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Introduction
SaMD is software intended to be used for one or more medical purposes without being part of a hardware medical device. 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. SaMD helps in faster discovery, management, and treatment of a wide range of medical problems.
According to industry research, software as a service market is segmented by device type, deployment, application, and geography. By device type, the market is segmented into PCs/laptops, smartphones/tablets, and wearable devices. By deployment, the market is segmented into the cloud and on-premise. By application, the market is segmented into screening and diagnosis, monitoring and alerting, chronic condition and disease management, and digital therapeutics.
Drivers and restraints of Software as a Medical Device Market
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 software as a medical device market growth. 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 and further increase the software as a medical device market size.
