Global Medical Device Security Market is estimated to grow at a CAGR of 8-10% by 2027 – Building A Resilient Architecture for Improving Patient Safety & Clinical Quality

BRUSSELS, BELGIUM, June 12, 2023 (GLOBE NEWSWIRE) —

A medical device security system refers to the protection of medical devices and their associated systems from unauthorized access, modifications, theft, and physical damage. It helps in implementing all safety measures to safeguard patient data and the functionality of medical devices thereby ensuring the well-being of patients and preventing potential harm or any severe events.

An Increasing Trend of Connected Medical Devices in the Healthcare Segment

Rapid advancements and developments in the medical technology and the availability of innovative medical devices such as wearable devices and remote monitoring systems have improved the patient results and the overall efficiency of the healthcare system. With the rapid growth in the number of medical devices connected to networks or the internet, there is a larger risk of cyber-attacks and data breaches. Hence, it has become essential for healthcare providers and manufacturers to ensure the safety of medical devices and prioritize the security measures for patient data security.

For instance,

• In April 2023, GE Healthcare introduced ReadySee Asset Management & Network Supervision Solutions which locates devices automatically, 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.

A Significant Surge in Medical Device Security Market Post Covid-19 Pandemic

The global medical device security market is emerging due to the rising applications of connected devices in the healthcare segment. Post covid pandemic there has been a rapid growth in the adoption of telemedicine and remote monitoring solutions which need secure and reliable cybersecurity solutions to protect the patient data. This has created more awareness among all the healthcare organizations about cybersecurity solutions to mitigate the risks 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 secure cybersecurity solutions and the growing investments in the healthcare-IT segment are the other factors fuelling its growth in the worldwide market.

For instance,

• 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.

North America is Anticipated to Hold a Major Share in the Medical Device Security Market

Geographically, North America is set to hold a major market share in the global medical device security market. This can be mainly attributed to an increasing demand for connected medical devices, frequent cyber-attacks on medical devices, positive initiatives taken by the government for cybersecurity, and the presence of leading market players in the region.

However, the Asia-Pacific region is estimated to witness a strong growth in the medical device security market in the upcoming years, due to the rising adoption of connected medical devices, increasing number of cyberattacks, and an increasing awareness on cybersecurity solutions among healthcare professionals to protect patient health information and avoid data breaches.

Competitive Landscape Analysis: Medical Device Security Market

Some of the well-established players operating in the global medical device security market are Cisco Systems Inc., IBM, GE Healthcare, Philips Healthcare, Check Point Software Technologies, FireEye Inc. and Palo Alto Networks Inc. among others.

Aggressive Growth Strategies Adopted by the Key Market Players to Establish Their Strong Foothold in the Medical Device Security Market

All key players operating in this global market are adopting both organic and inorganic growth strategies such as upgrading with new technology, launching new products, collaborations, and acquisitions to garner a larger market share in the global medical device security market.

For instance,

• 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.

The global medical device security market is projected to gain a consistent momentum in the upcoming years with wider adoption of connected devices, increasing investments in the healthcare-IT segment, growing product developments by leading market players, and aggressive organic and inorganic growth strategies adopted by the leading market players.

Explore Detailed Insights on Medical Device Security Market @ https://meditechinsights.com/medical-device-security-market/

About Medi-Tech Insights:

Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.

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