Global Software as a Medical Device (SaMD) Market Report 2023: Rising adoption of IoT in Healthcare Drives Growth

DUBLIN, July 4, 2023 /PRNewswire/ -- The "Software as a Medical Device (SaMD) Market - Forecasts from 2023 to 2028" report has been added to  ResearchAndMarkets.com's offering.

The software as a medical device (SaMD) market is estimated to grow at a CAGR of 51.88% during the forecast period.

The software as a medical device (SaMD) market is estimated to grow exponentially during the forecast period. This growth can be attributed to the increasing demand for digital health solutions, driven by the need for remote patient monitoring and telehealth.

The COVID-19 pandemic has accelerated the adoption of virtual care, creating a conducive environment for SaMD applications. Regulatory bodies worldwide are recognizing the potential of SaMD and implementing initiatives to streamline the regulatory process. For instance, the FDA's Digital Health Pre-Cert Program aims to facilitate innovation and market access for SaMD.

Additionally, integrating artificial intelligence (AI) and machine learning algorithms in SaMD development has garnered attention. AI-powered SaMD systems have demonstrated impressive performance in various medical domains, including detecting skin cancer and analyzing medical imaging data.

These advancements in technology and regulatory support are driving the growth of the SaMD market, revolutionizing healthcare delivery, and paving the way for personalized, remote, and efficient patient care.

The software as a medical device market is expected to witness healthy growth over the forecast period with the growing adoption of IoT in healthcare. Some of the applications of IoT in healthcare include continuous monitoring of blood pressure, heartbeat, body temperature, respiration rate, an ongoing collection of certain parameters in case of chronic illnesses, and providing remote assistance, among other applications.

The growing adoption of these IoT devices is driven by the increasing prevalence of chronic diseases worldwide and the growing geriatric population suffering from various age-associated disorders, especially in remote monitoring of patients, fueling the market growth as well.

Additionally, the increasing investments in IoT are continuing to fuel the innovations in the field of healthcare, which include the innovations such as AI and big data analytics and are thus having a significant impact on fueling the growth of global software as a medical device market.

Furthermore, with the growing consumer preferences for sophisticated wearables, the popularity of connected devices in healthcare is increasing with the rise in customers' disposable income worldwide during the forecast period. Additionally, governments worldwide are increasingly embracing the integration of Internet of Things (IoT) technologies into healthcare management.

For example, the U.S. Department of Health and Human Services (HHS) has demonstrated this commitment by procuring Salesforce Service Cloud for Customer Support, MicroStrategy Platform Analytics for Analytics and BI, and Salesforce Sales Cloud for Sales Automation, CRM, and Sales Engagement. These investments and the active engagement of relevant IT decision-makers and key stakeholders reflect a concerted effort to leverage IoT's potential in enhancing healthcare operations and service delivery.

Companies Mentioned

• Arterys Inc
• Qlarity Imaging LLC
• Viz.AI, Inc
• Imagen Technologies
• Apple Inc
• Ischemaview Inc
• Digital Diagnostics Inc
• MaxQ AI, Ltd
• Greenfinch Technology
• Siemens Healthineers AG
• Koninklijke Philips N.V

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Key Findings
4. Market Dynamics
4.1. Segmentation
4.2. Drivers
4.2.1. Rising adoption of IoT in healthcare
4.2.2. Developments in regulations of Software as a Medical Device
4.2.3. Concerns regarding misdiagnosis in healthcare
4.3. Restraints
4.3.1. Concerns regarding data security and privacy
4.3.2. Strict regulatory procedures for the development and approval of medical devices
4.4. Market Opportunities
4.4.1. Innovations in healthcare
4.4.2. Growing trend of home healthcare
4.4.3. Rising investments by the market players
4.5. Porter's Five Forces Analysis
4.6. Product Pipeline
4.7. Industry Regulations
4.8. Life Cycle Analysis - Regional Snapshot
4.9. Market Attractiveness

5. Software as a Medical Device Market By Device Type
5.1. Introduction
5.2. PCs/Laptops
5.3. Smartphones/Tablets
5.4. Wearable Devices

6. Software as a Medical Device Market By Application
6.1. Introduction
6.1. Diagnostics
6.2. Clinical Management

7. Software as a Medical Device Market By Deployment
7.1. Introduction
7.1. Cloud
7.2. On-Premise

8. Software as a Medical Device Market By Geography

9. Competitive Environment And Analysis

10. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/hpcfql

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