Advantages of software as a medical device drive growth of market
According to a new market research study named “Software as a Medical Device MarketForecast to 2027 - Covid-19 Impact and Global Analysisby 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 Mn in 2019. The market is estimated to grow at a CAGR of 21.9% from 2020 to 2027. The report provides trends prevailing in the marketalong with the factors driving or restraining it.
Technological innovations in the healthcare information technology (IT) have dramatically paced up over the past few years. Wireless connectivity, artificial intelligence, cloud computing, and artificial intelligence are among the prominent advancements that have helped transform this sector. In addition, development of software solutions acting as medical devices have been categorized and approved by FDA, as well as European Commission. The mobile-based applications have seeped in and proved to be an important part of medical as well as non-medical applications. These software solutions have become an inherent part of the patients’ lives in a few cases. In addition to diagnostics, the scope of software as a medical device (SaMDs)has now extended to make treatment as well as monitoring. These software have gained a significant attention as these are able to be run on non-medical computing platforms, including personal smartphones, tablets, and laptops. The SaMD market has particularly witnessed a fast growth in the recent years, as there is no hardware involved, and the applications have very few limitationsfor their useas fast feedback loops for improvement. These solutions are also being piloted constantly to better enable innovation and ensure patient safety, as well improve clinical significance at the same time. Software as medical device help to amplify the effectiveness of medical devices and existing treatment plans, thereby offering fast and high-quality data collection that leads to better health outcomes. Further, these solutions help to enhance the existing builds as these are faster and cheaper to update than the hardware solutions. The easy solicitation of user feedback on host devices also assists in shortening responsetime, as well as enable quicker product iterations and faster innovations. Thus, the advantages of these solutions are expected to continue to drive the software as a medical device market over the coming years.
North America held the largest share for the software as a medical device market in 2019. The burgeoning penetration of machine learning, artificial intelligent, Natural Language Processing (NLP), and its implementation in digital healthcare are likely to be responsible for the dominance of this region. Further, the presence of market leaders in the region offering novel solutions for diagnostic and remote monitoring of patients through smartphone- and laptop-based software solutions are also boosting the demand for these solutions as they are easy to operate, and confer easy understanding and analysis of health conditions.On the other hand, the regulatory bodies in the US and Canada—the US FDA and Health Canada, respectively—are also encouraging the use of these solutions in healthcare systems by ruling out the framework for their use and guidelines for clinical evaluation and classification of software solutions to be used as a medical device.
Leading companies operating in the software as a medical device marketinclude 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 segmentation of the software as a medical device market is as follows:
Global Software as a Medical Device Market – ByDevice Type
Global Software as a Medical Device Market – By Application
Global Software as a Medical Device Market – By Deployment Type
Global Software as a Medical DeviceMarket– By Geography
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