The global Cyber Security in Medical Devices market is projected to reach USD 15.6 billion by 2031, growing at a CAGR of 15.2% during the forecast period. North America dominates the market with a 40% share in 2023.
The growth is driven by the increasing adoption of connected medical devices, rising incidence of cyber attacks, and stringent regulations mandating cybersecurity measures in healthcare.
Market Trend: Integration of AI and Blockchain in Medical Device Security
The integration of artificial intelligence (AI) and blockchain technology is becoming a major trend in the medical device cybersecurity sector. AI-powered solutions provide for real-time threat detection, predictive analytics, and automated incident response.
Blockchain technology provides irreversible and decentralised data storage, protecting the integrity and security of critical healthcare information.
Market Driver: Growing Adoption of Connected Medical Devices
The rising use of linked medical devices, including as wearables, implantables, and remote monitoring systems, is a key market driver. These gadgets improve patient care and provide real-time data collecting while potentially increasing the attack surface for cyber attacks.
The necessity to safeguard these devices and protect patient data is fuelling the demand for strong cybersecurity solutions.
Market Restraint: Lack of Skilled Cybersecurity Professionals in Healthcare
The shortage of experienced cybersecurity specialists with healthcare experience is a key impediment to market expansion. Medical device cybersecurity necessitates a unique set of skills in both cybersecurity and medical technology.
Healthcare organisations face challenges in implementing and maintaining adequate security measures due to a lack of competent personnel.
Solutions Segment to Dominate the Market
The solutions sector, which includes software and hardware tools for protecting medical devices, is predicted to have the most market share over the projection period. The increase is linked to the growing use of comprehensive cybersecurity platforms that include device detection, risk assessment, access control, and threat monitoring. Healthcare providers and device manufacturers are investing in these solutions to protect their gadgets and ensure compliance with laws.
Palo Alto Networks released a new IoT security platform for medical devices in May 2024, which includes AI-based anomaly detection and zero-trust access management. The platform has already garnered popularity with top healthcare providers.
According to a recent Deloitte poll, 85% of healthcare organisations want to expand their investment in medical device cybersecurity solutions over the next three years to address the evolving threat landscape.
North America: Leading the Market
North America dominates the Cyber Security in Medical Devices market, owing to increased adoption of linked medical devices, tough regulations such as HIPAA, and the presence of significant cybersecurity providers. The United States has the highest share, with healthcare providers increasingly prioritising device security to preserve patient data and avoid cyberattacks.
In March 2024, the United States Food and Drug Administration (FDA) issued new rules requiring medical device manufacturers to conduct regular vulnerability assessments and timely updates. This is projected to accelerate regional market growth.
The North American Cyber Security in Medical Devices market was valued at $XX billion in 2023 and is expected to reach $YY billion by 2031, increasing at a CAGR of 13.5% over the forecast period.
The Cyber Security in Medical Devices market is fiercely competitive, with major competitors including Cisco Systems, IBM Corporation, GE Healthcare, Symantec Corporation, and Philips Healthcare. These firms provide complete cybersecurity solutions for medical devices and make significant investments in R&D to create emerging technologies such as AI and blockchain.
Strategic relationships and collaborations are critical to succeed in this sector. In April 2024, Cisco Systems collaborated with Medtronic to provide a secure, end-to-end solution for controlling and monitoring connected medical devices.
Mergers and acquisitions are also changing the competitive landscape. In January 2024, IBM purchased a prominent medical device security firm to bolster its position in the healthcare cybersecurity space.
The market is seeing the entry of new firms, particularly cybersecurity experts extending into healthcare. To preserve a competitive advantage, established vendors prioritise product innovation, vertical-specific solutions, and customer service.
The Cyber Security in Medical Devices market is expected to rise significantly, owing to increased connection of medical devices, the rising threat of cyber assaults, and the changing regulatory environment. The introduction of technologies such as artificial intelligence, blockchain, and zero-trust security will shape the future of medical device cybersecurity.
