Medical Device Complaint Management Market is Expected to Garner A Market Value of US$ Bn 10.52 Bn By 2032

Adoption of Digitalization has Resulted in Growth of the Medical Device Complaint Management Market

The latest research report by Fact.MR provides detailed information on key factors affecting growth in the medical device complaint management market. It presents valuable insights on factors facilitating product development in the medical device complaint management market. For the purpose of study, the market has been segmented in terms of by service type.

Fact.MR – A Market Research and Competitive Intelligence Provider: The medical device complaint management market has provided a market value of 5.35 bn in 2022. And it is expected to increase gradually by 2032 to give market value worth of 10.52 bn. And the market size is likely to be increased to 7% CAGR.

The global medical device complaint management market made a significant profit in 2021 by providing the market value of 5 Bn. The demand for medical device complaint management reached to 6.7%.

Since the digitalization is growing across the globe significantly, the health care industry functionalities also growing up and thus the market growth has given enormous growth. During COVID-19 pandemic, the health care workers worked ceaselessly to stop the spread of viruses and infections it caused. And it made them to reach out to the medical device complaint management service providers in cased of damaged equipment.

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The public and private partnerships are rising high to boost up the adoption rates of automated digital system in complaint management processes. The market has witnessed a greater growth and expected to provide 2X growth by 2032.

The expansion of the complaint management industry is being aided by favourable government initiatives. For example, the United States Food and Drug Administration (FDA) encourages patients, healthcare professionals, care providers, and consumers to report product defects and/or adverse events to MedWatch, the FDA’s Safety Information and Adverse Event Reporting Program, or to MedWatcher, the mobile application.

Furthermore, since the inception of MedWatch, the number of adverse event reports has increased dramatically. The MedWatch programme streamlines and expedites the complaint reporting process by providing clients with a simple four-step form that can be online filed to the US Food and Drug Administration. As a result, the market expansion is likely to be fuelled by the development and introduction of these novel mobile complaint management applications.

Key Takeaways:

• The health care infrastructure which includes hospital beds, trained staff will strengthen the medical device complaint management systems and solidify the country’s position in the global healthcare domain.
• From 2015 to 2021, demand for medical device complaint management services grew at a CAGR of 6.7%.
• By service type, medical device product surveillance and regulatory compliance will account for 55 percent of global revenue, with a CAGR of 8.3% through 2032.
• The United States will emerge as an opportunistic market, accounting for two out of every five sales of medical device complaint management services.
• In 2022, the global market for medical device complaint management is expected to be worth $5.35 billion.

Growth Drivers:

• The market’s growth is being aided by the rapid transformation of complaint management systems from paper-based to digital solutions due to rapid digitization in the medical industry.
• The expansion of the complaint management industry is being aided by favourable government initiatives.

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Competitive landscape:

The competitive landscape of the medical device complaint management market is structured by product innovation and strategic mergers & acquisitions. Front Runners are emphasizing capacity enhancements and global footprint expansion to develop the prospects in developing economies.

• In November 2021, IQVIA announced the launch of a new module of its Grants and Funding Management within its Orchestrated Customer Engagement (OCE) solutions portfolio. This develops the life sciences industry to efficiently manage and oversee their global strategic giving programs

Key Players in the Medical Device Complaint Management Market Include:

• IQVIA
• Parexel
• SAS Institute
• Wipro Limited
• Tata Consultancy Services
• Sparta Systems Inc.
• Freyr Solutions

More Valuable Insights on the Medical Device Complaint Management Market

Fact.MR provides an unbiased analysis of the medical device complaint management market, presenting forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global the medical device complaint management market with a detailed segmentation on the basis of:

• By Service Type
  • Medical Device Complaints Log / Intake
    • Receive Complaints
    • Classify the Issue
    • Record Issue
  • Medical Device Product Surveillance & Regulatory Compliance
    • Reportable/Non-reportable
    • Medical Device Vigilance/Medical Device Reporting
    • Field Action
  • Returned/ Non-returned Medical Device Product Analysis
    • Complaint Investigation
    • Root Cause Analysis, Testing
    • Corrective/Preventive Action
  • Medical Device Complaints Resolve & Closure
    • Complaint Summary
    • Customer Letter Creation

Key Questions Covered in the Medical Device Complaint Management Market

• What is the projected growth rate for the global market for medical device complaint management?
• What was the market value of medical device complaint management in 2021?
• What is the anticipated market value for medical device complaint management in 2022?
• At what percentage did the medical device complaint management industry flourish from 2015-2021?
• What are the growth prospects for medical device complaint management services in the U.S?
• Which service type accounts for highest demand for medical device complaint management services?
• How attractive are growth prospects in the Asia Pacific?

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Source: Fact.MR