tipFebruary 20, 2021 49
The software as a medical device market is expected to reach USD 86,451.62 million by 2027 from US$ 18,488.00 Mn in 2019; it is estimated to grow at a CAGR of 21.9% during 2020–2027.
Software as a medical device is defined as a software solution used for one or more medical purposes without the software actually being a part of any medical hardware. These solutions can be used across a large range of technology platforms, including medical device, commercial “off-the-shelf” platforms, virtual networks, and others. The unique features of these devices that help them act more than a traditional medical device helps to promote innovation in digital healthcare and protect patient safety. The growth of the market is attributed to the increasing adoption of Internet of Things (IoT) and connected devices in healthcare sector, and advantages of software as a medical device, among others. However, the threat of data breach obstructs the growth of the market