Software as a Medical Device Market Projected to Grow at a CAGR of 85.41% During the Forecast Period of 2019-2025

Introduction

SaMD is software intended to be used for one or more medical purposes without being part of a hardware medical device. For instance, the software used to show images from an MRI on phone is SaMD but the software which enables MRI will not be considered as a SaMD. They have several applications in the medical sector such as diagnosis, disease prevention, treatment, and modernizing care. SaMD helps in faster discovery, management, and treatment of a wide range of medical problems. 

According to industry research, software as a service market is segmented by device type, deployment, application, and geography. By device type, the market is segmented into PCs/laptops, smartphones/tablets, and wearable devices. By deployment, the market is segmented into the cloud and on-premise. By application, the market is segmented into screening and diagnosis, monitoring and alerting, chronic condition and disease management, and digital therapeutics.

Drivers and restraints of Software as a Medical Device Market

The Software as a Medical Device market is projected to witness a staggering growth during the forecast period owing to the rapid product launches and rising adoption of IoT in healthcare. Furthermore, ease in regulations for the certification of the SaMD will further boost the software as a medical device market growth. However, concerns regarding the privacy of the health data of the user might restrain the market during the given forecast period. Additionally, rising investments by the companies for SaMD will provide ample opportunities for the market players to flourish and further increase the software as a medical device market size.

Market Segmentation

Geographically, North America is estimated to hold a significant share of global software as a medical device market share. The market share is projected on account of a number of companies getting FDA clearance on their software as a medical device. This coupled with the burgeoning investment in the healthcare industry by major countries like the U.S.A. and Canada is further propelling the SaMD market growth in the region.

The growing adoption of smartphones for various applications in the healthcare industry is expected to drive the smartphone segment of the device type segmentation. By deployment, cloud-based SaMDs are projected to hold a significant share in the SaMD market owing to their rising popularity and greater functionality and scope in comparison to on premise-based devices. By application, the diagnosis system is expected to have a significant market share in the coming years. 

According to competitive intelligence, the software as a medical device market is fragmented with hundreds of manufacturers. The players are expanding globally to mirror their customers’ requirements. As a result, they are increasingly integrating with other players. The key players include Arterys Inc., Qlarity Imaging LLC, Imagen Technologies, Apple, Inc., iSchemaView, inc.(RAPID), MaxQ AI, Ltd., Greenfinch, Fitbit, Inc., Pear Therapeutics, Inc., SAMSUNG among others.

Key Questions Answered in This Report:

What are the key regions having a significant market share?

What are the drivers and restraints of the market?

Who are the key market players in the market?

What is the market segmentation of the software as a medical device market?

What are the applications of the market?