Screening and Diagnostics Application Held Largest Share in Market during Forecast Period
According to The Insight Partners market research study named “North America Software as a Medical Device Market Forecast to 2027 - Covid-19 Impact and Global Analysis by Device Type, Application, Deployment Type, and Country,” the North America software as a medical device market is expected to reach US$ 39,854.20 million by 2027 from US$ 8,353.94 million in 2019; it is estimated to grow at a CAGR of 22.2% from 2020 to 2027. The report provides trends prevailing in the North America software as a medical device market along with the factors driving or restraining market.
The software as a medical device market, by application, is segmented into screening and diagnosis, monitoring and alerting, and disease management. The screening and diagnostics segment held the largest share of the market in 2019, whereas the monitoring and alerting segment is anticipated to register the highest CAGR of 23.7% during the forecast period. The early detection of diseases is vital and various people struggle to gain access to basic and simple tests that can be helpful to trace the symptoms and signs of the diseases. Various software companies these days are focused on developing applications that are compatible with smartphones and computers, to convert them into disease diagnostic systems. For instance, in February 2020, the researchers at the University of Cincinnati developed a lab chip that can be plugged into smartphones and has ability to detect various infectious diseases such as malaria, Lyme, HIV, and coronavirus. Significant progress in the display, sensor, and battery technologies together have enhanced the way for modern mobile devices such as smartphones, tablets, and laptops enabling seamless Internet connectivity, this has led to improvement in functionality that helps in efficient monitoring of health and fitness. The advancements in software technologies for the diagnosis of various diseases are expected to drive the growth of the market in the coming years.
The growth of the North America software as a medical device market is mainly attributed to the factors such as increasing adoption of Internet of Things (IoT) and connected devices in healthcare sector, and advantages of software as a medical device (SaMD). However, the threat of data breach is obstructing the growth of the market to a certain extent.
Velentium LLC, Tietronix Software, Inc., S3 Connected Health, Zühlke Group, Science Group, Inzentiz, Cambridge Consultants Inc, BrightInsight, Inc., CompliancePath, Jabil Inc., Phillips-Medisize, and Pro4People Sp. Z.o.o. are among the major players in software as a medical device market. The companies are focused on adopting inorganic strategies, such as partnerships and collaborations, to sustain their position in the dynamic market. For instance, in April 2020, CompliancePath and Ideagen entered into a Product Validation partnership to extend their ongoing validation accelerator program to include all life science-related software products.
North America Software as a Medical Device Market, by Country, 2019 (% Share)
