February 26, 2024

Medical Device Software As Fastest Growing Segment Fueling The Growth Of Medical Device Vigilance Market

The medical device vigilance market consists of software used to monitor device performance, identify potential safety issues, and maintain compliance. Medical device software helps organizations track and analyze adverse events, product issues, and enhance corrective and preventive actions. This enables improved patient safety and support of ongoing product improvement efforts.

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:

 Cloud-based medical device vigilance software provides cost-effective and scalable solutions for organizations to centrally manage their global vigilance processes. The software enables remote access which allows users to access data and share information from any location. It also offers data security, automated report generation, and integration with other business systems. The flexibility and ease of use associated with cloud-based vigilance solutions is increasing their demand among mid-sized and large medical device manufacturers.

Segment Analysis
The global medical device vigilance market is segmented by type into software, services and hardware. The software segment is expected to dominate the market during the forecast period. This is because it helps in tracking and reporting adverse events associated with medical devices. It enables users to capture, track and analyze all medical device complaints, malfunctions and recalls.

Key Takeaways

The Global Medical Device Vigilance Market Size  is expected to witness high growth, exhibiting a CAGR of 4.9% over the forecast period 2023 to 2030, due to increasing regulatory requirements for monitoring post-market devices performance and ensuring patient safety.

Regional analysis
North America is expected to dominate the medical device vigilance market during the forecast period. This is due to stringent regulatory mandates issued by the US FDA for managing medical device vigilance. Presence of many key players in countries like the US is also contributing to the large share of this region.

Key players
Key players operating in the medical device vigilance market are AB-Cube, AssurX, Oracle, Sparta Systems, Xybion, ZEINCRO, Omnify Software, INTEL, MDI Consultants and Numerix. Market leaders like Oracle and AssurX are focusing on expanding their presence in developing countries to strengthen their global market position.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it