The growth of the market is mainly attributed to the increasing adoption of Internet of Things (IoT) and connected devices in healthcare sector, and advantages of software as a medical devices(SaMD). However, threat of data breach is hindering the growth of the market to a certain extent.
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Velentium LLC,Tietronix Software, Inc.,S3 Connected Health,Zühlke Group,Science Group,Inzentiz,Cambridge Consultants Inc,BrightInsight, Inc.,CompliancePath,Jabil Inc.,Phillips-Medisize,Pro4People Sp. Z.o.o
The global software as a medical device market is expected to reach US$ 86,451.62 Million in 2027 from US$ 18,488.00 Million in 2019; it is estimated to grow at a CAGR of 21.9% from 2020 to 2027.
The IoT has played an important role in the healthcare development. The technology is also actively integrated with respect toconversion ofthe digital platforms into medical devices that has helped these devices to be beneficial on all levels ranging fromfrom in-patient treatment to population health condition monitoring. The healthcare sector has recently begun to invest in IoT and medical software development due to various advantages underlying their integration. They aid in real-time patient health tracking in hospitals and home settings through wearable devices that consist of data tracking software, along with enabling improvement in patient adherence to monitor the effect of a particular treatment through software accessed from smartphones or tablets
Applications for IoT in healthcare majorly include continuous monitoring of physiological activities such as blood pressure, body temperature, pulse rate, and respiratory rates. Further, it is also used for continuous collection of data pertaining to certain parameters of patients suffering with chronic illness to provide remote assistance. The monitoring has evolved with the installation of specific apps in the patient’s smartphones or wearable devices that act as both sensor and tracker converting them into a medical device for anchoring monitoring.
The study conducts SWOT analysis to assess the strengths and weaknesses of the key players engaged in the Software as a Medical Device market. Moreover, the report undertakes an elaborate examination of drivers and constraints operating in the market. The report also evaluated the trends observed in the parent market, along with the macro-economic indicators, prevailing factors, and market appeal according to different segments. The report also predicts the influence of different industry aspects on the Software as a Medical Device market segments and regions.
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The study assesses factors such as segmentation, description, and applications of Software as a Medical Device industries. It derives accurate insights to give a holistic view of the dynamic features of the business, including shares, profit generation, thereby directing focus on the critical aspects of the business.
Major highlights of the report:
- An all-inclusive evaluation of the parent market
- The evolution of significant market aspects
- Industry-wide investigation of market segments
- Assessment of the market value and volume in the past, present, and forecast years
- Market share evaluation
- Study of niche industrial sectors
- Tactical approaches of the market leaders
- Lucrative strategies to help companies strengthen their position in the market.
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