April 12, 2024
Medical Device Vigilance Market

Medical Device Vigilance Market Poised to Witness High Growth Owing to Rising Awareness Regarding Safety of Medical Devices

The medical device vigilance market comprises various medical equipment and devices used for ensuring safety, efficacy, and performance of medical devices used in the healthcare sector. Growing incidences of medical device-associated risks and injuries have increased the need for monitoring and reporting adverse events related to medical devices. Prominent medical devices covered under vigilance include implantable devices, diagnostic equipment, monitoring devices, therapeutic devices, surgical equipment, and other hospital equipment.

The global medical device vigilance market is estimated to be valued at US$ 103.36 million in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the medical device vigilance market are BrainsWay, Magstim, Nexstim, Salience, MagVenture A/S, eNeura Inc. The increasing awareness regarding the significance of monitoring device performance and safety among patients and regulatory bodies is expected to present lucrative opportunities for market players. Furthermore, the rising adoption of complex medical devices across emerging markets of Asia Pacific and Latin America is anticipated to drive the global Medical Device Vigilance Market Growth over the next few years.

Key players operating in the medical device vigilance are BrainsWay, Magstim, Nexstim, Salience, MagVenture A/S, eNeura Inc. The growing incidences of adverse events associated with medical devices have necessitated strict post-market surveillance of devices. This has increased focus of players on developing robust vigilance systems and solutions.

The increasing awareness regarding the significance of monitoring device performance and safety among patients and regulatory bodies is expected to present lucrative opportunities for market players. Introduction of innovative technologies such as AI and IoT in vigilance solutions could further aid in the early detection of potential risks.

Furthermore, the rising adoption of complex medical devices across emerging markets of Asia Pacific and Latin America is anticipated to drive the global expansion of the medical device vigilance market over the next few years. Growing healthcare expenditure in these regions coupled with increasing investments by market players are likely to support the adoption of medical device vigilance practices.

Market drivers

The rising incidences of medical device-associated adverse events is a key driver propelling the demand for medical device vigilance practices. Growing complexities in device design and the increasing usage of high-risk implanted and critical care devices have augmented the risks of device failures or malfunctions. Strict regulatory norms mandating post-market surveillance are enabling greater transparency and improving the performance of devices. This is driving healthcare providers and players to focus on implementing robust vigilance systems.

PEST Analysis
Political: The regulations set forth by different government bodies on the safety and effectiveness of medical devices affects the market. The need for comprehensive vigilance for continuous risk-benefit analysis and timely action on safety issues is crucial.
Economic: Factors like rising healthcare spending and increasing demand for quality healthcare are boosting market growth. However, the high cost of advanced medical devices and stringent regulatory requirements add to the overall cost burden.
Social: A growing aging population worldwide suffering from chronic diseases is driving demand. However, social stigma and disadvantages still exist for some devices.
Technological: Continuous digitalization and adoption of artificial intelligence are improving device performance and safety. Connected technologies enable remote monitoring but also increase vulnerabilities to cyber threats.

The geographical regions where the medical device vigilance market in terms of value is concentrated are North America and Europe. Both regions have established healthcare infrastructures and account for the bulk of medical device sales worldwide. The presence of major market players and strict regulatory frameworks have also accelerated the adoption of vigilance systems.

The Asia Pacific region is poised to be the fastest growing market for medical device vigilance during the forecast period. This is attributed to factors like increasing healthcare spending, rapid economic development, rising incidence of chronic diseases, and growing medical tourism in the region’s emerging economies. The entry of global players and rising awareness regarding device safety are expected to boost the APAC market in the coming years.

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