Medical Device Security Market Size

Medical Device Security Market Analysis

The Medical Device Security Market size is estimated at USD 7.83 billion in 2024, and is expected to reach USD 11.61 billion by 2029, growing at a CAGR of 8.20% during the forecast period (2024-2029).

The healthcare industry has been witnessing a significant transformation throughout the past few years, aided by the transformative nature of IoT technologies and advancements in computing power, wireless technologies, and data analytics techniques, such as Big Data. Big Data is currently being deployed in medical facilities and the medical research sector to analyze complex heterogeneous medical data that involves proteomics, genomics, and pharmacogenomics worldwide.

• There is a rise in the number of connected medical devices and advancements in software that may capture and transmit medical data and data analytics services that help medical practitioners drive insights into and promote the delivery of predictive, preventive, personalized, and participatory medicines. The need to secure connected medical devices is rising owing to the increasing number of data breach incidents in the healthcare sector.
• The growing number of connected devices used by employees in the healthcare sector leads to more information sharing. It also places the endpoint at higher risk than ever.
• The healthcare industry is experiencing a transformation in cyber security strategy from a compliance and Health Insurance Portability and Accountability Act (HIPAA)-focused approach to a more comprehensive and security-centric approach. The governments are expected to impose stricter regulations about the safety and security of IoMT devices. Healthcare providers need to step up the game on cyber resilience.
• Cybercriminals seeking to exploit medical device and system vulnerabilities increasingly target the healthcare sector. High-profile incidents, such as ransomware attacks on hospitals, highlight the urgent need for robust cybersecurity measures. Healthcare organizations may prioritize allocating limited budgets to address immediate security threats.
• Lack of awareness about medical surveillance equipment and scarcity of monetary funds for healthcare security in underdeveloped countries are expected to hamper the growth of the medical device security market.
• Healthcare delivery organizations quickly scaled the implementations of technologies designed to support the response to COVID-19, including telehealth platforms, new fleets of medical devices, and other patient support technologies. This included temporary care sites, labs, troves of connected devices, and telehealth platforms desperately needed to support patient care.