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HEALTHCARE | Staff Reporter, Singapore

R&D collaborations ramp up APAC's software as medical devices market

Smartphones and tablets peruse the software the most in 2019.

A growing number of collaborations for research & product development amongst healthcare and IT companies have ramped up growth for Asia Pacific's software as a medical devices (SaMD) market, which is projected to reach $17.11b by 2027 from $3.47b in 2019 at a CAGR of 22.7%, ReportLinker revealed.

A rising risk of data breach has held back the growth of the market, but the number of 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 report stated.

Further, 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 have become an inherent part of the patients' life in some cases.

Currently, the applications of SaMD are not limited to diagnosis, but are also implemented in treatment and monitoring processes.

In 2019, smartphone and tablet devices peruse these software the most, but wearable devices are expected to show the fastest growth in its use by 2027.

"These software have gained significant attention as these can be run on non-medical computing platforms including personal smartphones, tablets, and laptops that are commonly used by the population across the world," the report noted.

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