Software as a Medical Device Market is expected to reach USD 86,451.62 Mn by 2027


PRESS RELEASE BY The Insight Partners 24 Apr 2020

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Screening and Diagnostics Application Register Highest CAGR in Market during Forecast Period

 

According to The Insight Partners market research study named “Software as a Medical Device Market Market Forecast to 2027 - Covid-19 Impact and Global Analysis by Device Type, Application, Deployment Type, and Geography,” the global software as a medical device market is expected to reach USD 86,451.62 million by 2027 from US$ 18,488.00 million in 2019; it is estimated to grow at a CAGR of 21.9% from 2020 to 2027. The report provides trends prevailing in the global 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 during the forecast period. The early detection of diseases is vital and various people struggle to access basic and simple tests that can be helpful to trace the symptoms and signs of a disease. Various software companies these days are focused on developing applications that are compatible with smartphones and computers, and are able to convert these devices 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 paved the way for modern mobile devices such as smartphones, tablets, and laptops enabling seamless Internet connectivity, and operations 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 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, threat of data breach is obstructing the growth of the market to a certain extent.

 

The software as a medical device market majorly consists of the players such as 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. The companies are focused on adopting inorganic strategies, such as partnerships and collaborations, to sustain their position in the dynamic global 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.

 

Software as a Medical Device Market, by Region, 2019 (% Share)

Software as a Medical Device Market, by Region, 2019 (% Share)

Software as a Medical Device Market Size, Trends 2027

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Software as a Medical Device Market Forecast to 2027 - Covid-19 Impact and Global Analysis by Device Type (PCs/Laptop, Smartphones/Tablets, Wearable Devices), Application (Screening and Diagnosis, Monitoring and Alerting, Disease Management), Deployment Type (Cloud, On-Premise), and Geography


 

 

The report analyzes the software as a medical device market segmented on the basis of the following segments:

 

Software as a Medical Device Market – By Device Type

  • PCs/Laptops
  • Smartphones/Tablets
  • Wearable Devices

Software as a Medical Device Market – By Application

  • Screening and Diagnosis
  • Monitoring and Alerting
  • Disease Management

Software as a Medical Device Market – By Deployment Type

  • Cloud
  • On-Premises

Software as a Medical Device Market – By Geography

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • France
    • Germany
    • UK
    • Spain
    • Italy
  • Asia Pacific (APAC)
    • China
    • India
    • Japan
    • Australia
    • South Korea
  • Middle East and Africa (MEA)
    • Saudi Arabia
    • UAE
    • South Africa
  • South and Central America (SCAM)
    • Brazil
    • Argentina


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