, and Region
• Executive Summary (Opportunity Analysis and Key Trends)
• Historical Market Size and Estimates, Value, 2018 - 2021
• Market Value at Regional and Country Level, 2022 - 2029
• Market Dynamics and Economic Overview
• Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
• Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
• Regional and Product/Grade/Application/End-user Price Trends Analysis
• Value Chain and Five Force’s Analysis
• Regional/Sub-region/Country Market Size and Trend Analysis
• Company Market Share Analysis and Key Player Profiles

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