However, the scarcity of experienced people and the complexities of integrating security solutions with outdated medical devices remain significant obstacles. Vendors that can provide streamlined end-to-end solutions as well as managed security services will be well positioned to meet these issues.
As the business matures, there will be a greater emphasis on proactive threat hunting, real-time incident response, and cross-industry threat intelligence sharing. The convergence of IT and OT security in healthcare will increase the demand for unified cybersecurity platforms.
To encourage innovation and develop industry standards, vendors should prioritise strong collaborations with healthcare providers, device makers, and regulatory agencies. Customers will prioritise vendors that can provide the greatest levels of security and privacy.
Cisco Systems, Inc.
IBM Corporation
GE Healthcare
Symantec Corporation
Philips Healthcare
Palo Alto Networks, Inc.
Fortinet, Inc.
Check Point Software Technologies Ltd.
McAfee, LLC
FireEye, Inc.
Trend Micro Incorporated
CyberArk Software Ltd.
Palo Alto Networks released a new IoT security platform for medical devices in May 2024, which uses AI to detect threats.
March 2024: The FDA issued updated recommendations for medical device cybersecurity, including regular vulnerability evaluations and patching.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking -- Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. Company Profiles (Key Companies list by Country) (Premium)*
5. COMPANY PROFILES
5.1. Cisco Systems, Inc.
5.2. IBM Corporation
5.3. GE Healthcare
5.4. Symantec Corporation
5.5. Philips Healthcare
5.6. Palo Alto Networks, Inc.
5.7. Fortinet, Inc.
5.8. Check Point Software Technologies Ltd.
5.9. McAfee, LLC
5.10. FireEye, Inc.
5.11. Trend Micro Incorporated
5.12. CyberArk Software Ltd. (*LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Integration of AI and Blockchain in Medical Device Security
6.1.2. Trend 2
6.1.3. Trend 3
6.2. Market Drivers
6.2.1. Growing Adoption of Connected Medical Devices
6.2.2. Driver 2
6.2.3. Driver 3
6.3. Market Restraints
6.3.1. Lack of Skilled Cybersecurity Professionals in Healthcare
6.3.2. Restraint 2
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY COMPONENT (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
7.1. Solutions
7.2. Services
8. BY TYPE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
8.1. Application Security
8.2. Endpoint Security
8.3. Network Security
8.4. Cloud Security
8.5. Others
9. BY DEVICE TYPE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
9.1. Wearable Devices
9.2. Implantable Devices
9.3. Stationary Devices
10. BY END USER (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
10.1. Healthcare Providers
10.2. Medical Device Manufacturers
10.3. Others
11. REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)*
11.1. North America
11.1.1. United States
11.1.2. Canada
11.1.3. Mexico
11.2. South America
11.2.1. Brazil
11.2.2. Argentina
11.2.3. Rest of South America
11.3. Europe
11.3.1. Germany
11.3.2. United Kingdom
11.3.3. France
11.3.4. Italy
11.3.5. Spain
11.3.6. Russia
11.3.7. Rest of Europe
11.4. Asia-Pacific
11.4.1. China
11.4.2. Japan
11.4.3. India
11.4.4. Australia
11.4.5. South Korea
11.4.6. Rest of Asia-Pacific
11.5. Middle-East
11.5.1. UAE
11.5.2. Saudi Arabia
11.5.3. Turkey
11.5.4. Rest of Middle East
11.6. Africa
11.6.1. South Africa
11.6.2. Egypt
11.6.3. Rest of Africa
*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
By Component:
- Solutions
- Services
By Type:
- Application Security
- Endpoint Security
- Network Security
- Cloud Security
- Others
By Device Type:
- Wearable Devices
- Implantable Devices
- Stationary Devices
By End User:
- Healthcare Providers
- Medical Device Manufacturers
- Others
By Region:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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