Materiovigilance Market to Surpass US$ 113.5 Billion by 2028 - Coherent Market Insights

Global Materiovigilance Market, By Delivery Mode (On-premise and On-cloud), By Application (Diagnostic Application, Therapeutic Application, Surgical Application, Research Application, and Others), By End Users (Contract Research Organization, Business Process Outsourcing, Original Equipment Manufacturers, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa), is estimated to be valued at US$ 66.3 Bn in 2021 and is expected to exhibit a CAGR of 8.0% during the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.

Increasing postmarket surveillance of medical devices is expected to propel the growth of the global materiovigilance market over the forecast period. For instance, in July 2017, LifeTech Scientific Corporation, a leading company specialized in minimally invasive interventional medical devices to treat cardio-cerebrovascular and peripheral vascular diseases, launched a postmarket surveillance study for the LAmbre Left Atrial Appendage (LAA) Closure System. This system is used for the treatment of atrial fibrillation. This study also provided information regarding safety and effectiveness of LAmbre Left Atrial Appendage (LAA) Closure Systems.

Global Materiovigilance Market– Impact of Coronavirus (COVID-19) Pandemic

Several leading pharmaceutical and technology companies worked with the U.S. government to accelerate clinical development of vaccines for COVID-19 infection in the U.S. For instance, in July 2020, a clinical services company IQVIA and pharmaceutical company Astra Zeneca announced their collaboration with the U.S. government on the Operation Warp Speed ​​project. The project is focused on promoting clinical trials of the vaccine in the U.S. and includes a large-scale technical study that started with the enrolment of participants and that will take advantage of virtual study solutions from IQVIA, including the Study Hub. Moreover, various key players in the market are focusing on strategic partnerships with the governments of several countries to provide the valuable information on the ongoing COVID-19 pandemic. For instance, in 2020, Accenture, a technology solutions provider, and Microsoft, a technology company, announced partnership with Digital India Corporation (MyGov) of India, sponsored by the Government of India. With the help of the Microsoft software, the companies have developed ‘MyGov Saathi’, which can process up to 300,000 users per day and 20,000 simultaneous users per minute. The company's MyGov Saathi software has recently been updated to provide information on the latest data on COVID-19, such as patients suffering from COVID-19, treatments for COVID-19, etc.

Browse 27 Market Data Tables and 31 Figures spread through 156 Pages and in-depth TOC on “Global Materiovigilance Market”- Forecast to 2028, Global Materiovigilance Market, By Delivery Mode (On-premise and On-cloud), By Application (Diagnostic Application, Therapeutic Application, Surgical Application, Research Application, and Others), By End Users (Contract Research Organization, Business Process Outsourcing, Original Equipment Manufacturers, and Others), and By Region (North America, Latin America, Europe, Asia-Pacific, Middle East & Africa)

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/materiovigilance-market-4780

Moreover, increasing number of medical device platforms is also expected to aid in growth of the global materiovigilance market over the forecast period. For instance, in February 2017, First Databank Inc, a leading provider of drug and medical device databases help inform healthcare professionals to make decisions, launched a new medical device knowledge platform called FDB Prizm, which helps to improve clinical, operational, and financial outcomes. FDB Prizm consists of various medical devices such as hip replacement devices, pacemakers, surgical instruments, and medical supplies such as forceps, gloves, gauze, and syringes.

Key Takeaways of the Global Materiovigilance Market:

• The global materiovigilance market is expected to exhibit a CAGR of 8.0% during the forecast period due to increasing number of medical registries for medical implant devices, which is expected to boost growth of the market. For instance, in June 2018, The US Department of Veterans Affairs planned to launch the largest medical device implant tracking registry in the U.S. with collaborative support from the U.S. FDA, Centers for Medicare and Medicaid Services (CMS) and Department of Defense (DoD). Moreover, according to a Regulatory Affairs Professionals Society report, a new registry will allow it to monitor the safety of devices in both Veterans and their families, as well as tracking quality metrics and improving care.
• Among application, research application segment is expected to exhibit a higher CAGR in the global materiovigilance market over the forecast period. Increasing research and development expenditure by players, organizations, countries, etc. is expected to drive the growth of segment over forecast period. Wide range of medical devices involved in R&D activities will increase the need to ensure safety of these devices, thereby fostering the segment growth. For instance, according to the National Bureau of Statistics, February 2018, China’s expenditure on healthcare research and development increased by 11.6% in 2017 from 10.6% in 2016, reaching US$ 280 Mn in 2017.
• On the basis of end users, original equipment manufacturers segment is expected to hold dominant position in global materiovigilance market over the forecast period, owing to increasing number of adverse events related to medical devices. For instance, according to data published in Emergo by UL (Underwriters Laboratories), a leading regulatory consulting firm specializing in global medical device and IVD compliance in May 2021, stated that according to the regulator’s Annual Report on the Monitoring of Adverse Events of Medical Devices (2020), the number of adverse event reports submitted last year to the National Medical Device Adverse Event Monitoring Information System, increased by more than 35%, from 396,345 reports in 2019 to 536,055 reports in 2020.
• Major players operating in the global materiovigilance market include AssurX, Sparta Systems, Oracle Corporation, Xybion Corporation, Sarjen Systems Pvt. Ltd., MDI Consultants, AB-Cube, QVigilance, Qserve, and ZEINCRO