Escalating IoT Adoption is Creating an Opportunity for the Growth of Software as a Medical Device Market During 2020-25

The adoption of computer software in healthcare has propelled magnificently in the past years to detect diseases or treat patients. Software as a Medical Device (SaMD) experienced a momentous rate of growth in the past and is expected to have it in the near future on account of burgeoning acceptance of IoT in healthcare to assist the professionals with diagnosis, perennial government support and constant advancement in the technology such as adoption of (Artificial Intelligence). Moreover, the rising number of chronic and other diseases, increasing geriatric population and ongoing R&D in this field is further projected to promulgate the market of SaMD through 2025

“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 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.    

According to MarkNtel Advisors’ research report “Global Software as a Medical Device Market Analysis, 2020”, the market size of Software as a Medical Devices in Global is anticipated to grow at a CAGR of around 23% during 2020-25. Based on Deployment Mode, wearable devices hold the considerable market share in the software as a medical device market in the forthcoming period on account of mushrooming usage of wearable device for keep a track on real-time patient health through continual monitoring the patient physiological activities such as blood pressure, body temperature, and respiratory and pulse rates etc.

Moreover, PC/laptops and Smartphones/Tablets is anticipated to experience an exponential growth in the coming years due to their gradual developments in the smartphone/ tablets and laptop designs which eases the incorporation of smart sensors which transform the compatibility between these devices and the SaMD.

North America Registered the highest share in the Software as a Medical Device market

North America accounted the largest market in the Software as a Medical Device market in 2019. Snowballing chronic disease such as heart disease, cancer, and diabetes, galvanizing use of smart health monitoring devices, and increasing government support to reduce the healthcare cost and improvise the quality care in the country are some of the factors catalysing the market growth of SaMD in the region.

According to the Centre for Disease Control and Prevention (CDCP), 6 in 10 adults are suffering from chronic disease in United States with 4 in 10 adults suffer with 2 or more chronic diseases. Along with this, as per Cancer Treatment and Survivorship Statistics, 2019, 16.9 million Americans have a history of cancer in 2019 and is anticipated to reach more than 22.1 million by 2030. Thus, this is attributed to surge the software as a medical device market in the forthcoming timeline as revealed by 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.

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?