Medical Devices Vigilance Market Analysis

Medical Devices Vigilance Market Analysis

On-demand delivery mode segment held 80.2% revenue share in 2018 and is projected to witness robust growth during the forthcoming years. Companies such as AssurX, AB-Cube focus on development of advanced cloud-based quality management software systems will increase its adoption over the forecast period.

On-premise delivery mode segment accounted for USD 10.4 billion in 2018 and will witness considerable growth over the coming years. However, shift from on-premises to cloud-based systems owing to technological advancement may negatively impact business growth during the upcoming years.

Diagnostic application segment dominated the medical devices vigilance market with 32.5% revenue share in 2018 and is estimated to witness similar growth during the analysis period. Growing disease burden across the globe increases the demand for diagnostic medical devices. Safety issues pertaining to diagnostic devices such as endoscopes may lead to serious microbial infections that may be life threatening for the patients. Aforementioned factors will escalate the segmental growth during the forthcoming years.

Research application segment is estimated to show lucrative CAGR of 8.5% over the forecast period. Growing investments by public sector has accelerated the pace of R&D in healthcare. Wide range of medical devices involved in R&D activities will increase the need to ensure safety of these devices thereby fostering the segmental growth.

Original equipment manufacturers (OEMs) segment accounted for more than 45% revenue share in 2018 and will witness significant growth over the forecast timeframe. Increasing number of adverse events related to medical devices will surge adoption of medical device vigilance systems among the manufacturers thus, positively influencing the business growth.
 

Business process outsourcing (BPO) segment held significant revenue share in 2018 and is estimated to show 9.0% CAGR over the analysis period. Growing trend of companies towards outsourcing vigilance activities and retaining its focus on company’s core competencies will favor segmental growth. Increasing adoption of medical device vigilance software by business process outsourcing firms will further escalate revenue growth. 
 

North America market dominated the global market with 33.7% revenue share in 2018 and the high revenue can be attributed to the high demand for medical devices vigilance in the region. Growing number of adverse events reported will increase adoption of vigilance systems in the region. Strong foothold of medical devices manufacturing companies in the region will further augment regional business growth.
 

Asia Pacific market is estimated to witness lucrative CAGR of 9.8% over the forecast period owing to increasing focus of medical device manufacturers on product safety. Additionally, presence of large and diverse patient pool in the region coupled with surge in clinical research outsourcing will further accelerate regional industry growth.