Medical device vigilance market

Medical Device Vigilance Market, by Delivery Mode (On-Demand, and On-Premise), by Application (Therapeutics, Diagnostics, Surgical, and Research), by End Users (Contract Research Organization (CRO), Business Process Outsourcing (BPO), Original Equipment Manufacturers (OEM), and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Trends, and Forecast 2019 - 2026

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Jul 2019
CMI2830
157 Pages
Excel & Pdf
Healthcare IT

Summary

Medical Device Vigilance Market Insights

Medical device vigilance includes post market surveillance, adverse reactions, incidents and recalls of medical devices. The main purpose of medical device vigilance is to improve health and safety of patients by reducing reoccurrence of incidences related to use of medical devices. Adverse reactions can occur due to use of medical devices and can have severe consequences.

The global medical device vigilance market was valued at US$ 53.4 billion in 2018, and is expected to witness a CAGR of 8.1% during the forecast period (2019 – 2026).

Figure 1. Global Medical Device Vigilance Market Value Analysis (US$ Mn) and Y-o-Y Growth (%)

Source: Coherent Market Insights Analysis (2019)

Increasing launches of recall systems for medical devices is expected to drive the medical device vigilance market growth

Increasing number of recall systems is one of the major factors driving the market growth. For instance, in April 2017, the South Korean Ministry of Food and Drug Safety (MFDS) launched a new recall system called ‘Harmful Medical Device Distribution Shutdown System’, for medical devices. Examples of medical devices recalled under this system are thermometers, pregnancy test kits, and electronic blood pressure monitors.

Furthermore, increasing number of post market surveillance programs for medical devices is expected to propel growth of the medical device vigilance market. For instance, in April 2015, Lombard Medical, Inc. launched a post market surveillance program for Aorfix. Aorfix is a medical device, used for the treatment of patients with aortic neck angulations up to 90 degrees.

Medical Device Vigilance Market- Regional Analysis

Regional segmentation of the global medical device vigilance market includes North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

North America medical device vigilance market is expected to account for the largest market share, owing to increasing number of national registries for medical implant devices in this region. For instance, in June 2018, The Veterans Affairs launched the national medical registry for medical implant devices. The purpose of this registry is to monitor device safety, track quality metrics, and ensure optimal care of patients.

Moreover, Europe is also projected to witness significant market growth owing to launch of medical device market surveillance projects in this region. For instance, in November 2016, the Medicines and Healthcare Regulatory Agency (MHRA) launched a new market surveillance project (joint action on market surveillance of medical devices) in Europe. The main aim of this project is to support market surveillance systems for medical devices by improving and developing coordination activities. This includes surveillance of various medical devices such as sticking plasters, hip replacements, contact lenses, personal oxygen tanks, and implemented pacemakers.

Asia Pacific is also expected to contribute significant share in the global medical device vigilance market over the forecast period, owing to increasing launches of medical device surveillance programs in this region. For instance, in May 2015, the Government of India launched a nationwide safety and surveillance program named ‘Materio-vigilance Programme of India’ for medical devices. This program is designed to monitor medical device related adverse drug reactions and to determine the safety of medical devices.

Figure 2: Global Medical Device Vigilance Market Value (US$ Mn), By Region

Source: Coherent Market Insights Analysis (2019)

Medical Device Vigilance Market - Competitive Landscape

Key players operating in the global medical device vigilance market include, ZEINCRO, AssurX, Inc., Sparta Systems, Oracle Corporation, Xybion Corporation, Sarjen Systems Pvt. Ltd., MDI Consultants, Inc., AB-Cube, Laerdal Medical, and Omnify Software, Inc.

Table of Content

Table of Contents

*Browse 23 market data tables and 19 figures on “Medical Device Vigilance Market” - Global forecast to 2026”.

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- Frequently Asked Questions -

What are the growth estimates for medical device vigilance market till 2026?

The global medical device vigilance market is estimated to surpass US$ 99.2 Billion by 2026.

Which are the prominent medical device vigilance market players across the globe?

Major players operating in the global medical device vigilance market include ZEINCRO, AssurX, Inc., Sparta Systems, Oracle Corporation, Xybion Corporation, Sarjen Systems Pvt. Ltd., MDI Consultants, Inc., AB-Cube, Laerdal Medical, and Omnify Software, Inc.

What factors are influencing the adoption ofmedical device vigilance globally?

What are the key factors driving growth of the medical device vigilance market?

Increasing number of recall systems, coupled with increasing number of post market surveillance programs for medical devices are some of the major factors that are expected to propel growth of the market over the forecast period.

What is the compound annual growth rate (CAGR) of the medical device vigilance market for next 8 years?

The global medical device vigilance market is estimated to exhibit a CAGR of 8.1% over the forecast period.

Which region is dominating the medical device vigilance market growth?

Among regions, North America is expected to hold dominant position in the medical device vigilance market during the forecast period.