PUBLISHER: The Business Research Company | PRODUCT CODE: 1532008
PUBLISHER: The Business Research Company | PRODUCT CODE: 1532008
Medical device cybersecurity solutions encompass a range of measures and technologies designed to safeguard medical devices from cyber threats and unauthorized access. These solutions aim to ensure data confidentiality, integrity, availability, and the safe operation of medical devices, which are increasingly interconnected and software-dependent.
The primary types of medical device cybersecurity solutions include network security, endpoint security, application security, cloud security, and more. Network security focuses on protecting a medical device's communication links from unauthorized access, misuse, or theft. Various solutions such as identity and access management, antivirus or antimalware, encryption, data loss prevention, risk and compliance management, intrusion detection or prevention, disaster recovery, and distributed denial of service protection are utilized across different devices. These devices include hospital equipment, wearable and external medical devices, and internally embedded medical devices, employed by healthcare providers, medical device manufacturers, and healthcare payer end-users.
The medical device cybersecurity solutions market research report is one of a series of new reports from The Business Research Company that provides medical device cybersecurity solutions market statistics, including the medical device cybersecurity solutions industry global market size, regional shares, competitors with medical device cybersecurity solutions market share, detailed medical device cybersecurity solutions market segments, market trends, and opportunities, and any further data you may need to thrive in the medical device cybersecurity solutions industry. These medical device cybersecurity solutions market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The medical device cybersecurity solutions market size has grown exponentially in recent years. It will grow from $10.62 billion in 2023 to $13.29 billion in 2024 at a compound annual growth rate (CAGR) of 25.2%. The growth in the historic period can be attributed to the rise in telemedicine and remote patient monitoring, stricter regulatory requirements and data protection laws, increased usage of Internet of Medical Things (IoMT) devices, and the integration of medical devices with electronic health records (EHRs).
The medical device cybersecurity solutions market size is expected to see exponential growth in the next few years. It will grow to $32.94 billion in 2028 at a compound annual growth rate (CAGR) of 25.5%. The growth in the forecast period can be attributed to advances in artificial intelligence and machine learning, the increasing complexity and frequency of cyberattacks, and increased investment in cybersecurity. Major trends during this period include the incorporation of blockchain technology, the increased usage of AI-based detection systems, and more partnerships between medical device manufacturers and cybersecurity companies.
The increasing cybersecurity threats are anticipated to drive the growth of the medical device cybersecurity solutions market. Cybersecurity threats refer to malicious activities that harm data, enable unauthorized data access, or disrupt digital systems and operations. The growing complexity of cyberattacks, proliferation of connected devices, increasing value of healthcare data on the black market, and evolving tactics of cybercriminals contribute to these rising threats. Medical device cybersecurity solutions mitigate these threats through measures such as access control, encryption, patch management, intrusion detection and prevention, endpoint security, secure configuration, and continuous monitoring. For example, a report by the Identity Theft Resource Center, a US-based non-profit organization, indicated that data compromises in 2023 totaled 3,205, marking a 72% increase from 2021. Thus, the rise in cybersecurity threats is fueling the growth of the medical device cybersecurity solutions market.
Major companies in the medical device cybersecurity solutions market are focusing on developing advanced solutions, such as AI-based security solutions, to enhance the protection of medical devices from cyber threats. AI-based security solutions utilize artificial intelligence and machine learning technologies to bolster the cybersecurity of medical devices. These solutions leverage AI to detect patterns, predict potential threats, and respond to security incidents in real-time. For instance, in December 2022, Palo Alto Networks, a US-based cybersecurity company, introduced Medical IoT Security. This solution offers automated device discovery, risk assessment, and zero trust policy recommendation and enforcement. It uses machine learning to identify and profile 90% of devices within 48 hours of connection and integrates seamlessly with Palo Alto Networks' cloud services, including advanced threat prevention and URL filtering for optimal threat protection.
In November 2022, Cloudwave, a US-based healthcare data security provider, acquired Sensato for an undisclosed amount. This acquisition merges CloudWave's cloud hosting services with Sensato's managed security-as-a-service capabilities. Sensato Cybersecurity Solutions, a US-based cybersecurity firm, specializes in safeguarding hospital information and medical devices.
Major companies operating in the medical device cybersecurity solutions market are International Business Machines Corporation, Cisco Systems Inc., NTT DATA Corporation, Koninklijke Philips N.V., GE HealthCare, DXC Technology Company, Battelle Memorial Institute, Palo Alto Networks, Synopsys Inc., Fortinet Inc., Trend Micro Incorporated, Zscaler Inc., Ivanti, Sophos Ltd., Rapid7, Netskope, Imperva, FORESCOUT, Claroty, MCRA, ClearDATA, Fortified Health Security Inc., Meditology Services LLC, MedSec LLC, GreyCastle Security, Qualysec.com
North America was the largest region in the medical device cybersecurity solutions market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical device cybersecurity solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the medical device cybersecurity solutions market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The medical device cybersecurity solutions market consists of revenues earned by entities by providing services such as vulnerability management and threat assessment, compliance and regulatory services, risk management services, data protection, and privacy services. The market value includes the value of related goods sold by the service provider or included within the service offering. The medical device cybersecurity solutions market also includes sales of firewalls, secure gateways, security tokens, and secure storage devices. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Medical Device Cybersecurity Solutions Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on medical device cybersecurity solutions market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for medical device cybersecurity solutions ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The medical device cybersecurity solutions market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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