The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s (SaMD) Software As A Medical Device Global Market Report 2024, the (SaMD) software as a medical device market is expected to show significant growth in the forecast period.

The (SaMD) software as a medical device market size has witnessed exponential growth, surging from $24.29 billion in 2023 to $30.4 billion in 2024 at a compound annual growth rate (CAGR) of 25.2%. This growth can be attributed to various factors:

• Globalization and increased market complexities
• Shared research and development costs
• Rising sustainability goals

Future Growth Projections

Anticipated to reach $74.86 billion by 2028 with a CAGR of 25.3%, the forecasted growth of the SaMD market is influenced by:

• Regulatory changes
• Cybersecurity concerns
• AI and data analytics integration
• Global health crisis responses
• Blockchain adoption for trust and transparency

View More On The (SaMD) Software As A Medical Device Market Report 2024 – https://www.thebusinessresearchcompany.com/report/samd-software-as-a-medical-device-global-market-report

IoT Revolutionizes SaMD Market Through Enhanced Remote Patient Monitoring And Telemedicine Adoption

IoT in Healthcare

The integration of IoT in healthcare is poised to drive SaMD market growth significantly. IoT facilitates enhanced remote patient monitoring and telemedicine adoption, revolutionizing healthcare delivery through:

• Connected devices and sensors for remote health monitoring
• Proactive interventions and individualized care
• Improved patient outcomes and privacy enhancement

Market Insights

• Remote patient monitoring gaining popularity: 80% of Americans favored its use in 2021.
• Telemedicine uptake: 37.0% utilization rate in 2021, with higher prevalence among women.

Leading Companies

Major players in the SaMD market include Apple Inc., McKesson Corporation, Thermo Fisher Scientific Inc., and others.

AI-Powered Software Gain Traction in the Market

AI in SaMD Market

AI-powered software emerges as a significant trend, with companies developing innovative solutions to maintain market dominance. For instance:

• Genomic Vision launched FiberSmart, an AI-powered software for DNA analysis.
• Features include automated detection, user-friendly interface, and scalability.

Strategic Acquisitions

In June 2022, Greenlight Guru acquired Smart-Trial, bolstering its capabilities in the medical device software landscape.

Market Segmentation and Regional Outlook

Segmentation

The SaMD market is segmented based on device type, deployment method, and application:

• Device Types: Wearable Devices, PCs and Laptops, Smartphone and Tablets
• Deployment Methods: Cloud-Based, On-Premise
• Applications: Diagnostic, Clinical Management

Regional Landscape

• North America led the SaMD market in 2023.
• Asia-Pacific is projected to witness the fastest growth in the forecast period.

Conclusion: Riding the Waves of Technological Advancements

The SaMD market’s exponential growth trajectory is underpinned by technological advancements, regulatory changes, and evolving consumer preferences. As IoT and AI continue to reshape healthcare delivery, companies must innovate and collaborate to seize emerging opportunities and address evolving challenges in this dynamic landscape. With strategic partnerships, technological innovation, and a focus on regulatory compliance, players in the SaMD market can navigate the complexities and capitalize on the immense growth potential offered by the convergence of technology and healthcare.

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