Pune, March 20, 2023 (GLOBE NEWSWIRE) -- Xcellent Insights announces the release of the recent report "Software as a Medical Device (SaMD) Market Report 2028: A Comprehensive Assessment of Growth Drivers, Challenges, Size, Share, Trends, Opportunities, and Competitive Landscape". The global Software as a Medical Device (SaMD) market size was USD 1049.15 million in 2021 and is expected to register a robust revenue CAGR of 38.78% during the forecast period. Key factors such as rapid advancements in medical technology, high penetration of internet, AI, cloud computing, and smart gadgets in the healthcare sector, and rising prevalence of various chronic and lifestyle-associated diseases are expected to drive global market growth during the forecast period.
Software as a medical device (SaMD) is a class of medical software used for one or more medical and non-medical purposes, without the software being a part of any hardware device. These range from software or applications intended to diagnose, treat, cure, and prevent disease. In recent years, the demand for SaMD has drastically increased with the increasing prevalence of chronic illnesses, rising patient admissions, and the need for advanced solutions to handle large data in all healthcare centers. SaMD software products serve different purposes which mostly include diagnosis, disease prevention, treatment, and modernizing care. In addition, it also supports sharing of health records, handling workflows, and storing huge medical data.
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Factors such as growing awareness about importance of SaMD, rising geriatric population, increasing product launches, growing demand for cost-effective healthcare services, improving healthcare infrastructure, and rising overall healthcare spending are expected to boost global market growth between 2023 and 2028.
However, high cost of software as a medical device, lack of cybersecurity and rising data breaching activities, low awareness about benefits of SaMD, and inadequate infrastructure and funds to deploy advanced software in many small to medium healthcare centers are some key factors that can hamper overall market growth to a certain extent during the forecast period.
Key Companies Operating in the Market:
- MindMaze
- Medtronic
- Viz. AI
- Siemens Healthcare
- iSchemaView
- Arterys
- Adherium
- Digital Diagnostics
- Allscripts
Software as a Medical Device (SaMD) Industry Recent Developments:
- In August 2021, Qualio announced the launch of Design Controls for medical devices and software as a medical device companies.
The global software as a medical device (SaMD) market has been segmented based on type, application, and region:
Market Segment by Type:
- Cloud-based
- On Premise
- Software as a Medical Device (SaMD)
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Screening and Diagnosis Segment to Register Rapid Revenue CAGR:
The screening and diagnosis segment is expected to register rapid revenue CAGR over the forecast period owing to rapid advancements in SaMD, rising need for identifying and diagnosis disease conditions, and high use of advanced SaMD capable of analyzing patients’ medical history and diagnostics data.
Market Segment by Application:
- Screening and Diagnosis
- Monitoring and Altering
- Chronic Disease Management
- Others
Cloud-based Segment to Account for Largest Revenue Share:
The cloud-based segment is expected to account for largest revenue share over the forecast period. This can be attributed to large patient base, rising need for deploying advanced software and solutions in healthcare centers to handle huge patient and diagnostics data, and high adoption of AI, cloud computing, and cloud-based software in medium to large-scale hospitals, clinics owing to its benefits such as hassle-free scalability and flexibility, and low IT costs.
Segment by Region:
- North America (USA, Canada, Mexico)
- Europe (Germany, France, UK, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, South Korea, India, Australia, Taiwan, Indonesia, Thailand, Malaysia, Philippines, Vietnam, Rest of Asia Pacific)
- South America (Brazil, Argentina, Columbia, Rest of South America)
- The Middle East & Africa (Turkey, Saudi Arabia, U.A.E, South Africa, Rest of MEA)
Asia Pacific to Register Robust Revenue Growth:
Asia Pacific market is expected to register robust revenue growth during the forecast period attributable to improving healthcare infrastructure, rising adoption of software as a medical device across healthcare centers, rising geriatric population, and increasing number of healthcare technology-based startups in the region.
Highlights of the Report:
- Estimates 2023 to 2028 software as a medical device (SaMD) market current market trends and development trends
- Market dynamics along with growth opportunities of the market in the years to come
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the Software as a Medical Device (SaMD) market
- Competitive landscape involving market share of the major players, new strategies and projects adopted by players in the last five years
- Comprehensive company profiles covering product offerings, key financial information, SWOT analysis and strategies employed by major market players
- Brief about impact of COVID-19 on the global Software as a Medical Device (SaMD) market
Key Questions Addressed in the Report:
- What revenue CAGR is the global market expected to register during the forecast period?
- Which key players are leading in the global software as a medical device (SaMD) market?
- What is the expected market size of the global software as a medical device (SaMD) market between 2023 and 2028?
- What factors are expected to open new growth avenues and opportunities for existing and emerging market players?
- What are some of the key challenges that the global market is expected to face during the forecast period?
- Which region is expected to account for largest revenue share over the forecast period?
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