Europe Software as a Medical Devices Market to Grow at a CAGR of 21.6% to reach US$ 24,898.07 Million from 2020 to 2027

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 market in this region. The COVID-19 has shown a significant impact on the Europe software as a medical devices market. Factors such as increasing number of coronavirus cases and growing number of fatalities due to the virus are leading to complete shutdown of businesses across the region, leading to hampering the growth of the market.

The Europe software as a medical devices market is expected to witness significant growth during the forecast period due to increasing adoption of IoT in healthcare. Applications for IoT in healthcare majorly includes continuous monitoring of physiological activities such as blood pressure, body temperature, pulse rate, respiratory rates and others. Furthermore, IoT is also used for continuous data collection of certain parameters of patients suffering with chronic illness to provide remote assistance. The monitoring is evolved nowadays with the installation of specific apps in the patient’s smartphone or wearable device that acts as both the sensor and tracker converting it into a medical device to perform the task saving cost of monitoring. The above-mentioned factors are thus likely expected to account for the growth of software as medical device market in the years to come. In March 2015, Aceton introduced X-Mind Prime as an addition to their previously existing 2D and 3D panoramic device line. The compact wall-mounted system is likely to provide dental practitioners with various new operational efficiencies. The rising number of technologically advanced dental X-rays is expected to be supportive in propelling the growth of the market.

Germany is among the major countries in the software as a medical devices market in this region. The governments in the country pay for a higher amount of national healthcare spending as compared to developing countries. The government has taken active participation in the development and regularization of the digitalization in healthcare in Germany. For instance, in 2019, the German government has initiated a law ‘Digital Care Act’ to digitalize the healthcare system. This act is based on the ‘e-Health Act’ in 2016. The main objective of this new law to develop the ‘telematics infrastructure’ for healthcare services providers. Such constructive activities are likely to drive the software as a medical devices market in the country.   

Europe Software as a medical devices market Revenue and Forecast to 2027 (US$ Million)

Europe Software as a medical devices market Segmentation

By Device Type

• Smartphone/Tablets
• Wearable Devices
• PCs/Laptop

By Application

• Screening and Diagnosis
• Monitoring and Alerting
• Disease Management

By Deployment

• Cloud
• On-Premise

By Country

• Germany
• UK
• France
• Italy
• Spain
• Rest of Europe

Company Profiles

• Velentium LLC
• Tietronix Software Inc.
• S3 Connected Health
• Zühlke Group
• Science Group

Europe Software as a Medical Devices Market Report Scope