Global Medical Device Vigilance Market Size, Share, Forecast Report, 2020-2027

The global medical device vigilance market is estimated to grow significantly, at a CAGR of 8.7%, during the forecast period. Medical device vigilance assists in improving the protection of healthcare professionals, safety and health of patients, and other end-users of medical devices by reducing the chances of reoccurrence of incidents associated with the use of medical devices. The global medical device vigilance market is primarily driven by the rise in the number of reporting for the adverse events of medical devices coupled with the government initiatives to cater to these events, including raising public awareness.



The other important factor that is expected to propel the market growth in the near future includes the rules and regulations posted by the government authorities on the safety of patients and to the manufacturers for the safe development of medical devices. However, the lack of attention given by the manufacturing companies towards ensuring product safety and efficiency can be counted as one of the major factors that may hinder the global market growth.



Segmental Outlook



The medical device vigilance market is classified on the basis of delivery mode and end-user. Based on delivery mode, the market is bifurcated into on-demand and on-premise. Among these, the on-demand medical device vigilance system is expected to contribute a significant share in the medical device vigilance market, as the key market players, such as AssurX, Inc. and AB CUBE, are offering their solutions in this segment. On the basis of end-user, the market is segmented into CROs, BPO, and OEM.



The Growth of the Medical Device Vigilance Market is Driven by CROs



Among the end-users, the CROs segment contributes a significant share in the global market. The market growth is backed by the increase in the adoption of medical device vigilance software for ensuring product safety at every product development phase. The increasing focus of CROs on providing quality-based products so as to position itself in the highly competitive market can be considered as one of the major factors that offer growth to this segment in the market.



Regional Outlook



The global medical device vigilance market is classified on the basis of geography, including North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is estimated to project considerable market growth in the global medical device vigilance market during the forecast period. This growth can be accredited to the rising number of programs for the post-market surveillance of medical devices and the presence of a large and diverse patient pool in the region. The rising medical tourism due to the availability of inexpensive treatment procedures can be considered as another factor that drives the business of medical devices in the region. This, in turn, increases the required medical device vigilance software in the region, in turn, driving the market growth.



North America Contributes a Significant Share in the Global Market



North America has been propelling at a stellar pace in the global medical device vigilance market in recent times. The developed healthcare infrastructure and the presence of key market players are some of the major factors that drive the market growth in the region. The region noticeably believes in integrating IT solutions with the healthcare infrastructure, owing to which the medical device vigilance software is appreciated by the healthcare OEM, CROs, and BPO. Along with this, the FDA of the US is considered as one of the largest federal agencies across the globe that regulates human and veterinary drugs, medical devices, and cosmetics, among others. The FDA keeps an eye on the performance of medical devices and detects potential device-related safety events through its Medical Device Reporting (MDR) tool. Such a significant contribution of governmental authorities on the efficacy of medical devices augments the growth of the medical device vigilance market in the region.



Market Players Outlook



The key players in the medical device vigilance market are contributing significantly by providing advanced technology-based products and expanding their geographical presence across the globe. Some of the key players operating in the global medical device vigilance market include Greenlight Guru, Oracle Corp., Sarjen Systems Pvt. Ltd., Sparta Systems, Inc., Xybion Corp., ZEINCRO Group, and RELX Inc.