Medical Devices Vigilance Market: Top 3 trends driving the global industry expansion through 2025

An increase in medical recalls along with the growing cases of adverse effects linked to medical devices has positively influenced medical devices vigilance market share.

An increase in medical recalls along with the growing cases of adverse effects linked to medical devices has positively influenced medical devices vigilance market share. Advanced medical device vigilance systems help in ensuring the health and safety of the patients and healthcare professionals. These software offer evaluation of adverse incident which supports the use across research organizations and business process outsourcing companies.

Stringent government regulations established by the authorities for the manufacturers to develop extremely efficient, reliable, and safe devices. Growing research and development activities in the medical field leading to the development of advanced and enhanced solutions have led to the designing and development of upgraded vigilance offerings.

According to the report, medical devices vigilance market could cross USD 91.5 billion in total annual remuneration through 2025. Mentioned below are some of the factors expected to influence the industry size in the coming years.

Robust demand across diagnostic applications

In the year 2018, the diagnostic application segment held nearly 32.5% of the revenue share in the medical devices vigilance market and is likely to continue to showcase considerable gains. With growing safety issues regarding diagnostic devices along with the need to avoid health risks, medical vigilance software is widely deployed to monitor the safety of the patients.

With respect to the end user, the medical devices vigilance market is bifurcated into hospitals, diagnostic centers, ambulatory surgical centers, research laboratories, clinics, and academic institutions.

Increasing establishment of hospitals

There is an increasing penetration of hospitals across the globe to meet the changing medical requirements of the patients along with the availability of advanced medical equipment. The governments across the globe are also heavily investing in the construction of hospitals in both developed as well as emerging countries to meet the rising needs of the patients and to offer safe and reliable health solutions.

For instance, IBEF reported that the Government of India in its Union Budget 2020-21 announced the investment of USD 9.87 billion towards the development of the healthcare sector. The Government also aimed at increasing healthcare spending to 3% of the total GDP by 2022. Easy medical reimbursement policies and rising healthcare expenditures will support the adoption of medical devices.

To access sample pages of this report titled, “Medical Devices Vigilance Market Size By Delivery Mode (On-demand, On-premise), By Application (Diagnostic, Therapeutic, Surgical, Research), By End-user (Clinical Research Organizations [CROs], Original Equipment Manufacturers [OEMs], Business Process Outsourcing [BPO]), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents, please click on the link below:

https://www.gminsights.com/request-sample/detail/3140

Considerable use in North America

Regionally speaking, North America has emerged as a profitable revenue terrain due to the development of advanced healthcare IT solutions like healthcare software. In 2018, North America led the industry with over 33% of the revenue share. A strong foothold of key industry players across the region will prove to be beneficial for the development of innovative solutions. For example, Oracle Corporation extends highly integrated end-to-end safety platforms to enhance efficiency and quality.

Medical devices vigilance companies are constantly working to improve their offerings to meet the changing medical demands and to improve the patient-care services. The providers would register commendable growth in the coming years from diagnostics applications. The competitive spectrum of the industry is varied and comprises acclaimed companies like INTEL, Omnify Software, AB-Cube, Oracle, Sarjen Systems, and Sparta Systems, to name a few.

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