Wearable Devices Type Segment to Witness Higher CAGR during Forecast Period

According to the latest report on “Asia Pacific Software as a Medical Devices Market Forecast to 2027 – COVID-19 Impact and Analysis – by Device Type, Application, and Deployment Type,” the market was valued at US$ 3,470.73 million in 2019 and is projected to reach US$ 17,108.77 million by 2027; it is expected to grow at a CAGR of 22.7% during 2020–2027. The report highlights trends prevailing in the Asia Pacific software as a medical devices market and the factors driving market along with those that act as hindrances.

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 a larger share of the market. Whereas, wearable devices segment is expected to grow at a faster rate during the forecast period.

The growth of the Asia Pacific software as a medical devices market is attributed to the 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 market in this region. Countries in Asia Pacific are expecting to witness huge challenge due to growing COVID-19. Due to outbreak of disease, healthcare industries has been affected badly. Due to growing coronavirus cases, many business related activities such as product launches and product promotion conferences has been postponed, leading to restraining the growth of the market.

Velentium LLC, Tietronix Software Inc., S3 Connected Health, Zühlke Group, and Science Group amongst others are among the leading companies operating in the Asia Pacific software as a medical devices market.

Asia Pacific Software as a Medical Devices Market, By Region, 2019 (%)

The report segments Asia Pacific Software as a Medical Devices Market as follows:

By Device Type

• Smartphone/Tablets
• Wearable Devices
• PCs/Laptop

By Application

• Screening and Diagnosis
• Monitoring and Alerting
• Disease Management

By Deployment Type

• Cloud
• On-Premise

By Country

• China
• Japan
• India
• South Korea
• Australia
• Rest of Asia Pacific