Software as a Medical Device Market Size was valued at USD 1.8 Billion in 2022. The Software as a Medical Device Market industry is projected to grow from USD 2.1 Billion in 2023 to USD 7.68 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 17.50% during the forecast period (2023 - 2032). Advancements in artificial intelligence and machine learning technologies, the increasing prevalence of chronic diseases the growing demand for remote healthcare solutions, and Regulatory initiatives promoting digital health innovation are expected to be significant market drivers for the Software as a Medical Device (SaMD) Market.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Siemens Healthcare: To improve the performance of its SaMD, Siemens is incorporating artificial intelligence (AI) into medical imaging and diagnostics. Siemens continues to spearhead developments in AI's role in improving medical imaging outcomes, increasing healthcare accessibility, and developing AI-powered diagnostic tools through partnerships.
iSchemaView: iSchemaView continues to develop next-gen, AI-powered stroke imaging systems to enhance diagnostic imaging, decision-making, and patient treatment pathways, improving outcomes in acute stroke care
Market CAGR for software as a medical device (SaMD) is being driven by the rising adoption of IoT in healthcare and the increasing investments in IoT. The applications of the Internet of Things (IoT) in healthcare encompass continuous monitoring of vital signs such as blood pressure, heartbeat, body temperature, and respiration rate. It involves the ongoing collection of specific parameters, especially for chronic illnesses, and provides remote assistance.
The increasing prevalence of chronic diseases on a global scale and the growing elderly population with age-associated disorders, particularly in remote patient monitoring, are key drivers for the adoption of these IoT devices, contributing to market growth. Moreover, sustained investments in IoT are fostering innovations in healthcare, including advancements in AI and big data analytics, significantly influencing the expansion of the global Software as a Medical Device market.
As consumer preferences shift towards advanced wearables, the popularity of connected devices in healthcare is on the rise, fueled by an increase in disposable income worldwide. Governments across the globe are increasingly endorsing the integration of Internet of Things (IoT) technologies into healthcare management.
For instance, the U.S. Department of Health and Human Services (HHS) has exemplified this commitment through the procurement of Salesforce Service Cloud for Customer Support, MicroStrategy Platform Analytics for Analytics and BI, and Salesforce Sales Cloud for Sales Automation, CRM, and Sales Engagement. These strategic investments and the active involvement of relevant IT decision-makers and stakeholders underscore a collective effort to harness the potential of IoT in enhancing healthcare operations and service delivery.
As a result, it is anticipated that throughout the projection period, demand for the Software as a Medical Device (SaMD) Market will increase due to the rising adoption of IoT in healthcare and the increasing investments in IoT. Thus, driving the Software as a Medical Device (SaMD) Market revenue.
The Software as a Medical Device (SaMD) Market segmentation, based on Product Types includes Cloud-based and On-Premise. The cloud-based segment dominated the market, accounting for 58% of market revenue (1.0 Billion). The scalability and flexibility inherent in cloud computing empower healthcare organizations to align their infrastructure with evolving needs. This adaptability proves crucial in effectively managing the escalating volumes of medical data generated by software as a medical device market applications. As the demand for SaMD solutions rises, cloud-based platforms effortlessly accommodate larger datasets and heightened computational requirements.
The Software as a Medical Device (SaMD) Market segmentation, based on Application includes Screening and Diagnosis, Monitoring and Alerting, and Chronic Disease Management. The screening and diagnosis segment dominated the market, accounting for 58% of market revenue (1.0 Billion). Screening and diagnostic SaMD tools are strategically designed to identify abnormalities and potential health issues in their early stages. This proactive approach empowers healthcare professionals to intervene swiftly. Early detection not only contributes to the formulation of more effective treatment strategies and improved patient outcomes but also holds the potential for substantial cost savings over time by preventing the progression of diseases.
Figure 1: Software as a Medical Device (SaMD) Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The anticipated expansion of the Software as a Medical Device (SaMD) market in North America can be attributed to several key factors. A substantial increase in healthcare spending is a key driver for revenue growth in the regional market. The cost of delivering healthcare has risen significantly in recent decades, driven by factors such as escalating health insurance premiums, a growing demand for high-quality healthcare services, an aging population, and a rising incidence of chronic diseases in North America.
Moreover, factors like patient readmissions, medical errors, and administrative expenses contribute to the overall surge in healthcare expenditure. To address this challenge, North American governments and healthcare systems are focusing on cost-reduction strategies through the effective utilization of healthcare IT solutions. Successful implementation and adoption of these solutions are anticipated to result in substantial savings for healthcare systems. This includes potential savings in the billions of dollars achieved through improved workflow efficiency, enhanced care coordination, and reductions in labor costs and compliance risks.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Software As A Medical Device (SaMD) Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Software as a Medical Device (SaMD) Market accounts for the second-largest market share as Energy consumption trends within the industrial sector of the Organization for Economic Cooperation and Development (OECD) Europe are significantly shaped by energy and environmental policies. Aligned with the Europe 2020 strategy, which encompasses EU energy and climate policies aimed at reducing greenhouse gas emissions, there is notable growth in the industrial sector and the energy and utility industry in this region. This expansion is driving an increased adoption of Internet of Things (IoT) technologies.
