The global medical devices vigilance market size is projected to exceed around USD 92.3 billion by 2026, the market is estimated to grow at 8.4% CAGR during the forecast period. The increase in demand for medical devices vigilance systems is one of the factors that is expected to boost the growth of the global medical devices vigilance market.
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The demand for medical devices vigilance systems is increasing from the past few years due to the increase in the number of medical adverse events. Also, the widespread adoption of medical device vigilance system for patients as well as healthcare professionals is expected to have positive impact on the business growth. Additionally, the increase in stringent government regulations for medical devices manufacturers in order to highly efficient devices is expected to boost the medical devices vigilance market growth.Furthermore, widespread usage of medical devices vigilance in combination with the strict medical regulations will boost the demand for the medical devices vigilance across the globe.Also, increase in R&D investments by key manufacturers to develop technically innovative medical device vigilance systems is expected to will increase the growth of global medical devices vigilance market. Furthermore, the increase in accessibility of medical vigilance software and growing awareness among patients is expected to boost the market growth. Patient access to the adverse event reporting that enables transferring of files and handling day-to-day medical device vigilance needs will spur the growth of overall market. However, the failure of some of the manufacturing companies to secure products can hinder the growth of medical devices vigilance during the upcoming years.
Additionally, the favourable government regulations relating to the medical devices vigilance for patient safety is one of the factors that will foster the growth of medical devices vigilance market. Growing burden on medical devices manufacturers to manufacture harmless and reliable medical equipment as well as stringent safety regulations laid by regulatory authorities is expected to spur the medical devices vigilance market. However, the carelessness of some of the manufacturers related product safety may restrain medical devices vigilance market growth.
The market in North America is anticipated to witness rapid growth due to the rising number of medical device adverse events reported in U.S. According to FDA, in 2015, around 1 million adverse events associated to medical devices were stated in the U.S. This factor is expected to increase acceptance of medical device vigilance systems thus increasing the growth of medical devise vigilance market. Moreover, the rising trend of manufacturers towards outsourcing vigilance activities and retaining its core competencies will supplement the market growth. Growing adoption of medical device vigilance software by BPO firms will further escalate the growth of medical devices vigilance market. Furthermore, the key manufacturers in the medical devices vigilance market are focused on continuous product innovation strategy with an objective to expand their product portfolio to compete with other established players in order to strengthen their foothold in the global medical devices vigilance market.
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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.
The major players associated with the global 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 manufacturers are focused on continuous product innovation and partnerships strategyin order to strengthen their position in the global medical devices vigilance market. For instance, AB-Cube launched SafetyEasy MD, which is a medical device vigilance software that is related to medical device adverse events with an aim to broaden its customer base and expand their product portfolio. Moreover, the key players in the medical devices vigilance market are constantly focusing on research and development activities in order to expand its product portfolio and increase their customer base in developing regions.
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