The Software as a Medical Device (SaMD) market size is projected to grow at a CAGR of 69.30% during the forecast period of 2019-2026. Software as a Medical Device (SaMD), according to the definition by the International Medical Device Regulators Forum (IMDRF) is “software intended to be used for one or more medical purposes that perform these purposes without being part of a hardware medical device”. It is software, which performs one or more medical functions. The software performs the medical functions. The software intends to treat diagnose, cure, mitigate or prevent diseases. SaMD is largely used with non-medical computing platforms connected to virtual networks or other general-use hardware. The Software as a Medical Device market is projected to witness staggering growth during the forecast period owing to the rapid product launches and rising adoption of the Internet of Things (IoT) and connected devices in the healthcare sector. Furthermore, ease in regulations for the certification of the SaMD will further boost the market. Additionally, rising investments by the companies for SaMD will provide ample opportunities for the market players to flourish during the given forecast period.
The emergence of the Internet of Things (IoT) has largely impacted the healthcare development sector. IoT has integrated the conversion of digital platforms into medical devices which have resulted in making the devices more beneficial for all levels of treatment, such as in-patient treatment to population health condition monitoring. There have been recent investments in the healthcare sector in IoT and software development owing to the several advantages they offer. According to Forbes, nearly 87% of healthcare organizations across the globe have adopted IoT services by 2019. Moreover, several laws have been enacted and implemented across the globe, which is further expected to drive the market growth of the SaMD during the forecast period. For instance, the Health Information Technology for Economic and Clinical Health (HITECH) Act, 2009 was implemented in North America, to promote the adoption and meaningful use of health information technology. Furthermore, SaMD software taps the consumer end by providing fertility application services. This software helps users control conception or deal with reproductive outcomes. Further, the software also allows a smartphone user to directly look at images from an MRI scan or a computer-aided detection software to provide image post-processing which helps to detect breast cancer. The multiple uses of software as a medical device in diverse applications are bound to expand the market growth in the years to come.
By device type, the PCs and Laptops segment dominates the market owing to their advanced computing capabilities and integration with advanced sensor technologies to provide higher efficiency and better performance. The growing number of product launches coupled with favouring regulatory policies is increasing the competition in the market, which is anticipated to propel the market growth opportunities for manufacturers and vendors in the coming years. Currently, new smart sensor laptops are changing the way users can work, in simple words, the combination of sensing technology and laptops/PCs can handle the computing capabilities of advanced healthcare applications and software to monitor daily activities. The growing adoption of smartphones for various applications in the healthcare industry is expected to drive the smartphone segment. By deployment, Cloud-based SaMD is projected to hold a significant share owing to the rising popularity and greater functionality and scope in comparison to on-premise-based devices. It is also anticipated to show multiple growth opportunities in the coming years owing to the increasing penetration of IoT in healthcare. Furthermore, cloud-based software also allows for accelerated performance on lower-tier hardware, which many healthcare technology giants are taking advantage of to develop high-performance devices through innovations and their research and development. For example, Singapore-based Biofourmis, recently received FDA clearance for its cloud-based AI software RhythmAnalytics, a part of its digital therapeutics program.
Geographically, North America is projected to hold the largest market share owing to several companies getting FDA clearances for their software coupled with the burgeoning investment in the healthcare industry by major countries such as the U.S. and Canada. The growth will be followed by Europe Middle East, and Africa, while the Asia Pacific is projected to grow with the highest compound annual growth rate (CAGR) over the forecast period of 2020-2025 owing to the growing demand for SaMD keeping in view the high geriatric population of Japan, in addition to the growing health awareness among individuals where the educated individuals of emerging economies such as China and India are keenly concerned about keeping track of their health management.
The increasing adoption of IoT in the healthcare sector coupled with the recent developments in regulations in the healthcare industry is expected to significantly influence the growth of the Software as a Medical Device market over the coming years. Some of the applications of IoT in healthcare include continuous monitoring of the blood pressure, heartbeat, body temperature, respiration rate, continuous collection of certain parameters in case of chronic illnesses, and providing remote assistance among other applications. Hence, the adoption of IoT in healthcare, globally will drive the market growth during the forecast period.
The privacy of health data of the patients such as their details, confidential information, family history, sensitive medical history, etc. may be at stake as a data breach is highly prevalent in the industry. There are no stringent laws for data privacy, which may make the users apprehensive about adopting the software as a medical device technology, this may, in turn, limit the overall growth of the market during the forecast period.
