Software as a Medical Device Market is expected to reach USD 86,451.62 Mn With CAGR of 21.9% from 2020 to 2027 | Velentium LLC, Tietronix Software, Inc., S3 Connected Health, Zühlke Group, Science Group, Inzentiz, Cambridge Consultants Inc, BrightInsight
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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.
Advantages of Software as a Medical Device
The number of technological innovations in the healthcare information technology has dramatically increased over the past few years. Wireless connectivity, artificial intelligence and cloud computing and artificial intelligence are some of the prominent advancements that have helped to transform healthcare. In addition, development of software solutions that now act as medical devices have been categorized and approved by FDA as well as European Commission are now likely to take over as leading edge technologies continuing to a source of seismic shift in healthcare modernization.
The mobile-based applications have seeped in and proved to be an important part of the healthcare for medical as well as non-medical purposes. These software solutions have become an inherent part of the patients’ life in few cases. The applications of SaMD are now not only limited to diagnosis and have widened to make their place in treatment as well as monitoring processes. 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 whose use is now very common and penetrated deep in all the countries.
The SaMD has particularly witnessed a fast growth within the recent years, as there is no hardware involved and the applications have very few constraints for using 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.
There are various advantages associated with the use of these solutions. For instance, software as medical device helps to amplify the effectiveness of medical devices and existing treatment plans thereby offering fast and high-quality data collection leading to better health outcomes. Furthermore, these solutions helps to enhance the builds on 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 market time, quicker product iterations and faster innovations. Thus, the advantages offered by these solutions are expected to drive the market for software as a medical device market over the coming years.
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
Software as a Medical Device Market – By Application
Screening and Diagnosis
Monitoring and Alerting
Software as a Medical Device Market – By Deployment Type
Software as a Medical Device Market – By Geography
Asia Pacific (APAC)
Middle East and Africa (MEA)
South and Central America (SCAM)
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