Accelerated Use Of Medical Devices Drive Growth Of The Medical Device Vigilance Market
The medical device vigilance market comprises of products used for tracking adverse events related to medical devices. These devices range from simple tools like tongue depressors to complex equipment like MRI machines. Medical device vigilance enables early detection of device-related risks and timely corrective actions. This improves patient safety and helps comply with regulations. The growing use of implantable and innovative medical devices makes post-market vigilance increasingly important.
The global Medical Device Vigilance Market is estimated to be valued at US$ 89.72 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Software tools offered by leading players offer comprehensive features for complaint handling, trend analysis, risk assessment and reporting. They integrate with other systems to facilitate data exchange. This technological shift has streamlined the entire process and delivered significant cost and time savings for stakeholders. Widespread digitization of vigilance processes is expected to continue dominating the market in the coming years.
Porter’s Analysis
Threat of new entrants: Low barriers to entry due to availability of generic medical devices used for disease diagnosis and minor treatments. However, stringent regulations for approving new devices makes market entry difficult for new players.
Bargaining power of buyers: High bargaining power of hospitals and healthcare institutions due to availability of substitutes and collective bargaining. Buyers can negotiate on price and demand customized solutions.
Bargaining power of suppliers: Low bargaining power of suppliers due to presence of many device manufacturers and component suppliers. Buyers can easily switch to alternative suppliers.
Threat of new substitutes: Threat of new substitutes is moderate as many chronic diseases still rely on specific medical devices for diagnosis and treatment which are difficult to substitute. However, alternatives employing new technologies pose a threat.
Competitive rivalry: Intense competition due to presence of many global as well as local players. Players compete based on pricing, product innovation, integrated solutions and vertical expansion.
Key Takeaways
The Global Medical Device Vigilance Market Size is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period, due to increasing regulatory requirements for active surveillance and timely reporting of device performance issues.
Regional analysis: North America is expected to dominate the medical device vigilance market during the forecast period. Large presence of major device manufacturers and stringent regulatory norms drive market growth in the region. Asia Pacific is expected to exhibit the fastest growth rate owing to increasing healthcare expenditure, large patient population and rise in number of regional market players.
Key players operating in the medical device vigilance Market are AB-Cube, AssurX, Oracle, Sarjen Systems, Sparta Systems, Xybion, ZEINCRO, Omnify Software, INTEL, MDI Consultants, Numerix. Key players focus on strengthening their product portfolio and expanding global presence through partnerships and acquisitions.
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