The global medical devices vigilance Market is projected worth US$ 92.3 billion by 2026 and the market is projected to showcase 8.4% CAGR during the forecast period. The medical devices vigilance market is driven by an increase in number of medical adverse events and continuous development of medical devices related to adverse events.
The demand for the medical devices vigilance is increasing over the coming years owing to the surge in the number of adverse events stated in U.S that was associated to the medical devices. Also, high adoption of medical device vigilance systems in order to offer safety to patients and healthcare professionals is expected to have a positive influence on the growth of medical devices vigilance market. Additionally, the stringent government medical devices regulations for the manufacturers in order to manufacture secure and highly effective medical devices will complement the growth of medical devices vigilance market.
The accessibility of vigilance software and growing awareness among patients is expected to boost the market growth. The Patient access to adverse event reporting further enables the transferring of files and publishing the regulatory reports, and management of daily medical device vigilance needs are the major factors that can drive the growth of medical devices vigilance market. Though, the failure of some manufacturers in order to ensure product safety may hinder the medical device vigilance business growth during the forecast period.
The global medical devices vigilance market is segmented into delivery mode, application, end user, and region. On the basis of delivery mode, the global medical devices vigilance market is segmented into on-demand and on-premises. On the basis of application, the global medical devices vigilance market is segmented into therapeutic, diagnostic, surgical, research, and others. On the basis of end-user, the global medical devices vigilance market is segmented into business process outsourcing [BPO], clinical research organizations [CROs], original equipment manufacturers [OEMs], and others. On the basis of the region, the global medical devices vigilance market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Based on the application, the global medical devices vigilance market can majorly be segmented into four sub-segments, which are therapeutic, diagnostic, surgical, and research. The therapeutic sub-segment is projected to dominate the global medical devices vigilance market owing to the rising demand to ensure security of the therapeutic medical devices using local effects such as wound covering, supporting open clogged arteries, or tissue cutting etc. that will give rise to the adoption of medical device vigilance systems, thus driving the growth of the application segment.
The North America region is expected to dominate the global medical devices vigilance market. The dominance of medical devices vigilance market in North America region is due to the increase in number of adverse events in U.S. The medical devices vigilance market is mostly driven by the demand for the advancement in technologies and devices along with the favourable regulatory policies in order to strengthen the medical devices vigilance systems.
The major players associated with the medical devices vigilance market are Oracle, Sparta Systems, Sarjen Systems, MDI Consultants, Omnify Software, AssurX, AB-Cube, Xybion, ZEINCRO, INTEL, and Numerix, etc.
The key players in the medical devices vigilance market is focused on development of software and devices. Also, the layers are taking strategic initiatives that include partnerships and acquisitions that helps them in strengthening their foothold in the global medical devices vigilance market. For instance, AB-Cube launched Safety Easy MD, which is a medical device vigilance software related to adverse events. This main objective behind the launch of this medical device vigilance software is the expansion of customer base as well as to strengthen its position in the overall medical devices vigilance market. Moreover, the key manufacturers in the medical devices vigilance market are investing heavily on research and development activities in order to expand their product portfolio and increase their customer base in the developing regions.
Market By Delivery Mode
Market By Application
Market By End-user
Market By Geography