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(SaMD) Software As A Medical Device Market Size, Share, Industry Analysis, Global Analysis And Forecast 2033
(SaMD) Software As A Medical Device Market
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.
Market Overview -
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.
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IOT Revolutionizes Samd Market Through Enhanced Remote Patient Monitoring And Telemedicine Adoption
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.
Competitive Landscape -
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.
Ai-Powered Software Gain A Traction In The Market
AI-powered software is a key trend gaining popularity in the software as a medical device (SaMD) market. Major companies operating in the software as a medical device (SaMD) market are developing innovative AI-powered software to sustain their position in the market. For instance, in May 2023, Genomic Vision., a France-based biotechnology company, launched AI-powered software called FiberSmart. This innovative software is designed to automate the detection and quantification of fluorescent signals on combed DNA molecules. It can be used to analyze DNA replication kinetics, which is the process of DNA copying. This technology allows DNA molecules to be aligned and separated, making detecting and quantifying fluorescent signals easier. Additionally, it includes AI-powered detection and quantification, a user-friendly interface, and is flexible and scalable. And it is beneficial as it is compatible with Genomic Vision's suite of scanners and has been successfully tested and validated.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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