Cybersecurity in Medical Devices – Thematic Intelligence

Cybersecurity in Medical Devices Thematic Report Overview

Cybersecurity remains a priority for enterprises including the healthcare industry. Weak cybersecurity measures put companies at serious risk as cyber attackers use extremely sensitive and confidential consumer data for their illicit gains. For instance, pharma companies have proprietary scientific data and intellectual property, medical device companies develop connected devices, and healthcare companies collect and utilize patient data. Additionally, operational functions are often literally matters of life and death. Any data security breach will expose the company to serious risk.

Similarly, the rush from in-person care to virtual care and digital monitoring, and from office-based work to remote working amid the COVID-19 pandemic has significantly increased cyber risk. Healthcare companies, especially hospitals and pharma companies, reported increases in cyberattack attempts and government bodies like the FBI issued warnings about the increased threat. This has resulted in the increasing demand for cybersecurity measures in the medical devices sector.

The cybersecurity in medical devices thematic research report provides insights into the cybersecurity theme and the impact it will have on the medical devices industry. It provides a comprehensive analysis of the industry, including real-life case studies that showcase how the healthcare industry has responded to the impact of this theme on its operations. The report identifies the key market trends that will shape the medical devices industry over the coming years and gives an insight into the market players and the competitive landscape within the cybersecurity theme.

Cybersecurity in Medical Devices – Key Trends

The key trends that will shape the cybersecurity theme in the medical devices industry over the next 12 to 24 months are classified into technology trends, macroeconomic trends, and regulatory trends.

• Technology Trends: Ransomware, multi-factor authentication (MFA), mobile cybersecurity, cloud security, endpoint protection, and zero trust adoption are the key technology trends expected to strengthen the cybersecurity theme over the projected period.
• Macroeconomic Trends: The Russia-Ukraine conflict, state-sponsored attacks, IT budgets, and critical national infrastructure threats are the macroeconomic trends that will influence the cybersecurity theme in in medical devices industry.
• Regulatory Trends: Ransomware regulations, EU cybersecurity legislation, and mandatory disclosure of cyberattacks are the key regulatory trends impacting the cybersecurity theme in medical devices industry.

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Cybersecurity in Medical Devices – Industry Analysis

The market forecast for cybersecurity in medical devices is expected to witness a positive growth trajectory between 2022 and 2030. The growth is largely driven by the increasing connectivity and digital integration of medical devices, as they provide more opportunities for cyberattacks. While the healthcare industry is particularly vulnerable to cyberattacks, the medical devices sector spending only accounts for 0.4% of the forecast global security forecast for 2027.

The cybersecurity in medical devices industry analysis also covers:

• Use cases
• Timeline
• Signals
• Patent trends
• Company filing trends
• Hiring trends
• Social media trends

Cybersecurity in Medical Devices Industry Analysis

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Cybersecurity Value Chain Analysis

The cybersecurity value chain consists of three main components: hardware, software, and services.

Cybersecurity Hardware:

Chip-based security has been a key part of the cybersecurity landscape since early January 2018 when researchers revealed the existence of two fundamental bugs in modern processors, including Intel’s, dubbed Meltdown and Spectre. Since the vulnerabilities in its chips were revealed, Intel has rethought its approach to security, including centralizing its security operations and fostering more collaboration with partners and the research community.

Cybersecurity in Medical Devices Value Chain Analysis

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Cybersecurity in Medical Devices – Competitive Landscape

The key companies associated with the cybersecurity theme in medical devices industry are:

Public Companies: Alphabet, Cisco, IBM, Microsoft, Palo Alto Networks, Philips, and Sectra are the leading public companies associated with the cybersecurity in medical devices theme.

Private Companies: ClearDATA Networks, Cybereason, Illumio, MedCrypt, and Netskope are the leading private companies making their mark in the cybersecurity in medical devices theme.

Leading Companies in the Cybersecurity in Medical Devices Theme

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Medical Devices Sector Scorecard Analysis

The scorecard approach is used to predict tomorrow’s leading companies within each sector through a thematic screen, a valuation screen, and a risk screen.  Cybersecurity is a theme that impacts many of the sectors including the medical devices sector. The thematic screen in the medical devices sector scorecard ranks companies based on overall leadership in the 10 themes that matter most to their industry, generating a leading indicator of future performance.

Medical Devices Sector Scorecard Analysis

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Scope

This report is a thematic brief, which identifies those companies most likely to succeed in a world filled with disruptive threats. Inside, we predict how each theme will evolve and identify the leading and disrupting companies.

The report covers the cybersecurity theme.

Reasons to Buy

• GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors. It has a proven track record of identifying important themes early, enabling companies to make the right investments ahead of the competition and secure that all-important competitive advantage.
• Develop and design your corporate strategies through an in-house expert analysis of cybersecurity by understanding the primary ways in which this theme is impacting the healthcare industry.
• Stay up to date on the industry’s major players and where they sit in the value chain.
• Identify emerging industry trends to gain a competitive advantage.