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Medical devices cybersecurity market expected to reach $1.1 billion by 2027: Global Data

• By Newsdesk
• New Delhi
• Dec 14, 2023

News

The rapid incorporation of cutting-edge technology and digital health instruments into healthcare systems has transformed patient care and diagnostic procedures. Nevertheless, the heightened dependence on these devices has exposed the healthcare sector to cybersecurity risks. According to the latest report titled "Cybersecurity in Medical Devices," GlobalData predicts a 12.2% Compound Annual Growth Rate (CAGR) in the cybersecurity in medical devices market from 2022 to 2027, reaching $1.1 billion.

Various cybersecurity challenges confront the medical devices industry, including issues related to legacy devices and outdated software. The vulnerabilities inherent in medical devices present significant risks, potentially compromising patient safety, privacy, and the overall integrity of healthcare systems.

Legacy devices, denoting older medical devices operating on outdated software, prove difficult to update, rendering them susceptible to cyberattacks. Furthermore, a crucial aspect of cybersecurity involves training healthcare professionals who utilize vulnerable tools. Professionals in healthcare should possess the ability to identify cyber threats promptly, thereby enabling swift action to avert potentially harmful consequences arising from cyberattacks.

Senior Medical Analyst at GlobalData, Alexandra Murdoch, emphasized, "The growing array of digital health tools and the imperative for cybersecurity are pivotal. However, due to the interconnected nature of many digital health devices, the larger attack surface heightens the vulnerability of medical devices to cyber threats."

GlobalData attributes the growth in the cybersecurity market to the increasing connectivity and digital integration of medical devices, rendering them more prone to cyberattacks.

Despite the elevated risk of cyberattacks associated with the adoption of digital health and connected devices, several strategies can be implemented to mitigate these risks.

Murdoch outlined, "Manufacturers need to ensure their devices can receive regular software updates and patches to address vulnerabilities. Additionally, implementing encryption and authentication mechanisms can secure data transmitted between devices, while network segmentation can isolate medical devices from critical systems, limiting the potential impact of cyberattacks."

As medical devices continue to advance, addressing cybersecurity concerns becomes imperative to uphold patient safety and preserve the integrity of healthcare systems. Collaboration, awareness, and the implementation of robust cybersecurity measures are integral components of a comprehensive strategy aimed at mitigating risks.

Murdoch concluded, "Through the adoption of these strategies, the medical device industry can contribute to establishing a more secure and resilient healthcare system."