The Covid-19 pandemic resulted in a mass shortage of vacant beds in hospitals, worldwide. The patients suffering from chronic illness were advised against visiting hospitals physically for treatment due to the fear of being infected. This trend encouraged the aggressive use of software as a medical device across the globe, to ensure no patient suffers due to a shortage of healthcare infrastructure. Thus, the pandemic greatly accelerated the growth of the software as a medical device market.
Prominent/major key market players in the Software As A Medical Device Market include Arterys Inc., Qlarity Imaging LLC, Viz.ai, Inc., Imagen Technologies, Inc., Apple, Inc., iSchemaView, inc. (RAPID), IDx Technologies Inc., MaxQ AI, Ltd. Greenfinch Technology, Siemens Healthineers AG, and Koninklijke Philips N.V.. The players in the Software As A Medical Device Market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. For Instance, In December 2020 MaxQ AI, Ltd. launched a second-generation ACCIPIO clinical platform for the healthcare industry to enhance physicians provide “smarter care” with enhanced clinical workflow. In addition, in May 2020, Arterys Inc. raised $28 million to accelerate the delivery of medical artificial intelligence to practices around the world. They received the seventh USA FDA clearance, in the latest round of Series C investment from a syndicate led by Benslie Investment Group and Temasek Holdings, with participation by Fosun, Revelation Partners, Emergent Medical Partners, and Varian Medical Systems. Major market players in the market have been covered along with their relative competitive strategies in this report and the report mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the Software As A Medical Device Market.
|Growth Rate||CAGR of 69.30% during the forecast period|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Device Type, Diagnostic, Deployment, And Geography|
|Regions covered||North America, South America, Europe, Middle East, and Africa, Asia Pacific|
|Companies covered||Arterys Inc., Qlarity Imaging LLC, Viz.ai, Inc, Imagen Technologies, Apple, Inc., iSchema View, inc. (RAPID), IDx Technologies Inc., MaxQ AI, Ltd., Greenfinch, Siemens Healthineers AG, Koninklijke Philips N.V.|
|Customization scope||Free report customization with purchase|
By Device Type
By Deployment Method
Europe Middle East and Africa
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the software as a medical device market?
A1. The software as a Medical Device (SaMD) Market is projected to grow at a CAGR of 69.30% during the forecast period of 2019-2026.
Q2. Who are the major players in the software as a medical device market?
A2. Prominent/major key market players in the Software As A Medical Device Market include Arterys Inc., Qlarity Imaging LLC, Viz.ai, Inc., Imagen Technologies, Inc., Apple, Inc., iSchemaView, inc. (RAPID), among others.
Q3. How is the software as a medical device market segmented?
A3. The software as a medical device market is segmented on the basis of device type, application, deployment, and geography.
Q4. What factors are anticipated to drive the software as a medical device market growth?
A4. The software as a medical device market is projected to witness staggering growth during the forecast period owing to the rapid product launches and rising adoption of the Internet of Things (IoT) and connected devices in the healthcare sector.
Q5. Which region holds the largest market share in the software as a medical device market?
A5. Geographically, North America is projected to hold the largest share in the software as a medical device market owing to several companies getting FDA clearances for their software coupled with the burgeoning investment in the healthcare industry.
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Software As A Medical Device Market Analysis, By Device Type
5.4. Wearable Device
6. Software As A Medical Device Market Analysis, By Application
6.3. Clinical Management
7. Software As A Medical Device Market Analysis, By Deployment Method
8. Software As A Medical Device Market Analysis, By Geography
8.2.1. United States
8.3. Europe Middle East and Africa
8.3.1. United Kingdom
8.4. Asia Pacific
9. Competitive Intelligence
9.1. Competitive Benchmarking and Analysis
9.2. Recent Investment and Deals
9.3. Strategies of Key Players
10. Company Profiles
10.1. Arterys Inc.
10.2. Qlarity Imaging LLC
10.3. Viz.ai, Inc
10.4. Imagen Technologies
10.5. Apple, Inc.
10.6. iSchemaView, inc. (RAPID)
10.7. Digital Diagnostics Inc.
10.8. MaxQ AI, Ltd.
10.9. Greenfinch Technology
10.10. Siemens Healthineers AG
10.11. Koninklijke Philips N.V.
Qlarity Imaging LLC
Imagen Technologies, Inc.
Digital Diagnostics Inc.
MaxQ AI, Ltd.
Siemens Healthineers AG
Koninklijke Philips N.V
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