The Software as a Medical Device (SaMD) market is projected to grow at a CAGR of 85.41% during the forecast period of 2019-2025. SaMD is software intended to be used for one or more medical purposes without being part of a hardware medical device. 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 market. 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 during the given forecast period.
By device type, the software as a medical device (SaMD) market is segmented as PCs/laptop, smart phone/tablets and wearable device. The growing adoption of smart phones for various applications in the healthcare industry is expected to drive the smart phone segment of the market.
By deployment, the software as a medical device market is segmented as cloud and on-premise. 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 geography, the Software as a medical device (SAMD) market has been segmented into Americas, Europe Middle East and Africa, and the Asia Pacific. Americas is estimated to hold a major share in the market 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 software as a medical (SaMD) market has been analyzed through the following segments:
By Device Type
Europe Middle and Africa