Software as a Medical Device Market to Surpass US$ 5.4 Billion by 2032 as Integration of Internet of Things in Healthcare Sector Surges
AI-Based Software as a Medical Device to Register Over 35% CAGR through 2022 & Beyond
The latest report on the software as a medical device market conducted by Fact.MR uncovers critical trends and opportunities across various key segments in terms of device type, software technology, application, and region between 2022 and 2032. The report emphasizes on providing exclusive insights into the market to assist key players in making well-knitted strategies to gain a competitive edge.
NEW YORK, Oct. 25, 2022 /PRNewswire/ -- The global software as a medical device (SaMD) market is expected to reach US$ 1.1 billion in 2022, registering 16.7% CAGR during the forecast period (2022-2032). Sales in the market are projected to surpass US$ 5.4 billion by 2032 as integration of artificial intelligence, and advanced technology is surging in healthcare sector.
Increasing use of Internet of things (IoT) in the healthcare industry and government efforts to improve the infrastructure are likely to drive the growth in software as a medical device market. Further, monitoring blood pressure, respiration rate, continual collecting of particular metrics in case of chronic conditions, and offering remote support are some of the functions of IoT in healthcare. As a result, the adoption of IoT in the healthcare industry will boost the expansion over the forecast period.
Software as a medical device enhances the effectiveness of medical devices and existing treatment programs, resulting in faster and higher-quality data collection and improved health outcomes. As these solutions are faster and less expensive to upgrade than hardware solutions, the demand in the U.S., the U.K., and other developed regions is expected to surge.
Ability to easily seek user input on host devices also contributes to shorter market time, faster product revisions, and faster innovation. As a result, the benefits provided by these solutions are projected to propel the growth in software as a medical device market over the decade.
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Regionally, Asia Pacific software as a medical device market will witness significant growth as a result of quick regulatory changes in medical devices and favorable policies across China and India. Furthermore, adequate government rules for developers regarding the design of diagnostics and medical devices are expected to boost the market.
The market for software as a medical device was dominated by PCs and laptops, in terms of device type. The segment is likely to maintain its dominance during the projection period due to technological advancements in laptop designs that enable the installation of smart sensors, which is transforming the compatibility between these devices and the SaMD.
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To maintain their position, key players in the software as a medical device market are adopting organic growth techniques such as new developments and launches. Players in the market are focusing on increasing their capacity as well as their worldwide presence, employing both organic and inorganic growth strategies including acquisitions and partnerships.
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More Valuable Insights on Software as a Medical Device Market
In the latest study, Fact.MR offers a detailed study on global software as a medical device market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of software as a medical device through detailed segmentation as follows:
By Device Type:
By Software Technology:
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