Press Releases

Cyber-Attacks Driving Growth in Medical Device Security Market (7.4% CAGR)

October 05, 2017

Additional Reports

WELLESLEY, Mass., Oct 05, 2017 — The visibility and sensitivity of medical device security provide a strong opportunity for suppliers to offer ways to secure both new and legacy devices. The Food and Drug Administration (FDA) requires assurance that new devices are 100% secure, but legacy devices deployed before regulations regarding cybersecurity remain active, posing a considerable security threat. Because medical devices offer major entry points into vulnerable healthcare systems, providers must consider incursions across the entire stack of systems, ranging from enterprise IT infrastructure to networks and endpoints, especially medical devices, says a new BCC Research report.

Medical Device Security: Technologies and Global Markets reports that hardware spending by manufacturers to embed new security-enabled chip sets and processors into device architecture will drive a medical device security market that BCC Research estimates will grow from $4.7 billion in 2016 to $7.5 billion in 2022, at a 7.4% CAGR. The hardware segment is expected to increase from $2.8 billion to $4.2 billion between 2016 and 2022, at a 6.7% CAGR. Software will become the next largest segment, with new, more secure operating environments embedded in devices from manufacturers and new identity and access management, network monitoring and threat detection tools deployed by providers. Services, the third-largest market segment, should reach $1.5 billion at a CAGR of 8.5%.

Research Highlights

  • Security management will likely shift from being centralized to decentralized as the number of devices multiplies.
  • Market investment will come from all parts of the healthcare ecosystem, including payers, providers and device manufacturers all working toward layered security solutions that enforce a coherent policy from device central processing units to application software.
  • The hardware security model (HSM), considered the most secure form of hardware-based crypto-authentication devices, will see wide deployment in medical devices where high security levels must be ensured.

“The growing need to harden the core security for devices so that data are not compromised at the origin and authentication of devices can be maintained across the value chain,” says BCC Research senior editor Michael Sullivan, who authored the report. “The healthcare IT sector was the most attacked industry in 2016, and many news reports show that 90% of U.S. hospitals were victims of cyber-attacks from 2014 to 2016. These attacks cost the U.S. healthcare industry $6 billion in 2016 alone."

Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming@bccresearch.com.

Medical Device Security: Technologies and Global Markets( HLC200A )
Publish Date: Sep 2017    

Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC, 49 Walnut Park, Building 2, Wellesley, MA 02481, Telephone: 866-285-7215; Email: editorial@bccresearch.com as the source and publisher. Thank you.