Software as a Medical Device Market Seen Soaring 10.71% Growth to Reach USD Million by 2032, Projects UnivDatos Market Insights
- Vikas Kumar
- October 3, 2024
- HEALTHCARE, NEWS
- 0 Comments
Key Highlights of the Report:
- Increased adoption of digital healthcare solutions: Digital healthcare solutions enable the user to continuously monitor their diseases with the help of SaMD installed in their digital devices such as smartphones and wearables. This is further driving the SaMD market growth.
- North America’s Leadership: With robust healthcare infrastructure and high adoption rate of latest technologies in medical solutions, North America is expected to maintain its leadership in this market.
- Growth in application for diagnostics: Application of SaMD for diagnostic purpose is rapidly growing due to increase in awareness regarding importance of preventive health, leading to increasing interest of SaMD manufacturers in investing in their diagnostics product portfolio.
- Asia-Pacific Growth: SaMDmarket is expected to flourish in the Asia-Pacific region due to fast growth in healthcare sector across the region, favorable government policies, and increased interest of leading players to invest in this emerging region.
According to a new report by Univdatos Market Insights, Software as a Medical Device Market is expected to reach USD Million in 2032 by growing at a CAGR of 10.71%. This is mainly due to the desire for rapid growth, more and more companies are making mergers and acquisitions as ways to boost their production capacities and shares and increase their knowledge and resources of new technologies to expand their global reach. With increasing global burden of diseases, the demand for SaMD solutions to provide quality healthcare delivery services has increased significantly, encouraging the market players to invest in collaboration activities. For instance, in 2024, GE HealthCare announced that it has signed an agreement to acquire MIM Software, which is a worldwide provider of medical imaging analysis and artificial intelligence solutions for applications such as radiation oncology, molecular radiotherapy, diagnostic imaging, and urology. These partnership agreements enable the companies to seek major funding from venture capitalist firms to fuel research and development activities for developing innovative SaMD solutions.
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Applications:
Software as a medical device have emerged as a pivotal solution for various applications such as diagnosis, disease monitoring and clinical management of the diseases. SaMD application for disease management dominate the market. However, diagnostics segment is growing significantly due to increased focus on preventive health measures such as early detection. With growing prevalence of infectious and chronic diseases, there is huge demand for rapid and accurate diagnosis that can improve the health outcomes of the patients. Additionally, more companies are investing and increasing research and development activities to enhance their diagnostics product portfolio. This is providing an added boost to the market.
Rising Adoption of Digital Healthcare System to Fuel the Demand:
One of the key factors that have promoted the demand for software as a medical device market is growing adoption of digital healthcare system across the globe. With growing internet connection and digitalization, more people are using smartphones and wearables to self-monitor their diseases with the help of SaMD installed in their digital devices. Additionally, SaMD applications by healthcare professionals in the healthcare settings provide them the advantage of remote monitoring, which is rising demand for SaMD solutions.
Government initiatives such as increased emphasis on developing strong digital health action plans is essential for enhancing healthcare access and quality. For instance, according to WHO “Global Strategy on Digital Health 2020-2025” report, each country needs to have a strong digital health action plan to bring access to quality health services. It is of prime importance to strengthen digital health action plans by focusing on implementation of AI and machine learning within the healthcare system. This would enhance accuracy in diagnosis and ensure quality and improved medical treatment. Such initiatives can further drive demand for software as a medical device in the healthcare sector.
Click here to view the Report Description & TOC https://univdatos.com/report/software-as-a-medical-device-market/
Conclusion:
In conclusion, the global software as a medical device market is poised for continued growth and innovation driven by economic expansion, increased healthcare expenditure, growing prevalence of chronic diseases and technological advancements in the healthcare industry. The increasing demand for SaMD solutions for timely diagnosis and effective disease management by the healthcare professionals is accelerating the growth of this market in the forecast period. Consistent collaboration activities, frequent product launches, investments and research and development in software as a medical device would also play a vital role in shaping the future of the global software as a medical device market, ensuring its resilience and contribution to the healthcare industry.
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