PUBLISHER: The Business Research Company | PRODUCT CODE: 1368287
PUBLISHER: The Business Research Company | PRODUCT CODE: 1368287
“(SaMD) Software As A Medical Device Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on (samd) software as a medical device market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for (samd) software as a medical device? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The (samd) software as a medical device market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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.
The global software as a medical device (SaMD) market is expected to grow from $19.38 billion in 2022 to $24.29 billion in 2023 at a compound annual growth rate (CAGR) of 25.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The software as a medical device (SaMD) market is expected to reach $59.21 billion in 2027 at a CAGR of 24.9%.
The SaMD (software as a medical device) market consists of revenues earned by entities by providing diagnostic assistance, treatment planning and guidance, monitoring and remote patient management services. The market value includes the value of related goods sold by the service provider or included within the service offering. The SaMD (software as a medical device) market also includes sales of clinical decision support systems, digital diagnostics and screening tools, personal health and wellness apps, radiology imaging software, and diabetic management apps, which are used in providing SaMD (software as a medical device) services. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Software as a medical device (SaMD) refers to software-designed devices intended to be used for medical purposes without needing a physical medical device. It is a term used to classify software applications or programs that have a medical function and are used in diagnosing, treating, or monitoring medical conditions.
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 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.
The main types of devices in (SaMD) software as a medical device are wearable device, PCs and laptop and smartphone and tablets. Wearable devices refer to a piece of electronic equipment used within the human body that communicates with other equipment to send or gather data. It includes cloud-based and on-premise deployments. These are used for several applications, including diagnostic and clinical management.
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.
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.
In June 2022, Greenlight Guru, a US-based software company, acquired Smart-Trial for an undisclosed amount. Through this acquisition, Greenlight Guru aims to expand its offerings, enhance its capabilities, increase its market reach, and generate additional revenue. Smart-Trial is a Denmark-based software company that designs software for medical devices.
The countries covered in the SaMD (software as a medical device) market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The (SaMD) software as a medical device market research report is one of a series of new reports from The Business Research Company that provides (SaMD) software as a medical device market statistics, including (SaMD) software as a medical device industry global market size, regional shares, competitors with a (SaMD) software as a medical device market share, detailed (SaMD) software as a medical device market segments, market trends and opportunities, and any further data you may need to thrive in the (SaMD) software as a medical device industry. This (SaMD) software as a medical device market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.