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Using AGILE in Medical Device Software Development

In school I was always taught that the medical device development process followed the waterfall model. However since entering the work force I have started to see other methods of development for different types of devices. I have recently been working with software medical devices. My client is constantly updating the software device by either adding new features or fixing defects. There is continuous development which means frequent pushes to market for this standalone software medical device. Because of this continuous improvement and continuous the waterfall approach the best for development or will it hold up the innovation process?
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