SEATTLE, Nov. 24, 2021 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global materiovigilance market is estimated to be valued at US$ 66.3 billion in 2021 and is expected to exhibit a CAGR of 8.0% during the forecast period (2021-2028).
Key Trends and Analysis of the Global Materiovigilance Market:
Key trends in the market include 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 economies to meet the rising needs of patients and to offer safe and reliable health solutions. For instance, India Brand Equity Foundation (IBEF) reported that the Government of India in its Union Budget 2020-21 announced the investment of US$ 9.87 billion for the development of the healthcare sector. The government also aimed at increasing healthcare spending to 3% of the total Gross domestic product by 2022.
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Key Market Takeaways:
The global materiovigilance market is expected to exhibit a CAGR of 8.0% during the forecast period. An increase in launches of recall systems for medical devices is expected to drive the global materiovigilance market growth over the forecast period. For instance, in April 2017, the South Korean Ministry of Food and Drug Safety (MFDS) launched a new recall system called ‘Harmful Medical Device Distribution Shutdown System’, for medical devices.
Among applications, on-cloud segment is estimated to hold a dominant position in the global materiovigilance market over the forecast period. Key players in the market such as AssurX and AB-Cube focusing on development of advanced cloud-based quality management software systems will increase its adoption. Thus, this is expected to drive the growth of the segment over forecast period. Moreover, increasing launch of medical device market surveillance projects is expected to drive the growth of the segment over forecast period. For instance, in November 2016, the Medicines and Healthcare Regulatory Agency (MHRA) launched a new market surveillance project (joint action on market surveillance of medical devices) in Europe. The main aim of this project was to support market surveillance systems for medical devices by improving and developing coordination activities.
On the basis of region, North America is expected to hold a dominant position in the global materiovigilance market over the forecast period, owing to increasing launches of security plans for medical devices. For instance, in January 2019, Healthcare and Public Health Sector, it protects all sectors of the economy from hazards such as terrorism, infectious disease outbreaks, and natural disasters., launched a new joint security plan called the Medical device security and Health IT Joint Security Plan. It is a product lifecycle reference guide for developing, supporting, and deploying cyber security technology solutions in the healthcare environment.
Competitive Landscape:
Key players operating in the global materiovigilance market include AssurX, Sparta Systems, Oracle Corporation, Xybion Corporation, Sarjen Systems Pvt. Ltd., MDI Consultants, AB-Cube, QVigilance, Qserve, and ZEINCRO.
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Market Segmentation:
- Global Materiovigilance Market, By Delivery Mode :
- On-premise
- On-cloud
- Global Materiovigilance Market, By Application:
- Diagnostic Application
- Therapeutic Application
- Surgical Application
- Research Application
- Others
- Global Materiovigilance Market, By End users:
- Contract Research Organization
- Business Process Outsourcing
- Original Equipment Manufacturers
- Others
- Global Materiovigilance Market, By Region:
-
- North America
- By Country
- U.S.
- Canada
- By Country
- Latin America
- By Country
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country
- Europe
- By Country
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country
- GCC
- Israel
- Rest of Middle East
- By Country
- Africa
- By Country/Region
- South Africa
- Central Africa
- North Africa
- By Country/Region
- North America
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About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.
