For instance, the software used to show images from an MRI on phone is SaMD but the software which enables MRI will not be considered as a SaMD.
They have several applications in the medical sector such as diagnosis, disease prevention, treatment, and modernizing care.
By device type, the market is segmented into PCs/laptops, smartphones/tablets, and wearable devices.
The market of wearable devices segment is expected to grow at a rapid pace on account of rising adaption of such devices coupled with the growing number of players.
By application, the market is segmented into screening and diagnosis, monitoring and alerting, chronic condition and disease management, and digital therapeutics.
Geographically, North America is estimated to hold a significant share of global software as a medical device market share.
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.
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.