Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Medical Devices Vigilance Market (By Delivery Mode: On-Demand, On-Premises; By Application: Therapeutic, Diagnostic, Surgical, Research, Others; By End-user: Business Process Outsourcing [BPO], Clinical Research Organizations [CROs], Original Equipment Manufacturers [OEMs], Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026”.
LOS ANGELES, April 03, 2019 (GLOBE NEWSWIRE) -- The global medical devices vigilance market size is anticipated to around USD 92.3billion by 2026, this market is anticipated to grow with 8.4% CAGR during the forecast time period. The rise in number of favourable government regulations related to medical devices and rising focus on the development of cloud-based software to ensure the quality of medical devices are the major factors boosting the growth of the global medical devices vigilance market.
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The key industry players in the global medical devices vigilance market focuses on creating current medical device vigilance software that is expected to increase its adoption. Rising R&D investments by key manufacturers in order to develop advanced medical devices vigilance systems will further augment the growth of global market. The availability of vigilance software and rising awareness among patients is expected to boost the market growth. The access of adverse event reporting to patients as well as handling of daily medical devices vigilance needs is boosting the growth of medical device vigilance market. But, the failure of some manufacturers to provide secure and highly efficient medical devices can impede the growth of medical devices vigilance market growth during the forecast period. The therapeutic application segment is expected to grow significantly at a rapid CAGR in the upcoming years. Also, the rising demand for the security of therapeutic medical devices using local effects is expected to increase the adoption of medical device vigilance systems, thus driving growth of therapeutic application segment in the overall market. Also, huge adoption of medical devices vigilance systems healthcare professionals, patient and others will positively influence the growth of medical devices vigilance market. The contact research organization (CROs) offer real-time and precise safety management of medical devices in all stages of the development. The skill of CROs is to connect directly with the medical device manufacturers, healthcare professionals, regulatory authorities, and others to ensure control at every phase of the product development will increase growth of CROs in the upcoming years.
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On-demand is anticipated to dominate the global medical devices vigilance market with major share and is projected to witness a similar trend over the coming years. This growth is attributed to the key manufacturers that are focusing on continuous development of medical devices to offer high quality medical devices. For instance, AssurX launched AssurX Cloud QMS with an objective to offer secure and reliable quality management software solution over the internet.
The global medical devices vigilance market is segmented into delivery mode, application, end user, and region. On the basis of delivery mode, the global medical devices vigilance market is segmented into on-demand and on-premises. On the basis of application, the global medical devices vigilance market is segmented into therapeutic, diagnostic, surgical, research, and others. On the basis of end-user, the global medical devices vigilance market is segmented into business process outsourcing [BPO], clinical research organizations [CROs], original equipment manufacturers [OEMs], and others. On the basis of the region, the global medical devices vigilance market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
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North America region is expected to hold a major share of the global medical devices vigilance market followed by Europe region. The market in North America is attributed to the rise in number of adverse events in the U.S. Therefore, this factor is expected to give rise to the adoption of medical devices vigilance systems in U.S. The medical devices vigilance market in Europe is expected to grow at a rapid CAGR owing to the stringent medical device regulations and policies in UK, which in turn, spur the growth of medical devices vigilance market growth. Latin America and MEA are expected to grow significantly during the forecast period.
The prominent players operating in the global medical devices vigilance market are General Electric, Toshiba, Bharat Heavy Electricals Limited, Celme, Eaton Corporation, TRENCH Corp., Siemens, Schneider Electric, Amran, ABB Ltd, Raychem RPG, Medical devices vigilance Equipment Corporation, and Mitsubishi Electric, etc. The constant industrial development with the adoption of smart transformer products that offer energy efficient instrument transfer is expected to drive the market across the Europe region. Limited energy efficiency procedures have encouraged the medical devices vigilance manufacturers to shift their focus towards manufacturing effective and low-cost transformer technologies. These factors are predicted to offer growth opportunities for the key players in the global medical devices vigilance market.
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