Global Cyber Security in Medical Devices
The medical devices industry has seen a significant growth in digitization in recent years as well as cyber threats have steadily increasing day-to-day. Therefore the Cyber security is one of the vital aspects of the medical devices sector as it protects medical records, patients' personal information, lifesaving insights and healthcare information. Moreover the medical devices companies have battled to secure their valued healthcare information from cyber-attacks and data breaches. Currently, cyber security firms provide information-security services and solutions to medical devices like Medical imaging devices, implant devices and internet of medical things.
Market Dynamics
Cyber-security is a risk management strategy designed to protect software and technology, networks, devices, healthcare data and programs from data theft, digital attacks and unauthorized access. As part of it, increasing problems of cyber-attacks on medical devices in both developed and developing countries reflect growing security and regulatory compliance issues. Moreover, the increasing data breach in the industry adds fuel to the market growth for medical devices cyber security. The average cost of data breach reaches an all-time high. For instance, according to the cost of a data breach report published by IBM in 2022. The average cost of a data breach in the healthcare sector was USD XX million in 2021 and it increased by XX% in 2022. Moreover, according to CloudSEK 2021 report , increased cyber -attacks on the global healthcare sectors like medical devices and hospital sectors, the U.S. healthcare industry faced XX% of the total global attacks and globally Indian healthcare industry were 2nd largest cyber-attacks with XX % of total incidence in the segment.
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The dynamics of cyber-attack appear to have changed in 2022 around the world. Australia was faced the highly attack country with XX crore records followed by Thailand with XX crore records in the first four months of 2022.
Challenges
Medical devices are an easy entry point to attacking for cyber-attackers, therefore necessary to protect data from hackers but healthcare industries faces shortage of trained professionals to manage cyber-security solutions as well as high cost of medical devices cyber-security solutions in developed and developing regions. Moreover, these high cost cyber security services is a significant barrier to growing the healthcare cyber security market in medical devices. It reflects effects on emerging and development of information.
Development Landscape
Biotech and medical device manufacturer businesses are adopting both organic and inorganic growth strategies to advance their pipeline and gain competitive edge in the market over the peers.
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In October 2022, Advantech is announced Windows 10 IoT Enterprise released on RSB-3720 2.5" Pico-ITX based on NXP’s i.MX 8M Plus. This is highly-optimized Windows 10 IoT BSP reflects it easier to build secure and significant solutions from medical device to cloud and potentially impacting the safety and effectiveness of the device.
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In October 2022, the Ramkhamhaeng Hospital signed an agreement with Advantech’s AMiS eMedication solution to enhance safety of cyber security in medical devices.
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In October 2018, the FDA announced a note of agreement with the U.S. department of homeland security to develop collaboration and sharing of significant information to address medical device cyber security risks.
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Key players
Cisco (US),IBM (US), GE Healthcare (US), Symantic (US), ClearPassage (US), FireEye (US), Check Point Tech (Israel), Sophos (UK), Imperva (US),Fortinet (US), ClodePassage (US), ClearData (US) and Zscaler (US)
Regional Analysis
North America is anticipated to capture the highest share of cyber security in medical devices market over the forecast period (2022-2027), with U.S. accounting for the maximum contribution.
Increasing instances of cyber-attacks on medical devices along with increasing awareness among healthcare sector professionals regarding cyber security moreover, most number of manufacturing facilities and key players, some of the best research universities and an encouraging start-up eco system provide an ideal solution for research leading to more successful assets in pipeline.
Macro-economic factors such as large population and growing economy, highly prevalence in healthcare organizations and medical devices industries, better access to protect data security, availability of crowd funding and support from various stakeholders’ fuels US as a commercially attractable market.
Asia-Pacific region is expected to pick up pace over the next few years due to favourable growth factors such as
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Increasing usage of network-based medical devices
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Improving healthcare infrastructure, increasing awareness about security of patient information
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Growing awareness regarding cyber-security solutions
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Moreover, increasing investments to drive market access in key markets such as Japan, China, Australia, Singapore, and India.
The market is focusing on Asia-Pacific as a destination for outsourcing and trying to gain foothold through mergers, collaborations, and strategic acquisitions.
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Market Segments
The global Cyber security in medical devices market estimates (Value USD Million) & Forecasts and Trend Analyses, 2022 to 2027 based on Security Type
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Cloud Security
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Network Security
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Endpoint Security
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Application Security
The Global Cyber security in medical devices Market Estimates (Value US$ Million) & Forecasts and Trend Analyses, 2022 to 2027 based on Type of Threat
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Ransomware
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Malware & Spyware
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Distributed Denial of Service (DDoS)
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Phishing & spear phishing
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Others
The Global Cyber security in medical devices Market Estimates (Value US$ Million) & Forecasts and Trend Analyses, 2022 to 2027 based on End User
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Health care delivery organizations
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Medical device manufacturers
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Hospitals
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Others
The Global Cyber security in medical devices Market Estimates (Value US$ Million) & Forecasts and Trend Analyses, 2022 to 2027 based on Region
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North America (The U.S., Canada)
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Asia Pacific (India, China, Japan, South Korea, Australia & New Zealand)
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Europe (Germany, France, Italy, Spain) and the UK
What is Cyber security in Medical Devices Market Report about?
The cyber security in medical devices market report discusses the commercial and clinical activity associated with cyber security in medical devices. It provides insights on total size of the potential opportunity, key segments driving growth, key challenges faced, and a thorough analysis of market competition by product, geography, indication, and forecasts through 2027. Detailed coverage of the approved cyber security in medical devices, including regulatory approvals, pricing, reimbursement, and market penetration
So, a new investor can potentially gain information about cyber security in medical devices companies, their key products, their core strategy, key trends in the cyber security in medical devices market, and more.
The cyber security in medical devices market report is essential for all stakeholders including research companies, manufacturing companies, distribution companies, government agencies, and others.
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Capitalize on rapidly emerging trends
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Optimize decision-making
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Reduce company risk
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Approach partners/investors for collaboration or funding
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Implement an informed and advantageous business strategy in 2022
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Detailed coverage of the cyber security in medical devices, including regulatory cyber security, pricing, reimbursement, and market penetration
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Profiles of leading & upcoming cyber security in medical devices competitors composing the global marketplace