Global medical devices vigilance market is predicted to cross US $91.5 billion by the year, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
Medical devices vigilance system is used to detect the harmful effects of medical devices on patients. Surging instances of medical recalls and adverse effects of existing medical devices are accelerating the system adoption. The system ensures health & safety of patients and is being adopted by various BPOs and research organizations. Another factor driving the market growth is prevailing R&D activities in the field to develop innovative & better solutions. For instance, SafetyEasy software by AB-Cube works in accordance with XML files offers dictionary coding as well as provides easy data analysis.
Based on the delivery mode, on-premise segment is presumed to grow at a CAGR of 6.6% over the forecast period, owing to the ability of software to run on client systems and its compatibility with latest hardware & software technology. The software offers upgrade options after setup allowing on-premise consumers, such as healthcare institutes, to access innovative solutions.
The revenue share of diagnostic application in medical devices vigilance market was estimated at 32.5% in 2018 is projected to witness significant growth over the forecast timeline. Growing concerns regarding the ill-effects of medical devices and the need to ensure patient safety will foster the system demand in the application segment.
Considering the end-use spectrum, medical devices vigilance market from clinical research organizations segment is anticipated to register 7.7% growth in the upcoming years, pertaining to various research activities happening around the globe. The system enables the institutes to maintain regulatory mandates, quality, and manage clinical trial data while developing drugs and treatments methods for varied chronic diseases.
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In terms of regional landscape, North America led the global medical devices vigilance market with over 33% revenue share in 2018. Integration of IT solutions with vigilance systems is enabling healthcare industry to adopt healthcare & vigilance software. The presence of key market players in the region will further drive the market growth.
Moreover, Asia Pacific medical devices vigilance market is projected to grow with a CAGR of 9% over the study timeframe, owing to the presence of several research institutes in the region. Increasing cases of medical device harms is intensifying the need for medical software, thereby contributing towards the market growth.
Major companies associated with medical devices vigilance market include AssurX, Omnify Software, Sarjen Systems, AB-Cube, MDI consultants, Oracle, Numerix, INTEL, ZEINCRO, and Xybion among others.