Medical Devices Vigilance Market to Hit $91.5 Billion by 2025: Global Market Insights, Inc.
Research application segment of medical devices vigilance market is expected to register 8.5% CAGR from 2019 to 2025 owing to growing investments by public sector.
SELBYVILLE, Del., February 26, 2019 (Newswire.com) - UK medical devices vigilance market is anticipated to witness fastest CAGR of 9.5% over the analysis timeframe. In line with the UK medical device regulations, MHRA strictly investigates any complaints about products with or without CE mark, examines manufacturing facilities in case of breach of regulations as well as investigates results of vigilance reports. Favorable regulatory policies in the country will further spur the market size.
Global Medical Devices Vigilance Market is set to surpass USD 91.5 billion by 2025; according to a new research report by Global Market Insights, Inc. Demand for medical devices vigilance systems is increasing over recent years owing to surge in the number of adverse events reported related to medical devices. High adoption of medical device vigilance system to ensure safety of patients, healthcare professionals and other users will positively impact business growth. Furthermore, strict government regulations for manufacturers to develop safe and highly efficient devices will favour medical devices vigilance industry growth.
On-demand delivery mode segment dominated the global market with 80.2% revenue share in 2018 and is estimated to witness a similar trend over the forecast period. Segmental growth is attributed to growing focus of companies on development of cloud-based software system to ensure quality of medical devices. For instance, AssurX Cloud QMS developed by AssurX offers quick, secure and reliable quality management software solution over the internet.
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Focus of companies on improvising existing medical devices vigilance software will increase its adoption. Growing R&D investments by key industry players to develop technologically advanced vigilance systems will further augment business growth. Availability of vigilance software and increasing awareness among patients will boost business growth. Patient access to adverse event reporting that further enables exporting of files, publishing regulatory reports as well as handling daily medical device vigilance requirements should favor medical devices vigilance market growth. However, failure of certain manufacturing companies to ensure product safety may impede the medical devices vigilance business growth during the forthcoming years.
Browse key industry insights spread across 145 pages with 194 market data tables & 8 figures & charts from the report, “Medical Devices Vigilance Market By Delivery Mode (On-demand, On-premise), By Application (Diagnostic, Therapeutic, Surgical, Research), By End-user (Clinical Research Organizations [CROs], Original Equipment Manufacturers [OEMs], Business Process Outsourcing [BPO]), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Poland, Japan, India, China, Australia, South Korea, Brazil, Mexico, Argentina, Saudi Arabia, South Africa, UAE), Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/medical-devices-vigilance-market
Therapeutic application segment held significant revenue in 2018 and is estimated to show fastest CAGR of 8.9% over the analysis years. Growing demand to ensure safety of therapeutic medical devices exerting local effects such as wound covering, tissue cutting or supporting open clogged arteries will surge adoption of medical devices vigilance system thereby driving segmental growth.
Clinical research organizations (CROs) segment was valued at USD 6.1 billion in 2018 and is projected to grow considerably over the estimated timeframe. CROs offer real-time and accurate safety management of medical devices in all phases of development, including pre- and post-market studies. Ability of CROs to communicate directly with manufacturers, physicians, regulatory authorities and clients to ensure full control at every stage of the project will upsurge segmental growth in foreseeable future.
UK medical devices vigilance market is anticipated to witness fastest CAGR of 9.5% over the analysis timeframe. In line with the UK medical device regulations, MHRA strictly investigates any complaints about products with or without CE mark, examines manufacturing facilities in case of breach of regulations as well as investigates results of vigilance reports. Favorable regulatory policies in the country will further spur the market size.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Source: Global Market Insights, Inc.
