The current global valuation of the software as a medical device market stands at US$ 1.1 billion, and it is poised for remarkable growth at a robust CAGR of 16.7%, projected to reach a substantial US$ 5.4 billion by the close of 2032.
Currently, the software as a medical device market size is in a phase of rapid expansion throughout its product lifecycle. This growth is being propelled by the increasing demand for artificial intelligence (AI) and machine learning within the medical sector, subsequently paving the way for the introduction of software-based medical devices. These software-as-medical-devices play a pivotal role in enhancing various aspects of healthcare, including diagnosis, health record exchange, data archiving, and data handling workflows, ultimately leading to significant improvements in 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 Catalysts:
- The Surge of AI-Powered Software: The software as a medical device market is set to thrive with the introduction of AI-based software applications and continuous technological advancements, which will propel innovation and growth.
- Streamlined Healthcare with Software Adoption: The widespread adoption of software as medical devices is driving substantial market growth, thanks to their user-friendly nature and their ability to facilitate quicker decision-making in medical settings.
Challenges Ahead:
- Cybersecurity Concerns Loom: The expansion of the software as a medical device market may encounter hurdles due to the escalating instances of cybercrime and the lack of robust cybersecurity measures. These issues could undermine consumer confidence and market stability.
- The Intangibility Factor: The inherent intangibility of software as medical devices, allowing for easy replication and broad distribution, presents a challenge to market growth. This characteristic can hinder the market’s ability to maintain control and exclusivity over its offerings.
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?
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