Cybersecurity market in medical devices to rise 12.2% CAGR until 2027

The CAGR is expected to reach US$1.1b, said GlobalData.

Rapid integration of new technology and digital health devices into healthcare systems reshaped patient care but there is still a need to address privacy issues, said GlobalData.

This is why there will be an expected growth for cybersecurity in medical devices is expected to grow at a CAGR of 12.2% between 2022 and 2027, reaching US$1.1b.

"There are several cybersecurity challenges in the medical devices industry, including legacy devices and outdated software. The vulnerabilities in medical devices pose significant risks, as they can compromise patient safety, privacy, and the overall integrity of healthcare systems," read the statement.

Legacy devices are older medical devices that operate on outdated software, making them hard to update and ultimately vulnerable to cyberattacks.

A key piece of cybersecurity is training healthcare professionals who are using the tools that are at risk. Healthcare professionals should know about cyber threats so that action can be taken quickly, avoiding the potentially detrimental outcomes of cyberattacks.

Alexandra Murdoch, Senior Medical Analyst at GlobalData, said, "The increasing number of digital health tools and the need for cybersecurity is important. However, as many digital health devices are interconnected, there is a larger attack surface, putting medical devices at higher risk of cyberattacks.”