Software as a Medical Device Market Is Set to Bloat at 16.7% CAGR and Reach US$ 5.4 Billion by 2032

The global software as a medical device market currently accounts for a valuation of US$ 1.1 billion and is expected to boom at a CAGR of 16.7% to reach US$ 5.4 billion by the end of 2032.

In its product lifetime, the market for software as a medical device is currently expanding. The demand for AI and machine learning is being fueled by the medical sector, which is also driving the market entry of software-based medical devices. Software-as-medical-devices supports diagnosis, health record exchange, data archiving, and data handling workflows, which improves clinical procedures.

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Key Takeaways:

• North America software as a medical device market is expected to register 15.8% CAGR between 2022 and 2032.
• Based on software technology, the artificial intelligence (AI) segment grew at a CAGR of more than 35% over the past decade.
• The U. S is expected to account for a demand share of 90.2% in North America software as a medical device market.
• Japan software as a medical device market is predicted to grow at a CAGR of 17.8% over the upcoming decade.
• Chronic illness and disease management application market will grow by 5.2x between 2022 and 2032.
• Based on application, screening and diagnosis will hold a market share of 53.4% in 2022.

Competitive landscape:

Prominent software as a medical device companies are GE Healthcare, iCAD Inc., Hyperfine Research, Star, Tietronix Software, Inc., S3 Connected Health, Ideagen, BrightInsight, Inc, Inzentiz, Zühlke Group, and Orthogonal.

Major players in the software as a medical device market are adopting organic growth strategies such as product innovations and launches to sustain their position in the market. Product approval across different geographical legislations is a bottleneck to the entrance of emerging players into the market.

Industry players are concentrating on capacity expansion as well as enhancement of their global reach, using both organic and inorganic growth tactics such as acquisitions and collaborations.

• In July 2021, Star, a global technology company, announced the acquisition of Pro 4 People, a leading player in MedTech solutions. The acquisition helped Star expand its existing offerings.
• In August 2019, FutureNeuro, in a partnership with S3 Connected Health, adopted the co-design approach for epilepsy treatment by using software technological solutions.

Fact.MR has provided detailed information about the price points of key manufacturers of software as medical devices positioned across regions, sales growth, and speculative technological expansion, in the recently published report

Growth Drivers:

• Introduction of AI-based software applications and the advancement of technology will drive the growth in software as a medical device market.
• The adoption of software as medical devices has substantially enhanced market growth due to the simplicity of handling and faster decision-making.

Restraints:

• Expansion is likely to be hampered by increasing instances of cybercrime and a lack of cybersecurity, which may impede earning consumer confidence.
• Growth of software as a medical device is hampered by their intangible character, which allows for many copies and wide distribution.

Segmentation of Software as a Medical Device Industry Research

·         By Device Type :

• Smartphones

• Laptops/Desktops

• Wearable Devices

·         By Software Technology :

• Artificial Intelligence

• Machine Learning

·         By Application :

• Screening and Diagnosis

• Monitoring and Alerting

• Chronic Condition & Disease Management

• Digital Therapeutics

·         By Region :

• North America

• Latin America

• Europe

• East Asia

• South Asia & Oceania

• MEA

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Key Questions Covered in the Software as a Medical Device Market Report:

• What is the projected value of the software as a medical device market in 2022?
• At what rate will the global software as a medical device market grow until 2032?
• Which are the factors hampering the growth in the software as a medical device market?
• Which region is expected to lead in the global software as a medical device market during 2022-2032?
• Which are the factors driving the software as a medical device market during the forecast period?