DUBLIN--(BUSINESS WIRE)--The "Software as a Medical Device Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Device Type, Application, Deployment Type, and Geography" report has been added to ResearchAndMarkets.com's offering.
The 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 to conversion of the digital platforms into medical devices that has helped these devices to be beneficial on all levels ranging from 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.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the software as a medical device market.
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- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
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Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
Market Dynamics
Drivers
- Increasing adoption of IoT in healthcare
- Advantages of Software as a Medical Device (SaMD)
Restraints
- Threat of Data Breach
Opportunities
- Connected healthcare in emerging nations
Future Trends
- Increasing number of wearable medical devices
Companies Mentioned
- Velentium LLC
- Tietronix Software, Inc.
- S3 Connected Health
- Zhlke Group
- Science Group
- Inzentiz
- Cambridge Consultants Inc
- BrightInsight, Inc.
- CompliancePath
- Jabil Inc.
- Phillips-Medisize
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Pro4People Sp. Z.o.o
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