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Evolving Market Trends In The Software As A Medical Device (SaMD) Industry: AI-Powered Software Gain A Traction In The Market
Software As A Medical Device (SaMD)
What Is the Expected Software As A Medical Device (SaMD) Market Size During the Forecast Period?
In recent times, the market size for software as a medical device (SaMD) has seen significant growth. It is projected to expand from $29802.38 billion in 2024 to $36884.09 billion in 2025, experiencing a compound annual growth rate (CAGR) of 23.8%. The historical growth period witnessed this increase due to several factors, including globalization, escalating complexity of issues, market dynamics, combined research and development expenses, and sustainability objectives.
Projected expansion in the software as a medical device (SaMD) marketplace is anticipated to witness extraordinary growth in the approaching years. An estimation suggests a rise to $84269.39 billion by 2029, demonstrating a compound annual growth rate (CAGR) of 22.9%. This escalating trend in the forecast duration may be linked to alterations in regulatory procedures, concerns related to cybersecurity, advancements in AI and data analytics, the ability to respond to worldwide health crises, and the application of blockchain to ensure trust and transparency. Significant trends during the forecast phase encompass the development of ecosystem collaborations, swift obsolescence of technology, digital metamorphosis, access to cutting-edge technologies, an imperative for innovation, and progress in technology.
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What Are the High-Growth Segments in the Software As A Medical Device (SaMD) Market?
The software as a medical device (SaMD) 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
Subsegments:
1) By Wearable Devices: Smartwatches With Health Monitoring Functions, Fitness Trackers, Wearable ECG And Blood Pressure Monitors
2) By PCs And Laptops: Medical Diagnostic Software, Clinical Decision Support Software, Telemedicine Platforms
3) By Smartphone And Tablets: Mobile Health (mHealth) Apps, Remote Patient Monitoring Software, Diagnostic Imaging Apps
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What Key Drivers Are Expected to Influence Future Software As A Medical Device (SaMD) Market Growth?
The growth of the software as a medical device (SaMD) market is anticipated to be fueled by the increasing implementation of the Internet of Things (IoT) in the healthcare domain. IoT in healthcare pertains to digital tools and software which can interact remotely with healthcare IT systems to obtain medical data. One of the key uses of IoT in healthcare revolves around remote patient monitoring which utilizes smart devices and sensors to supervise the health status of patients from a distance. IoT-aided telemedicine is also employed in healthcare as it signifies an inventive technology that has the capability to reform healthcare delivery leading to personalized care, early preventive measures, enhanced patient results, and increased privacy. As per Medicon Publications, a firm based in the US that publishes open-access journals, reported in May 2023 that 80% of Americans approved of remote patient monitoring in 2021, and it is envisaged that by 2024, 30 million US patients will utilize remote patient monitoring services and technologies. Thus, the escalating implementation of IoT in healthcare is spurring the growth of the software as a medical device (SaMD) market.
Which Companies Hold the Largest Share Across Different Software As A Medical Device (SaMD) Market Segments?
Major companies operating in the software as a medical device (SaMD) market include 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.
What Trends Are Driving Growth in The Software As A Medical Device (SaMD) Market?
The growing trend of incorporating artificial intelligence in software is increasingly being noted in the Software as a Medical Device (SaMD) industry. In order to maintain market dominance, prominent companies in this sector are creating innovative AI-integrated software solutions. An example of this is when, in May 2023, the biotechnology company based in France, Genomic Vision., introduced an AI-backed software named FiberSmart. The purpose of this cutting-edge software is to automate the identification and measurement of fluorescent signals on combed DNA particles. It enables the analysis of DNA replication kinetics, the process of DNA duplication. With this technology, DNA particles can be arranged and dissociated, which facilitates fluorescent signal detection and quantification. In addition, FiberSmart features AI-enhanced detection and quantification, a user-centric interface, and offers scalability and adaptability. Furthermore, its compatibility with the scanner suite of Genomic Vision enhances its utility, underpinned by successful testing and validation.
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What Are the Emerging Geographies for The Software As A Medical Device (SaMD) Market Growth?
North America was the largest region in the software as a medical device (SaMD) market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the software as a medical device (SaMD) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Software As A Medical Device (SaMD) Market?
2. What is the CAGR expected in the Software As A Medical Device (SaMD) Market?
3. What Are the Key Innovations Transforming the Software As A Medical Device (SaMD) Industry?
4. Which Region Is Leading the Software As A Medical Device (SaMD) Market?
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