As the industrial landscape embraces IoT, concerns around the security of IoT devices become paramount, given their recognized vulnerabilities. This has positioned IoT security as a crucial element within corporate cybersecurity strategies. To address potential risks, IoT gateways featuring integrated security functions are employed to establish a protective perimeter. Additionally, conducting a firmware audit of IoT devices is recommended as an effective method for identifying low-level IoT security vulnerabilities and ensuring a robust cybersecurity posture. Further, the German Software as a Medical Device (SaMD) Market held the largest market share, and the UK Software as a Medical Device (SaMD) Market was the fastest-growing market in the European region
The Asia-Pacific Software as a Medical Device (SaMD) Market is expected to grow at the fastest CAGR from 2023 to 2032. The growth in revenue of the Software as a Medical Device (SaMD) market in the Asia Pacific can be attributed to the ongoing enhancement of healthcare infrastructure and the surge in the number of healthcare startups in the region. The anticipated implementation of the National Digital Health Mission (NDHM) is expected to play a pivotal role in progressively digitizing healthcare technology providers, particularly health-tech companies. Currently, patient data is dispersed across various healthcare organizations, including hospitals and diagnostic labs.
The NDHM aims to tackle this issue by establishing a framework for healthcare data interoperability. This initiative will empower patients to maintain, access, and exchange standardized digital health records with all stakeholders, fostering seamless care and expediting insurance claim payouts. The NDHM's open digital infrastructure, built on patient agreement, is poised to simplify the process for companies to develop innovations with a patient-centric focus. This includes the ability to offer customized advice for managing chronic care or developing machine learning models using anonymized patient data. Moreover, China’s Software as a Medical Device (SaMD) Market held the largest market share, and the Indian Software as a Medical Device (SaMD) Market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the Software as a Medical Device (SaMD) market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Software as a Medical Device (SaMD) industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Software as a Medical Device (SaMD) industry to benefit clients and increase the market sector. In recent years, the Software as a Medical Device (SaMD) industry has offered some of the most significant advantages to the healthcare sector. Major players in the Software as a Medical Device (SaMD) Market, including MindMaze, Siemens Healthcare, Biofouris, Digital Diagnostics, S3 Connected Health, BrightInsight, Arterys, Medtronic, Viz.AI., and iSchemaView are attempting to increase market demand by investing in research and development operations.
Siemens Healthineers AG, a subsidiary of Siemens AG, is a leading medical technology company specializing in the design, development, manufacturing, and distribution of diagnostic imaging systems, clinical and workflow solutions, and equipment for minimally invasive procedures. The company's extensive product portfolio includes molecular imaging systems, X-ray products, ultrasound systems, computed tomography systems, magnetic resonance imaging systems, testing systems, point-of-care (POC) testing systems, mobile C-arms, hybrid ORs, and angiography systems.
Siemens Healthineers also provides enterprise and digital services. Catering to a diverse clientele that includes healthcare providers, laboratories, clinics, hospitals, physicians, public health agencies, universities, insurers, pharmaceutical companies, and clinical research institutes, Siemens Healthineers operates globally, spanning Europe, the Americas, the Middle East, Africa, and the Asia-Pacific region. The company is headquartered in Erlangen, Germany.
Established in 2012, MindMaze is a global leader in brain technology, dedicated to advancing humanity's capacity for recovery, learning, and adaptation. With over a decade of expertise at the convergence of neuroscience, biosensing, engineering, mixed reality, and artificial intelligence, the company has significantly improved the recovery prospects for patients dealing with neurological diseases. MindMaze focuses on the development of FDA-cleared and CE-marked digital therapeutics, leveraging top-tier motion analytics, AI, and cloud technologies.
The objective is to establish a universal platform for brain health. Beyond the healthcare sector, MindMaze Labs serves as the innovative research and development arm, aiming to integrate groundbreaking neuroscience into everyday life. Through harnessing the potential of the brain, the company's neurotechnology endeavors to empower the evolution of human-machine interfaces for the next generation.
March 2020: In March 2020, Biofourmis, a leading digital therapeutics company based in Boston, secured $100 million in funding to advance, commercialize, and broaden its AI-powered therapeutics platform.
November 2021: In November 2021, healthcare startup HoneyNaps unveiled the introduction of "SOMNUM," a medical software designed to diagnose, predict, and prevent diseases by autonomously analyzing data gathered through Polysomnography using artificial intelligence algorithms.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 1.8 Billion |
| Market Size 2023 | USD 2.1 Billion |
| Market Size 2032 | USD 7.68 Billion |
| Compound Annual Growth Rate (CAGR) | 17.50% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Types, Applications, and Regions |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | MindMaze, Siemens Healthcare, Biofouris, Digital Diagnostics, S3 Connected Health, BrightInsight, Arterys, Medtronic, Viz.AI., and iSchemaView |
| Key Market Opportunities | Increasing investments in MedTech companies to develop SaMD |
| Key Market Dynamics | Increasing AI-assisted image aid diagnosis of diseases |
Frequently Asked Questions (FAQ) :
The Software as A Medical Device (SaMD) Market size was valued at USD 1.8 Billion in 2022.
The Software as A Medical Device (SaMD) Market is projected to grow at a CAGR of 17.50% during the forecast period, 2023-2032.
North America had the largest share of the global market
The key players in the market are MindMaze, Siemens Healthcare, Biofouris, Digital Diagnostics, S3 Connected Health, BrightInsight, Arterys, Medtronic, Viz.AI., and iSchemaView
The Cloud-based segment dominated the market in 2022.
The Screening and Diagnosis segment had the largest share in the global market.
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Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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