Software as a Medical Devices (SaMD) Market Will Grow at a CAGR of 69.3% by 2029 | Recent Development, Growth Drivers, Competitive Intelligence, and Company Profile Analysis 2022

November 03 17:13 2022
Software as a Medical Devices (SaMD) Market Will Grow at a CAGR of 69.3% by 2029 | Recent Development, Growth Drivers, Competitive Intelligence, and Company Profile Analysis 2022
Software as a Medical Devices (SaMD) Market
North America is projected to hold the largest market share owing to several companies getting FDA clearances for their software coupled with the burgeoning investment in the healthcare industry by major countries such as the U.S. and Canada. For Instant, in May 2020, Arterys Inc. raised $28 million to accelerate the delivery of artificial medical intelligence to practices worldwide.

Software as a Medical Devices (SaMD) Market Overview:

DataM Intelligence published a business research report on the Software as a Medical Devices (SaMD) Market by Device Type, By Application, By Deployment Method, and By Region – Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts for 2022–2029. Software as a Medical Devices (SaMD) Market report with 110+ market data Tables, Pie Chat, Graphs, and Figures spread concluded Pages and easy to comprehend complete analysis. The data is collected based on modern floats and requests acknowledged with the administrations and items.

The Software as a Medical Devices (SaMD) Market study comprises historic data, current market trends, environment, technological innovation, upcoming technologies, and the technical progress in the correlated industry. The autoinjectors research report offers a complete, proficient report delivering market research information that is related to new market entrants or set up players. Key strategies of the companies operating in the market and their effect analysis have been comprised in the full report.

According to the Study conducted by DataM Intelligence, the global Software as a Medical Devices (SaMD) Market size is projected to reach a decent value in billion USD by the end of 2029, with growth at a CAGR of 69.3% During the forecast period 2022-2029.

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Software as a Medical Devices (SaMD) Market Growth Drivers Analysis:

The software as a medical devices market growth is driven by the rapid product launches and rising adoption of the Internet of Things (IoT) and connected devices in the healthcare sector. Moreover, ease in regulations for the certification of the SaMD will further boost the market. Additionally, rising investments by the companies for SaMD will allow market players to flourish during the forecast period.

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.

COVID-19 Impact on the Software as a Medical Devices (SaMD) Market

The Covid-19 pandemic resulted in a huge shortage of vacant beds in hospitals worldwide. The patients suffering from chronic illness were advised against visiting hospitals physically for treatment due to the fear of being infected. This trend encouraged the aggressive use of software as a medical device across the globe to ensure no patient suffers due to a shortage of healthcare infrastructure. Thus, the pandemic greatly accelerated the growth of software as a medical device market.

Software as a Medical Devices (SaMD) Market Segmentation Analysis

By Device Type: Wearable Device, PCs/Laptop, and Smartphones/tablets)

By Application: Diagnostic, and Clinical Management

The diagnostic segment accounts for the largest market share, owing to the uncertain risk of heart stroke with a sedentary lifestyle that has offered demand for wearable medical devices. Along with increasing disease prevalence, advancements in cardiac disease diagnosis and management have provided immense growth opportunities. Healthcare professionals are also adopting wearable technologies to remotely monitor patients’ heart health and offer on-time treatment with early abnormalities.

By Deployment Method: Cloud-based, and On-Premise

Based on Geography the global market is divided into

  • North America
  • Asia Pacific
  • Europe
  • South America
  • Middle East and Africa

North America Software as a Medical Devices (SaMD) Market

North America is projected to hold the largest market share owing to several companies getting FDA clearances for their software coupled with the burgeoning investment in the healthcare industry by major countries such as the U.S. and Canada. For instance, in July 2020, Channel Medsystems announced that it had obtained FDA clearance for its next-generation Cerenecryotherapy product to treat menstrual bleeding.

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Competitive Landscape and Key Companies Profiled in the Global Software as a Medical Devices (SaMD) Market:

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.

Table of Content – Fetal and Neonatal Monitoring Devices Market

1)      Methodology and Scope

  1. Research Methodology
  2. Research Objective and Scope of the Report

2)      Market Definition and Overview

3)      Executive Summary

4)      Global Dynamics

5)      Industry Analysis

6)      By Device Type

7)      By Application

8)      By Deployment Method

9)      By Region

10)  Competitive Landscape

11)  Company Profiles

12)  Appendix

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