Global medical device vigilance market is estimated to witness high growth, owing to increased usage and stringent regulations
Global Medical Device Vigilance Market is estimated to be valued at USD 59.30 Bn in 2024, exhibiting a CAGR of 10.5% over the forecast period (2024-2031). Stringent regulations regarding medical devices and growing awareness among healthcare providers as well as patients regarding vigilance can drive the market growth. Furthermore, rising chronic diseases and increasing preference for minimally invasive surgeries boosts demand for various medical devices, thus, boosting need for their post-market surveillance.
Market Dynamics:
Increased Usage of Medical Devices and Stringent Regulations: Medical device industry has witnessed significant growth d ue to increased prevalence of chronic and lifestyle diseases. With rising number of devices being used, the importance of monitoring and reporting any adverse event associated with them has also increased. Stringent regulatory frameworks mandating mandatory reporting of device deficiencies, injuries, and malfunctions has boosted need for efficient post-market vigilance systems. Various regulatory bodies have implemented stricter norms to ensure safety and efficacy of devices in the market.
Increased Usage of Medical Devices Globally Can Drive the Market Growth
With advancements in technology, newer and more innovative medical devices have emerged that help improve patient care and outcomes. Growing aging population worldwide also means a higher prevalence of chronic diseases that require long-term medical treatment utilizing devices. This rapid rise in the number of medical devices being used on a daily basis across hospitals and other healthcare facilities boosts the need for robust and comprehensive vigilance systems. Vigilance helps ensure the safe, effective and appropriate use of devices through monitoring, reporting and management of side effects and incidents. Rising device usage can drive the medical device vigilance market growth.
Stringent Regulatory Guidelines Pushes Organizations to Adopt Vigilance
Stringency of regulations surrounding medical devices has increased tremendously over the years. Regulatory bodies like the FDA in the U.S. and EUDAMED in Europe have implemented stringent guidelines regarding post-market surveillance, adverse event reporting and corrective/preventive action processes for devices. Non-compliance can result in severe penalties, loss of market authorization and reputational damage for organizations. At the same time, patients and consumers are more aware of their rights and show zero tolerance towards device issues impacting safety. This regulatory pressure and need for transparency pushes manufacturers and other stakeholders to adopt robust medical device vigilance systems that help ensure ongoing compliance. With regulation expected to become even more stringent to address current gaps, vigilance adoption will increase to safeguard brand image.
In-house Resources Constraints While realizing the importance of vigilance, resource constraints often hold smaller to mid-sized organizations back from establishing comprehensive in-house vigilance capabilities. Setting up dedicated vigilance teams requires recruiting skilled professionals, adopting specialized software solutions and developing standard operating procedures - which requires substantial upfront investments. The highly specialized expertise and round-the-clock monitoring also makes it difficult for companies to manage these functions internally on an ongoing basis alongside their other responsibilities. These resource constraints could hinder timely and stringent vigilance practices, risking non-compliance.
Data Security and Privacy Concerns Inhibits Vigilance
In the current digital era, data protection has become a major concern, especially regarding sensitive patient health information. Vigilance systems operate based on collection and sharing of sensitive adverse event reports, device usage patterns, patient identifiers and more across different stakeholder groups. However, many organizations still struggle with ensuring absolute data security and privacy with increasing cyber threats. Any leak of protected data handled by vigilance systems impacts patients and erodes their trust in brands. It also attracts hefty fines and loss of safe harbor from regulatory agencies. These looming risks associated with data security and privacy concerns act as a major restraint for medical device companies looking to implement robust vigilance practices.
Growth of Outsourcing and Cloud Services is a Key Opportunity
The emergence of specialized vigilance outsourcing service providers is a big opportunity for medical device organizations. These third-party providers offer cost-effective, comprehensive and compliant vigilance solutions on an outsourced model removing resource constraints. Leveraging their expertise across multiple devices, these provide standardized SOPs, centralized databases, 24/7 monitoring capabilities and more through an economies of scale-based approach. The use of cloud computing and software-as-a-service models further removes infrastructure and data management responsibilities. Outsourcing to reputed providers helps small to large companies focus on their core business with peace of mind on vigilance requirements. Given their benefits, outsourced and cloud-based vigilance services will increase rapidly.
Emerging Markets Present Huge Vigilance Demand Potential
Emerging economies in regions like Asia Pacific, Latin America, Eastern Europe, Middle East and Africa currently contribute significantly lower to the global medical device market compared to developed nations. However, with their growing populations, economic development and increasing investments in healthcare infrastructure, the medical device industry in emerging nations is projected to rapidly expand. This rise in domestic device usage creates an enormous and largely untapped demand for medical device vigilance practices geared towards these regional needs and budgets. As regulations also strengthen in parallel globally, established as well as local vigilance service providers stand to benefit immensely by addressing this gap through tailored offerings.
Link - https://www.coherentmarketinsights.com/market-insight/medical-device-vigilance-market-2830
Key Players: ZEINCRO, AssurX, Inc., Sparta Systems, Oracle Corporation, Xybion Corporation, Sarjen Systems Pvt. Ltd., Omnify Software, Inc., Medidata Solutions, Vigilanz Corporation, Qualio, MasterControl, Greenlight Guru, eQMS, BioClinica, Medpace, PAREXEL International, Celerion, Charles River Laboratories
