The global software as a medical device (SaMD) market size is estimated to be USD 847.5 million in 2021 and is expected to witness a CAGR of 86.91% during the forecast period. Increasing application of artificial intelligence in diagnostic of chronic illness is a key driver for the growth of the global software as a medical device market. Additionally, the rising geriatric population, growing demand for cost-effective quality healthcare services, and government support for the treatment of chronic diseases are some of the other drivers propelling the market growth. However, the ambulatory regulatory policies and lack of awareness for technology are expected to restrain the global market growth.
Based on device, the market is segmented into smartphone, desktop/laptop, and wearable devices. In 2021, the desktop/laptop segment accounted for the significant revenue share with lucrative CAGR during the forecast period. This is attributed to the large application of desktop/laptop in healthcare sector worldwide. Wearable devices segment projected to grow at a profitable CAGR during the forecast period. This is attributed to convenient use, high adoption of digital devices and rising healthcare awareness among consumers.
Based on deployment, the market is categorized into on-premise and cloud-based. In 2021, the on-premise segment accounted for a significant revenue share due to increasing prevalence of infectious diseases, rising number of patient admission and growing investment by hospitals for AI integration, worldwide. The cloud-based segment is anticipated to grow at a lucrative CAGR during the forecast period, due to the rising R&D by biomedical & healthcare software companies.
Based on application, the market is categorized into clinical management and diagnostic. The diagnostic companies segment accounted for the highest revenue in 2021 and is projected to maintain its dominance over the forecast period. The rising prevalence of chronic diseases and outbreak during the COVID-19 pandemic is a key factor that drives the segment growth. The clinical management segment is anticipated to grow at a steady CAGR during the forecast period, due to the rising number of clinical researches worldwide.
In 2021, North America accounted for the highest revenue share in the global market and is expected to maintain its dominance during the forecast period. This is attributed to the presence of leading software companies in healthcare sector, high digital penetration, and supportive government policies in this region. Asia Pacific market is projected to exhibit the fastest CAGR over the forecast period owing to the strengthening economy, escalating demand for modern healthcare services, and growing consumer awareness for digital technology in healthcare sector in this region.Competitor Insights Some of the key players in the software as a medical device market are Viz.ai, Inc. (U.S.); Qlarity Imaging, LLC (U.S.); Arterys Inc. (U.S.); iSchemaView, Inc. (U.S.); Apple Inc. (U.S.); IDx Technologies, Inc. (U.S.); Imagen Technologies (U.S.); MaxQ AI (U.S.); Koninklijke Philips N.V. (Netherlands); and Siemens AG (Germany). The leading players operating in the software as a medical device industry are adopting various strategies including innovation in technology, R&D investments, collaborations, and regional expansions to capture a maximum revenue share.This exhaustive research report focuses on market size and forecast at global, segmental, regional and country level along with key market trends and dynamics from 2021 to 2029. The software as a medical device market report is categorized into the following segments and subsegments:
By Device
Based on device, the market is segmented into smartphone, desktop/laptop, and wearable devices. In 2021, the desktop/laptop segment accounted for the significant revenue share with lucrative CAGR during the forecast period. This is attributed to the large application of desktop/laptop in healthcare sector worldwide. Wearable devices segment projected to grow at a profitable CAGR during the forecast period. This is attributed to convenient use, high adoption of digital devices and rising healthcare awareness among consumers.
By Deployment
Based on deployment, the market is categorized into on-premise and cloud-based. In 2021, the on-premise segment accounted for a significant revenue share due to increasing prevalence of infectious diseases, rising number of patient admission and growing investment by hospitals for AI integration, worldwide. The cloud-based segment is anticipated to grow at a lucrative CAGR during the forecast period, due to the rising R&D by biomedical & healthcare software companies.
By Application
Based on application, the market is categorized into clinical management and diagnostic. The diagnostic companies segment accounted for the highest revenue in 2021 and is projected to maintain its dominance over the forecast period. The rising prevalence of chronic diseases and outbreak during the COVID-19 pandemic is a key factor that drives the segment growth. The clinical management segment is anticipated to grow at a steady CAGR during the forecast period, due to the rising number of clinical researches worldwide.
Regional Insights
In 2021, North America accounted for the highest revenue share in the global market and is expected to maintain its dominance during the forecast period. This is attributed to the presence of leading software companies in healthcare sector, high digital penetration, and supportive government policies in this region. Asia Pacific market is projected to exhibit the fastest CAGR over the forecast period owing to the strengthening economy, escalating demand for modern healthcare services, and growing consumer awareness for digital technology in healthcare sector in this region.Competitor Insights Some of the key players in the software as a medical device market are Viz.ai, Inc. (U.S.); Qlarity Imaging, LLC (U.S.); Arterys Inc. (U.S.); iSchemaView, Inc. (U.S.); Apple Inc. (U.S.); IDx Technologies, Inc. (U.S.); Imagen Technologies (U.S.); MaxQ AI (U.S.); Koninklijke Philips N.V. (Netherlands); and Siemens AG (Germany). The leading players operating in the software as a medical device industry are adopting various strategies including innovation in technology, R&D investments, collaborations, and regional expansions to capture a maximum revenue share.This exhaustive research report focuses on market size and forecast at global, segmental, regional and country level along with key market trends and dynamics from 2021 to 2029. The software as a medical device market report is categorized into the following segments and subsegments:
Software As A Medical Device Market, By Device (Revenue, USD Million, 2021 - 2029)
- Smartphone
- Desktop/Laptop
- Wearable Devices
Software As A Medical Device Market, By Deployment (Revenue, USD Million, 2021 - 2029)
- On-premise
- Cloud-based
Software As A Medical Device Market, By Application (Revenue, USD Million, 2021 - 2029)
- Clinical Management
- Diagnostic
Software As A Medical Device Market, By Region (Revenue, USD Million, 2021 - 2029)
North America
- U.S.
- Canada
Europe
- Germany
- France
- UK
- Spain
- Italy
- Russia
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of MEA
Table of Contents
1. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Market Environment Analysis
6. COVID-19 Impact Analysis: Software As A Medical Device (SaMD) Market
7. Market Analysis by Device type
8. Market Analysis by Deployment
9. Regional Market Analysis
10. North America Software As A Medical Device (SaMD) Market
11. Europe Software As A Medical Device (SaMD) Market
12. Asia Pacific Software As A Medical Device (SaMD) Market
13. Latin America Software As A Medical Device (SaMD) Market
14. MEA Software As A Medical Device (SaMD) Market
15. Competitor Analysis
16. Company Profiles
Companies Mentioned
A selection of companies mentioned in this report includes:
- Viz.ai Inc. (U.S.)
- Qlarity Imaging
- LLC (U.S.)
- Arterys Inc. (U.S.)
- iSchemaView Inc. (U.S.)
- Apple Inc. (U.S.)
- IDx Technologies Inc. (U.S.)
- Imagen Technologies (U.S.)
- MaxQ AI (U.S.)
- Koninklijke Philips N.V. (Netherlands)
- Siemens AG (Germany
