Global Medical Device Vigilance Market to Surpass US$ 99.2 Billion by 2026

SEATTLE--()--According to Coherent Market Insights, the global medical device vigilance market was valued at US$ 53.4 billion in 2018, and is projected to exhibit a CAGR of 8.1% during the forecast period (2019 – 2026).

Key Trends and Analysis of Medical Device Vigilance Market:

Increasing number of medical device platforms are expected to witness remarkable growth of the medical device vigilance market. For instance, in February 2017, First Databank Inc., 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.

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Furthermore, in July 2017, Medical Device Innovation, Safety and Security Consortium (MDISS) launched a new security testing lab called the World Health Information Security Testing Lab (WHISTL) for medical devices. WHISTL focuses on management and improvement of medical device security and education regarding medical devices.

Moreover, increasing post market surveillance of medical devices is expected to boost the medical device vigilance market growth. For instance, in July 2017, LifeTech Scientific Corporation launched a post market 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.

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Among regions, North America is expected to dominate the medical device vigilance market owing to the increasing number of medical registries for medical implant devices in the region. For instance, in June 2018, The US Department of Veterans Affairs is planning to launch the largest medical device implant tracking registry in the US with collaborative support from the U.S. FDA, the Centers for Medicare and Medicaid Services and the Department of Defense. 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.

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Key Market Takeaways:

  • The global medical device vigilance market is projected to witness a CAGR of 8.1% during the forecast period (2019 – 2026), owing to increasing launches of security plans for medical devices. For instance, in January 2019, Healthcare and Public Health Sector launched a new joint security plan called the Medical device security and Health IT Joint Security Plan. It is a product lifecycle reference guide for developing, supporting, and deploying cyber security technology solutions in the healthcare environment.
  • Among regions, Asia Pacific is expected to gain significant share in the global medical device vigilance market, owing to increasing number of medical device surveillance programs in the region. For instance, in May 2015, the government of India launched a nationwide safety and surveillance program (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.
  • 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.

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Report Segmentation:

  • Global Medical Device Vigilance Market, By Delivery Mode:
    • On-Demand
    • On-Premise
  • Global Medical Device Vigilance Market, By Application:
    • Therapeutics
    • Diagnostics
    • Surgical
    • Research
  • Global Medical Device Vigilance Market, By End User Type:
    • Contract Research Organization (CRO)
    • Business Process Outsourcing (BPO)
    • Original Equipment Manufacturers (OEM)
    • Others
  • Global Medical Device Vigilance Market, By Region:
    • North America
      • By Country:
        • U.S.
        • Canada
    • Europe
      • By Country:
        • U.K.
        • Germany
        • Italy
        • Spain
        • France
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Country:
        • Australia
        • India
        • China
        • Japan
        • ASEAN
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • By Country:
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Africa
      • By Country:
        • South Africa
        • Central Africa
        • North Africa
  • Company Profiles

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

Contacts

Mr. Shah
Coherent Market Insights
1001 4th Ave.
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com

Contacts

Mr. Shah
Coherent Market Insights
1001 4th Ave.
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com