The Asia Pacific software as a medical devices market is expected to reach US$ 17,108.77 million by 2027 from US$ 3,470.73 million in 2019. The market is estimated to grow at a CAGR of 22.7% from 2020 to 2027.
The growth of the Asia Pacific software as a medical devices market is attributed to the factors such as increasing adoption of information technology in healthcare, growing number of collaborations for research & product development amongst healthcare and IT companies, and rising popularity of connected devices. However, the increased risk of data breach limits the growth of the market in this region. Countries in Asia Pacific are expecting to witness huge challenge due to increasing cases of COVID-19. Healthcare industries along with various business related activities has been badly affected due to the outbreak of COVID-19, which, in turn is hampering the growth of the market.
The number of technological innovations in the healthcare information technology has dramatically increased over the past few years. Wireless connectivity, artificial intelligence, cloud computing, and artificial intelligence are among the prominent advancements that have helped to transform healthcare sector. The mobile-based applications have seeped in and proved to be an important part of the healthcare for medical as well as non-medical purposes. These software solutions have become an inherent part of the patients’ life in a few cases. At present, the applications of SaMD are not only limited to diagnosis, but are also implemented in treatment as well as monitoring processes. These software have gained a significant attention as these can be run on non-medical computing platforms including personal smartphones, tablets, and laptops that are commonly used by population across the world.
Based on device type, the Asia Pacific software as a medical devices market is segmented into smartphone/tablets, wearable devices, and PCs/laptops. In 2019, the smartphone/tablets device type segment held the largest share of the market; whereas, wearable devices segment is expected to grow at the fastest rate during the forecast period.
The World Health Organization, Ministry of Health and Prevention, and Ministry of Health and Family Welfare are among the major primary and secondary sources referred to in the process of preparing the report on the Software as a Medical Devices Market.