What Fueled The Previous Growth In The Software As A Medical Device (SaMD) Market?
The software as a medical device (samd) market has seen considerable growth due to a variety of factors.
•In recent times, there has been a significant expansion in the size of the Software as a Medical Device (SaMD) market. Projected growth shows an increase from $29802.38 billion in 2024 to $36884.09 billion in 2025, representing a compound annual growth rate (CAGR) of 23.8%.
Factors such as globalization, increasing complexity of obstacles, market variables, pooled research and development expenditures, and sustainability objectives can be credited for the growth observed in the historical period.
What Is The Expected Growth In The Software As A Medical Device (SaMD) Market Size?
The software as a medical device (samd) market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the Software as a Medical Device (SaMD) market is anticipated to experience significant growth, anticipated to expand to $84269.39 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 22.9%.
Factors driving growth in the prediction period include regulatory alterations, cybersecurity issues, use of AI and data analytics, responses to worldwide health emergencies, and blockchain integration for enhanced trust and transparency. The prediction period is also expected to see major trends such as partnerships within the ecosystem, fast-paced technological obsolescence, digital transformation, the advent of new technologies, an imperative need for innovation, and advances in technology.
What Are the Critical Driver Fuelling the Software As A Medical Device (SaMD) Market's Growth?
The software as a medical device (SaMD) market is experiencing a surge due to the increase of IoT utilization within the healthcare industry. This term refers to software and medical equipment capable of interacting with online computer networks to reach healthcare IT systems. Part of its strategic usage in healthcare involves remote patient monitoring, which leverages connected devices and sensors to oversee patients’ health and gather data from a distance. IoT-driven telemedicine is an emerging technology being combined in the healthcare sphere that offers a revolutionary approach to providing healthcare, introducing preventive measures, personalized care, improved patient results, and increased privacy. According to Medicon Publications, an American international publisher with open-access journals, in May 2023, it was reported that 80% of Americans supported the use of remote patient monitoring in 2021, and it’s expected that 30 million patients in the United States will be relying on remote patient monitoring technologies and services by 2024. Accordingly, the software as a medical device (SaMD) market is being fueled by the increasing integration of IoT within the healthcare industry.
How Is the Software As A Medical Device (SaMD) Market segmented?
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 New Trends Are Influencing the Software As A Medical Device (SaMD) Market?
The increasing prominence of AI-embedded software is a significant trend within the Software as a Medical Device (SaMD) market. Key players in this industry are actively pursuing the design of cutting-edge AI software to maintain their market stance. For instance, Genomic Vision, a biotech firm based in France, introduced an AI-imbued software dubbed FiberSmart in May 2023. This novel software is engineered for the automated detection and measurement of fluorescent signals on combed DNA molecules. It has applications in analyzing the kinetics of DNA replication, the biological mechanism of copying DNA. This software enables the arrangement and isolation of DNA molecules, thus simplifying the detection and quantification of fluorescent signals. The key features include AI-based detection and measurement, user-friendly interface and is both adaptable and scalable. A major advantage is its compatibility with Genomic Vision's scanner suite and its successful testing and validation.
Who Are the Key Players in the Software As A Medical Device (SaMD) Market?
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 Is The Most Dominant Region In The Software As A Medical Device (SaMD) Market?
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
