The global software as a medical device market is expected to reach US$ 86,451.62 Million in 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 growth of the market is mainly attributed to the increasing adoption of Internet of Things (IoT) and connected devices in healthcare sector, and advantages of software as a medical devices(SaMD). However, threat of data breach is hindering the growth of the market to a certain extent.
The IoT has played an important role in the healthcare development. The technology is also actively integrated with respect toconversion ofthe digital platforms into medical devices that has helped these devices to be beneficial on all levels ranging fromfrom in-patient treatment to population health condition monitoring. The healthcare sector has recently begun to invest in IoT and medical software development due to various advantages underlying their integration. They aid in real-time patient health tracking in hospitals and home settings through wearable devices that consist of data tracking software, along with enabling improvement in patient adherence to monitor the effect of a particular treatment through software accessed from smartphones or tablets.Applications for IoT in healthcare majorly include continuous monitoring of physiological activities such as blood pressure, body temperature, pulse rate, and respiratory rates. Further, it is also used for continuous collection of data pertaining to certain parameters of patients suffering with chronic illness to provide remote assistance. The monitoring has evolved with the installation of specific apps in the patient’s smartphones or wearable devices that act as both sensor and tracker converting them into a medical device for anchoring monitoring.
The global software as a medical device marketis segmented by device type, application, deployment type,and geography.Based on device type, the marketis segmented intoPCs/laptops, smartphones/tablets, and wearable devices, and in 2019, the PCs/Laptops segment accounted for the largest market share. The segment is expected to continue its dominance over the forecast period owing to the introduction of upgraded laptops with smart sensors incorporated in them. Furthermore, the laptops and computers are now being evolved into complex hardware systems that can act as an integrating tool as well as perform various monitoring and advance healthcare diagnostic activities through their new in-built features. On the other hand, the growing adoption of smartphones and the interest of software developers toward building smartphones compatible healthcare apps to help it act as a medical device are expected to lead the smartphones/tablets segment toward the highest CAGR during the forecast period.
A few of the crucial secondary sources referred to while preparing this report areUS Food and Drug Administration (FDA), World Health Organization (WHO),Organization for Economic Co-operation and Development, International Medical Device Regulators Forum (IMDRF), and Health Canada.