Electronic Device History Record Software Market Size, Share, Growth, And Industry Analysis, By Type (Software as a service (SaaS), Platform as a service (PaaS), Other), By Application (Class I Medical Device, Class II Medical Device, Class III Medical Device), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Electronic Device History Record Software Market Report Overview

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The global electronic device history record software market size was USD 275 Million in 2022 and market is projected to touch USD 708.8 Million by 2031, at a CAGR of 11.1% from 2022 to 2031.

Electronic device history records software, also known as DHRs, are paperless electronic systems that are part of manufacturing execution systems (MES), which are used to follow production procedures and store all relevant data for as-built production records.  The software offers the error-proofing and legitimate monitoring required to consistently deliver high-quality products. If there are any difficulties with product quality, the software will move promptly to confine the problematic product, whether it is in the field or being processed. Information gleaned from the electronic records kept in the software can also aid diagnostic businesses in streamlining their manufacturing procedures.

COVID-19 Impact: Work from Home to Advance Market Growth

The eruption of COVID-19 has done act as a substantial restraint on some market in 2020, as businesses have been disrupted due to global government lockdowns. COVID-19 is a contagious disease that causes flu-like symptoms such as fever, coughing, and difficulty breathing. National governments' efforts to limit transfer have led to a decrease in business growth and confined trade in goods and services, with nations entering a 'lock down' state. Businesses suffered as a result of the outbreak in 2020 and 2021. The electronic device history record software market was positively affected from the pandemic.

Latest Trends

"Elimination of Mechanical Errors to Intensify Market Magnification"

The software can sound a warning if an error is made by collecting data at every stage of the manufacturing process, whether it be recording a test value, result or the real components that are scanned through bar-code, often averting human or mechanical errors. In the event of a product quality incident, the software can immediately assist in the "containment management" of problematic goods. The affected product may be detected, and the appropriate steps can be taken, whether it is currently in production or out in the field. 

Electronic Device History Record Software Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into software as a service (SaaS), platform as a service (PaaS), other

Software as a service (SaaS), are the leading part of the type segment

• By Application Analysis

According to application, the market can be segmented into class I medical device, class II medical device, class III medical device

Class I medical device are the leading part of the application segment

Driving Factors

"Consistency in Product Quality to Boost Market Share"

By building a platform to carry out production and gather rigorous quality information in real time, electronic device history record software ensures constant product quality. When regulations are more strictly enforced and engineering and quality departments use the crucial data kept in the electronic device history record software to examine how processes are operating, the quality of the final product often improves. The software system generates yield, throughput, and non-conforming material reports, enabling users to view quality from a comprehensive angle.  Owing to the above-mentioned fact the electronic device history record software market share will be uplifted in the upcoming future.

"Diagnostic Companies to Expand Market Forwarding"

The electronic device history record software market growth is further advanced by the growing utilization in the diagnostic companies. Both established and new medical devices and diagnostics companies can profit from software. The non-conformance rate has decreased, there have been significant savings from reduced overhead, and there has been less threat and exposure to product defects, according to international medical devices and diagnostics businesses. New medical devices and diagnostics businesses are able to stabilize their procedures more quickly due to enhanced enforcement, real-time data, and trends. With a more simplified end-to-end process, all the businesses have significantly cut the time it takes to deliver products to their clients, which has resulted in a boost in quarterly revenues by speeding up the review/release and revenue recognition processes.

Restraining Factors

"High Maintenance Cost to Deplete Market Advancement "

Nevertheless, studies have found a number of possible downsides of the software, such as higher up-front and ongoing maintenance costs, workflow disruptions brought on by the requirement to learn an entirely new system, that can contribute to productivity losses and hinder the electronic device history record software market growth.

Electronic Device History Record Software Market Regional Insights

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"Technological Upgradation to Foster Market Growth in North America"

North America dominates the sector as a whole and is responsible for the largest portion of global share. The growing preference for the software by the diagnostic businesses will increase the market share of the software. Additionally, the growing technological upgradation and urbanisation will further contribute to the market advancement. 

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• Siemens (Germany)
• Tulip (U.S.)
• LZ Lifescience (U.K.)
• MasterControl (U.S.)
• Arena Solution (PTC) (U.S.)
• QT9 Software (U.S.)
• Greenlight Guru (U.S.)
• 42Q (Sanmina Corporation) (U.S.)
• iBASEt (France)
• Atachi Systems (U.S.)
• DataNinja (U.S.)
• Next Plus (Israel)

Report Coverage

The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact. This analysis examines the global and regional effects of the outbreak mostly on the market. The study describes the market share features, and market growth by type, industry, and customer sector.

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.