Software As A Medical Device Market

Software As A Medical Device Market Growth Opportunities And Forecast By 2027 Profiling Velentium, Tietronix Software, S3 Connected Health, Science Group

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The latest inclusion of the Software as a Medical Device market report by The Insight Partners is targeted to deliver actionable insights into the existing industry on the basis of Device Type, Application, Deployment Type and Geography. The Software as a Medical Device market study carefully captures the strategies adopted by top market players during the forecast period.

The software as a medical device market is expected to reach USD 86,451.62 million by 2027 from US$ 18,488.00 Mn in 2019; it is estimated to grow at a CAGR of 21.9% during 2020–2027.

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The List of Companies – SaMD Market

  1. Velentium LLC
  2. Tietronix Software, Inc.
  3. S3 Connected Health
  4. Zühlke Group
  5. Science Group
  6. Inzentiz
  7. Cambridge Consultants Inc
  8. BrightInsight, Inc.
  9. CompliancePath
  10. Jabil Inc.
  11. Phillips-Medisize
  12. Pro4People Sp. Z.o.o

Software as a medical device is defined as a software solution used for one or more medical purposes without the software actually being a part of any medical hardware. These solutions can be used across a large range of technology platforms, including medical device, commercial “off-the-shelf” platforms, virtual networks, and others. The unique features of these devices that help them act more than a traditional medical device helps to promote innovation in digital healthcare and protect patient safety.

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The growth of the market is attributed to the increasing adoption of Internet of Things (IoT) and connected devices in healthcare sector, and advantages of software as a medical device, among others. However, the threat of data breach obstructs the growth of the market to a certain extent. Asia Pacific is expected to register highest CAGR in the market during the forecast period owing to rising healthcare infrastructure and increasing number of healthcare technology-based startups in the region.

Strategic Insights

Partnership is the most commonly adopted strategy by the software as medical devices market companies to expand their footprint worldwide and meet the growing demand. This strategy also helps them broaden their product portfolios. The players adopt the strategies of partnerships and collaborations to enlarge customer base across the world, which also permits them to maintain their brand name globally. For instance, in April 2020, CompliancePath and Ideagen entered into a product validation partnership to extend their ongoing validation accelerator program for the inclusion of all life science-related software products.

Global Software as a Medical Device Market – By Device Type

  • PCs/Laptops
  • Smartphone/Tablets
  • Wearable Devices

Global Software as a Medical Device Market – By Application

  • Screening and Diagnostics
  • Monitoring and alerting
  • Disease management

Global Software as a Medical Device Market – By Deployment Type

  • Cloud
  • On-Premise

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