Software as a Medical Devices Market Trends, Size, Growth, Forecast 2029

Market Overview
The Software as a medical devices (SaMD) market is estimated to reach a high CAGR of 69.31% during the forecast period (2022-2029).

SaMD is described as a software solution used for one or more scientific functions without the software program definitely being part of any clinical hardware. These solutions may be used across a huge range of technology systems, along with scientific devices, business off the shelf structures, virtual networks, and others. The particular features of these devices that help them act extra than a traditional medical tool assist to promote innovation in virtual healthcare and shield affected person safety. The growth of the market is attributed to the growing adoption of IoT and connected gadgets in the healthcare zone, and the advantages of software as a clinical tool, amongst others. However, the threat of statistics breaches obstructs the increase of the marketplace to a certain quantity. Asia Pacific is anticipated to register the best CAGR within the marketplace at some stage in the forecast length owing to rising healthcare infrastructure and an increasing number of healthcare technology-primarily based startups within the place.

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Market Dynamics
The rising adoption of the Internet of Things (IoT) in the healthcare sector, is expected to drive growth in the forecast period

The increasing adoption of IoT in the healthcare sector is expected to significantly influence the growth of the Software as a Medical Device market over the coming years. Various smart devices, such as sensors, smartphones, and wearables, collect necessary data from the devices, further utilized to enhance customers' experience. The increasing need for data analysis and analytics integration is expected to propel the Internet of Things market utilization over the forecast period. Some IoT applications in healthcare include continuous monitoring of blood pressure, heartbeat, body temperature, and respiration rate, continuous collection of certain parameters in case of chronic illnesses, and providing remote assistance, among other applications. For instance, in 2018, the FDA approved the electroCore, Inc gammaCore Sapphire hand-held device for the acute treatment of migraine pain in 2020 for the preventive treatment of migraine.

Moreover, in February 2020, Cisco announced enhancements to its IoT portfolio that enable service provider partners to optimize cellular IoT environments and new 5G use cases. New wireless technologies such as 5G, and Wi-Fi 6 - would lead to more devices, and new IIoT use cases give service providers the tools to create competitive cellular IoT offerings for their customers.

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Market Segmentation:
By Device Type
• Wearable Device
• PCs/Laptop
• Smartphone/tablets
By Application
• Diagnostic
• Clinical Management
By Deployment Method
• Cloud-based
• On-Premise

Competitive Landscape
Software as a medical device market is highly competitive with the presence of global companies. Some of the key players which are contributing to the growth of the market include Arterys Inc., Paragon Biosciences (Qlarity Imaging LLC), Viz.ai, Inc., VitalConnect., Apple, Inc., iSchemaView, inc. (RAPID), IDx Technologies Inc., MaxQ AI, Ltd. Greenfinch Technology, Siemens Healthineers AG, and Koninklijke Philips N.V.

The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the software as a medical device globally. For Instance, In December 2020 MaxQ AI, Ltd. launched a second-generation ACCIPIO clinical platform for the healthcare industry to enhance physicians to provide smarter care with enhanced clinical workflow.

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