North America Software as A Medical Device Market to Reach USD 39,854 Million By 2027

June 16, 2020

As per the report titled ‘North America Software as a Medical Device Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Device Type, Application, Deployment Type , and Country’, available with Market Study Report LLC, North America software as a medical device market is poised to reach USD 39,854.20 million by 2027 and is anticipated to witness a CAGR of 22.2% over 2020-2027.

As per the report, North America software as a medical device market is projected to record substantial traction due to widespread adoption of IoT in healthcare sector and increasing recognition of the benefits of SaMD. However, risks associated with data theft can have a slight impact on the market growth in the coming years.

North American companies are increasing collaborations with pharmaceutical companies. For example, BrightInsight partnered with AstraZeneca to develop and manage its digital health solution. Likewise, Ideagen and CompliancePath have collaborated for a product authentication partnership to extend their program to include all science-related software products. Hence, technological advancements are poised to accelerate the adoption of SaMDs.

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Based on device type, the market is bifurcated into smartphones/tablets, wearable devices, and PC/laptops. Among these, smartphones/tablets segment was the largest shareholder in 2019. However, wearable devices segment is anticipated to display the highest CAGR throughout the analysis period.

Speaking of the application spectrum, screening and diagnosis segment accounted for the largest share in the year 2019.As per the report, monitoring and altering segment is expected to record the highest CAGR during the study period.

Based on deployment type, the market is classified in terms of on-premises and cloud. The latter segment accounted for the largest share of the market and is expected to continue its domination by showcasing the highest CAGR throughout the analysis timeframe.

Velentium LLC, S3 Connected Health, Science Group, Cambridge Consultants Inc, CompliancePath, Phillips-Medisize, Tietronix Software Inc., Zühlke Group, Inzentiz, Pro4People Sp. z o.o., BrightInsight, Inc., and Jabil Inc. are some of the major companies operating in North America software as a medical device market.

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