Medical Devices Vigilance Medical Devices Vigilance Market

According to the report, global demand for Medical Devices Vigilance market was valued at approximately USD 56.7 billion in 2019, and is expected to generate revenue of around USD 99.2 billion by end of 2026, growing at a CAGR of around 8.3 % between 2020 and 2026.

Global Medical Devices Vigilance Market: Overview

With the testing of medical equipment becoming necessary for the healthcare industry, medical device vigilance is gaining prominence across the globe. The recognition of potential hazards pertaining to medical instruments is included in medical device vigilance. The vigilance market for medical devices can be traced back to 1992, when the Global Harmonization Task Force (GHTF) was formed to standardize national regulatory frameworks for medical devices. The goal was to improve access to effective, secure and clinically useful medical technologies.

Global Medical Devices Vigilance Market: Growth Factors

The surge in the number of medical devices recalls due to safety issues is the key factor driving the global market growth during the forecast period. Additionally, growing awareness among people pertaining to availability of medical device vigilance software and reporting of adverse events will positively leverage medical devices vigilance market growth over the analysis timeline.

Furthermore, favorable government scenario pertaining to medical devices vigilance ensuing patient safety will serve as an impact rendering factor that will bolster the business scope. Increasing burden on medical devices manufacturers to produce safe medical equipment as well as strict safety laws put into practice/use by regulatory bodies pertaining to pre- and post-commercialization of medical equipment will further spur the market revenue. However, carelessness of production units towards the maintenance of product safety may refrain the growth of medical devices vigilance market over the upcoming years.

Global Medical Devices Vigilance Market: Segmentation

The global medical devices vigilance market can be classified into the delivery mode, application, and end-user. Based on the delivery mode, the market is sectored into on-demand and on-premise. On the basis of application, the market is segmented into diagnostic, surgical, therapeutic, and research sectors. Based on the end-user, the medical devices vigilance market is classified into clinical research organizations, original equipment manufacturers, and business process outsourcing.

Global Medical Devices Vigilance Market: Regional Analysis

Based on the region, the global medical devices vigilance market can be divided into five main regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America is likely to dominate the global medical devices vigilance market growth over the years ahead, owing to the tremendous demand for medical devices vigilance in the region.  A massive number of reported hostile activities will elevate the acceptance of vigilance systems. A strong base of medical equipment producing firms in North America will further augment regional business growth. Moreover, Asia Pacific medical devices vigilance market will register a profitable growth over the years to come, owing to the growing focus of medical device manufacturers on product safety. Additionally, the presence of a large and diverse patient pool in the region coupled with a surge in clinical research outsourcing will further accelerate regional market growth.

The medical devices vigilance market in Europe is slated to experience rapid growth, subject to stringent medical device regulations and policies in countries such as the UK. Latin America and the Middle East and Africa possess brighter market growth prospects and are likely to contribute considerably towards the global market share in the upcoming years.

Global Medical Devices Vigilance Market: Competitive Players

Some of the key players in medical devices vigilance market are ZEINCRO, Sparta Systems, AssurX, Oracle, Xybion, INTEL, Sarjen Systems, MDI Consultants, AB-Cube, Numerix, and Omnify Software.

The report segments the Global Medical Devices Vigilance market as follows:

Global Medical Devices Vigilance Market: Delivery mode Segment Analysis

• On-demand
• On-premise

Global Medical Devices Vigilance Market: Application Segment Analysis

• Diagnostic
• Surgical
• Therapeutic
• Research sectors

Global Medical Devices Vigilance Market: End-user Segment Analysis

• Clinical research organizations
• Original equipment manufacturers
• Business process outsourcing

Global Medical Devices Vigilance Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa