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According to The Business Research Company’s report, the global market for Software as a Medical Device (SaMD) is poised to increase from $19.38 billion in 2022 to $24.29 billion in 2023, reflecting a robust 25.3% compound annual growth rate (CAGR). Anticipated continued growth is expected to result in a market size of $59.21 billion by 2027, driven by a 24.9% CAGR.

What was the major driver in the (SaMD) software as a medical device market?
The rising adoption of IoT in the healthcare sector is expected to propel the growth of the SaMD (Software as a medical device) 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. And 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 SaMD (Software as a Medical Device) market.

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What was the key trend in the (SaMD) software as a medical device 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.

Which was the largest region in the (SaMD) software as a medical device market?
North America was the largest region in the software as a medical device (SaMD) market in 2022. Asia-Pacific is expected to be the fastest-growing region in the software as a medical device (samd) market during the forecast period. The regions covered in SaMD (software as a medical device) report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Who are the (SaMD) software as a medical device market prominent players?
Major players in the software as a medical device (samd) market 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., and IDx Technologies Inc.

Key (SaMD) software as a medical device market segments
The global (SaMD) software as a medical device market 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

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The (SaMD) Software As A Medical Device Global Market Report 2023  provides a comprehensive overview on the (SaMD) software as a medical device market size, trends and drivers, opportunities, strategies, and companies analysis. Through our reports businesses can effectively analyze data and frame well-informed strategies

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