Software as a medical device (SaMD) refers to software-designed devices intended to be used for medical purposes without needing a physical medical device. It is a term used to classify software applications or programs that have a medical function and are used in diagnosing, treating, or monitoring medical conditions.
Sizing and Forecast
The (samd) software as a medical device market size has grown exponentially in recent years. It will grow from $24.29 billion in 2023 to $30.4 billion in 2024 at a compound annual growth rate (CAGR) of 25.2%. The growth in the historic period can be attributed to globalization, rising complexity of challenges, market dynamics, shared research and development costs, sustainability goals.
The (samd) software as a medical device market size is expected to see exponential growth in the next few years. It will grow to $74.86 billion in 2028 at a compound annual growth rate (CAGR) of 25.3%. The growth in the forecast period can be attributed to regulatory changes, cybersecurity concerns, ai and data analytics, global health crises response, blockchain for trust and transparency. Major trends in the forecast period include ecosystem partnership, rapid technological obsolescence, digital transformation, access to new technologies, innovation imperative, technological advancements.
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Segmentation & Regional Insights
The (samd) software as a medical device market covered in this report is segmented –
1) By Device Type: Wearable Device, PCs And Laptop, Smartphone And Tablets
2) By Deployment Method: Cloud-Based, On-Premise
3) By Application: Diagnostic, Clinical Management
North America was the largest region in the software as a medical device (SaMD) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the (samd) software as a medical device market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising adoption of IoT in the healthcare sector is expected to propel the growth of the software as a medical device (SaMD) market going forward. IoT in healthcare is defined as medical tools and software that can communicate with online computer networks to access healthcare information technology systems. Remote patient monitoring is one of the critical applications of the IoT (Internet of Things) in the healthcare sector. It involves using connected devices and sensors to monitor patients’ health status and collect data remotely. IoT-based telemedicine is used together in the healthcare sector, as it is an innovative technology with the potential to revolutionize the way healthcare is delivered, which results in proactive interventions, individualized care, improved patient outcomes, and enhanced privacy. For instance, in May 2023, according to Medicon Publications, a US-based international publisher with open access journals, in 2021, 80% of Americans were in favor of using remote patient monitoring, and 30 million patients in the US are anticipated to use remote patient monitoring technologies and services by 2024. Furthermore, in October 2022, according to the Centers for Disease Control and Prevention, a US-based government agency, In the year 2021, telemedicine was utilized by 37.0% of individuals, which increased with age and was more prevalent among women (42.0%) than among men (31.7%). Therefore, the rising adoption of IoT in healthcare is driving the growth of the software as a medical device (SaMD) market.
Key Industry Players
Major companies operating in the (samd) software as a medical device market report are Apple Inc., McKesson Corporation, Thermo Fisher Scientific Inc., Abbott Laboratories, Siemens Healthcare GmbH, GE HealthCare Technologies Inc., Roche Diagnostics, 3M Health Care, Cerner Corporation, Illumina Inc., Philips Medical Systems Ltd., Dexcom Inc., Sysmex Corporation, Carl Zeiss Meditec AG, Nihon Kohden Corporation, Zhlke Group, Viz ai Inc., Paragon Biosciences LLC, S3 Connected Health, Arterys Inc., BrightInsight Inc., Agfa HealthCare Corp., iSchemaView Inc., VitalConnect Inc., Volpara Health Technologies, Tietronix Software Inc., Velentium LLC, Greenfinch Technology Ltd., MaxQ AI Ltd., IDx Technologies Inc.
The (samd) software as a medical device market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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