Medical Device Vigilance Market Scope
The term medical device includes a wide category of items ranging from helpful medical devices exerting their effects locally such as wound covering, tissue cutting or propping open clogged arteries, to highly advanced computerized medical equipment and diagnostic medical devices. Vigilance implies to be careful of the possible threat or challenges. The Medical Device Vigilance System is planned to gather data on post-market incidents or unfavorable events related to medical devices and, where appropriate, to disperse or spread such data to avoid adverse occasions from recurring. The purpose of the Medical Device Vigilance System is to improve the protection of Health and Safety of patients, healthcare professionals, & other clients by lessening the probability of reoccurrence of incidents related to the use of a medical device.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | AssurX Inc. (United States), Oracle Corporation (United States), AB-Cube (France), Sparta Systems (United States), Xybion Corporation (United States), Sarjen Systems (India), ZEINCRO (Greece) and MDI Consultants (United States) |
CAGR | 8.1% |
The rising number of players expected to enter the global market is predicted to enhance the competition level as well as encourage the growth of the overall market in the near future. Players are anticipated to focus on the development, which is likely to encourage the growth of the global market throughout the forecast period. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Medical Device Vigilance market throughout the predicted period.
AssurX Inc. (United States), Oracle Corporation (United States), AB-Cube (France), Sparta Systems (United States), Xybion Corporation (United States), Sarjen Systems (India), ZEINCRO (Greece) and MDI Consultants (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are INTEL (United States), Omnify Software (United States) and Numerix (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Medical Device Vigilance market by Type , by Application (Diagnostic, Therapeutic, Surgical and Research) and Region with country level break-up.
On the basis of geography, the market of Medical Device Vigilance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In January 2022, Johnson & Johnson Medical Devices Companies announced a strategic partnership with Microsoft to enable its digital surgery solutions for medical devices.
In February 2021, Mindray, a Medical device manufacturer has launch latest vital signs workstation VS9 in United Kingdom. This vital sign VS9 machine is designed to give health insights into patient quickly as compared to traditional vital signs machines. This new VS9 vital signs workstation provides quick, flexible workflow profiles and comprehensive monitoring. This rapid vital signs algorithms ensure good comfort to patent, with 15-second BP readings and optional respiration rate taken via the SpO2 sensor.
The European MDD (Medical Device Directive) states that medical device producers are legitimately required to report adverse incidents and Field Security Corrective Actions (FSCAs) to the EU Competent Authorities.
Influencing Trend:
Increased R&D Activities by Pharmaceutical Companies
Market Growth Drivers:
Advancements in the Global Medical Industry and Government Initiatives
Challenges:
Covid-19 Impact
Restraints:
Sudden Discrepancies in Device Functioning and High Cost
Opportunities:
Ongoing Changes and Key Developments in Medical Segment and Untapped Market of Developing Countries
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Government Regulatory and Research Organizations and End-Use Industries