The use of software in the medical devices is growing at a significant rate due to the extensive deployment of IoT (Internet of Things) and connected devices such as smartphones, wireless connectivity etc., in the healthcare industry. The expansive usage of Software as a Medical Device (SaMD) is pushing the healthcare sector to increase its spending in IoT and medical software development. Along with this, propelling healthcare expenditure and geriatric population worldwide is anticipated to drive the growth of the global SaMD market.
According to MarkNtel Advisors’ research report titled “Global Software as a Medical Device Market Analysis, 2020”, the Global Software as a Medical Device market is anticipated to grow at a considerable CAGR during 2020-25. By device, PCs/laptops captured a significant market share in the Global SaMD market owing to extensive utilization of PCs/laptops in hospitals and healthcare facilities for constant monitoring and diagnosis of patient health.
However, the increasing concern of people toward their health has accelerated the demand for wearable devices, due to which extensive investment in wearable devices such as smart watches is foreseen due to numerous features such as low cost of activity trackers, growing implementation of self-observing of vitals, and rising incidence of lifestyle diseases. Thus, it is anticipated to bolster the growth of Software as a Medical Device market in the coming years.
“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.
North America Acquired the Majority Market Share
Based on Region, North America acquired the larger portion in the Global Software as a Medical Device market share. The US dominated the North America SaMD market on account of large number of ageing population and chronic diseases in people, proliferation in the use of wearable devices, and escalating healthcare expenses.
Moreover, APAC region is witnessing a substantial growth in the coming years due to rapid regulatory changes in medical devices and lack of proper healthcare infrastructure in the countries like India. Moreover, proper regulations by the government for developers with respect to the design of diagnostics and medical devices, including software as a medical device (SaMD) is anticipated to promulgate the market growth of the Software as a Medical Device in the forthcoming period 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 are Tietronix Software, Velentium LLC, Connected Health, Inzentiz, BrightInsight, Jabil, Siemens, Zühlke Group, Pro4People Sp. Z.o.o, Phillips-Medisize, etc.
1. By Application (Screening and Diagnosis, Monitoring and Alerting, Disease Management, Digital Therapeutics, Others)
2. By Software Type (Radiation Therapy Planning Software, Picture Archiving and Communications System (PACS) & Image Processing, Software, Infusion Pump Rate Setting Assistance Software, Software for data collection, Others (Phone Apps, etc.))
3. By Deployment (Cloud, On-Premise)
4. By Device type ( Desktop/Laptop, smartphones, wearables, others)
5. By End-User (Hospitals, Clinics & Specialty Centers, Others)
6. By Region (North America, South America, Europe, Asia-Pacific, Middle East & Africa)
7. By Country (US, Canada, Mexico, Brazil, UK, Germany, Italy, France, Spain, China, Japan, South Korea, India, South-East Asia, Australia, UAE, Saudi Arabia, South Africa),
8. By Company (Tietronix Software, Velentium LLC, Connected Health, Inzentiz, BrightInsight, Jabil, Siemens, Zühlke Group, Pro4People Sp. Z.o.o, Phillips-Medisize, etc.)
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 is the customer orientation, purchase behavior, and expectations from the Software as a Medical Device firms across various regions?