Dublin, Ireland, Sept. 12, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global software as a medical device market is estimated at US$ 1.1 billion in 2022 and is expected to surge ahead at a CAGR of 16.7% between 2022 and 2032.
Demand for software in the healthcare sector has increased rapidly in the recent past. Software that make use of cloud computing have helped end users with respect to speed, security, and reliability. This is amplifying the need for software as a medical device (SaMD) as an alternative in the healthcare sector for monitoring and digital therapeutics purposes. The market is also observing high demand due to government standards and safety requirements in applications by end users.
Moreover, product improvisation by market players is enhancing its use for chronic diseases that require continuous monitoring and diagnosis. Fact.MR suggests that AI-based software will offer the most opportunistic market for new players in the software as a medical device market. However, they may observe stiff competition from leading companies owing to the regular monitoring of their software after being approved for sale. Post-market surveillance provided by leading players will observe long-term revenue generation after passing through the approval process.
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Key Takeaways from Market Study
- The global software as a medical device market is projected to expand at a high-value CAGR of 16.7% to reach US$ 5.4 billion by 2032.
- The market expanded at 12% CAGR between 2017 and 2021.
- Under software technology, artificial intelligence (AI) dominates the market and is currently valued at US$ 849.1 million.
- North America dominated the global market with 32.7% share in 2021.
- Demand for software as medical devices is expected to rise rapidly at CAGRs of 16.3% and 17.1% in Europe and East Asia, respectively.
“Rising customer inclination for health support & accuracy and favourable government standards will create high demand for software as medical devices,” says a Fact.MR analyst.
Market Development
The software as a medical device market is consolidated with a number of key companies. Market leaders such as GE Healthcare, Star, Ideagen, Orthogonal, BrightInsight Inc., and S3 Connected Health are competing with each other for market dominance.
Market leaders are trying to introduce new innovations in software as medical devices. They are competing with each other in terms of product approvals from FDA and healthcare authorities. Apart from this, key players are also adopting inorganic growth strategies such as mergers and acquisitions to enhance their global presence and strengthen their distribution channels in untapped regions.
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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
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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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global software as a medical device market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of device type (smartphones, laptops/desktops, wearable devices), software technology (artificial intelligence, machine learning), and application (screening & diagnosis, monitoring & alerting, chronic condition & disease management, digital therapeutics), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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