Escalating IoT Adoption to Lead to Growth Opportunities for the Software as a Medical Device Market During 2020-25

The degree of adoption of various computer software in healthcare has propelled to a vast extent in the past years so as to effectively detect diseases or treat patients. Software as a Medical Device (SaMD) experienced a momentous rate of growth in the near future on an account of factors such as growing acceptance of IoT in healthcare to assist the professionals with diagnosis, increase in the healthcare cost, extensive government support, and constant technological advancement and adoption of technologies such as AI. Moreover, the rising number of chronic and other diseases, increasing geriatric population, and ongoing R&D in this field are further projected to promote the market growth of SaMD in the forecast period.

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However, stringent government policies regarding SaMD in developed countries like Japan, France and USA, data breach threats, and dearth of appropriate medical standards in emerging countries are further hampering the market growth of software as a medical device market.

According to MarkNtel Advisors’ research report titled “Global Software as a Medical Device Market Analysis, 2020”, the market size of Software as a Medical Devices across the globe is anticipated to grow at an astronomical rate during 2020-25. Based on device type, wearable devices hold the considerable market share in the software as a medical device market in the forthcoming period on an account of wide usage of wearable devices to keep a track on real-time patient health through continually monitoring various physiological activities of the patient such as blood pressure, body temperature, respiratory and pulse rates etc.
Moreover, PC/laptops and smartphones/tablets are anticipated to experience an exponential growth in the coming years due to a gradual technological development in the smartphone/ tablets and laptop designs which has led to the extensive adoption of smart sensors which transform the compatibility between these devices and the SaMD.

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North America Registered the Highest Share in the Software as a Medical Device Market
North America accounted for the largest market share in the Software as a Medical Device market in 2019. Rising number of chronic diseases such as heart disease, cancer, and diabetes, extensive use of smart health monitoring devices, and increasing government support to reduce the healthcare cost and to improvise the quality care in the country are some of the key factors catalyzing the market growth of SaMD in the region.

According to the Centre for Disease Control and Prevention (CDCP), 6 in 10 adults have a chronic disease in United States, with 4 in 10 adults having 2 or more chronic diseases. Along with this, as per Cancer Treatment and Survivorship Statistics in 2019, 16.9 million Americans have a history of cancer in 2019 and this number is anticipated to reach more than 22.1 million by 2030 due to aging of the population. Thus, these factors are attributed to lead to a surge in the software as a medical device market in the forthcoming timeline as stated in the MarkNtel Advisors’ research report “Global Software as a Medical Device Market Analysis, 2020”.

According to MarkNtel Advisors, the key players with a considerable market share in the Global Software as a Medical Device market include Velentium LLC, Tietronix Software Inc., S3 Connected Health, Zühlke Group, Science Group, Inzentiz, Cambridge Consultants Inc, BrightInsight, Inc., CompliancePath, Jabil Inc., Phillips-Medisize, Pro4People Sp. Z.o.o, etc.

“Global Software as a Medical Device Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for Software as a Medical Device providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.

Key questions answered in the study
1. What are the current and future trends of the Software as a Medical Device industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Software as a Medical Device industry?
5. What are the customers orientation, purchase behavior, and expectations from the Software as a Medical Device firms across various regions?

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