The Europe software as a medical devices market is expected to reach US$ 24,898.07 million by 2027 from US$ 5,430.19 million in 2019. The market is estimated to grow at a CAGR of 21.6% from 2020 to 2027.
The growth of the Europe software as a medical devices market is attributed to the growing adoption of wearable devices, increasing investments in connected devices & healthcare IoT, and rising emphasis on utilization of intelligent platforms to improve healthcare outcomes. However, the increased risk of data breach limits the growth of the market in this region. Factors such as increasing number of COVD-19 cases and growing number of fatalities due to COVID-19 are leading to the shutdown of businesses across the region, hampering the growth of the market.
The number of technological innovations in the healthcare information technology has dramatically increased over the past few years. Wireless connectivity, artificial intelligence and cloud computing, and artificial intelligence are among the prominent advancements that have helped to transform healthcare sector.
The mobile-based applications have seeped in and proved to be an important part of the healthcare for medical as well as non-medical purposes. These software solutions have become an inherent part of the patients’ life in a few cases. At present, the applications of SaMD are not only limited to diagnosis, but are also implemented in treatment as well as monitoring processes. These software have gained a significant attention as these can be run on non-medical computing platforms including personal smartphones, tablets, and laptops that are commonly used by population across the world.
Based on device type, the Europe software as a medical devices market is segmented into smartphone/tablets, wearable devices, and PCs/laptops. In 2019, the smartphone/tablets segment held the largest share of the market. Whereas, wearable devices segment is expected to grow at a faster rate during the forecast period.
The World Health Organization, Ministry of Health and Prevention, and Ministry of Health and Family Welfare are among the major primary and secondary sources referred to in the process of preparing the report on the software as a medical devices market.