Increase in Number of Medical Device Recalls to Boost Materiovigilance Market Growth
The global materiovigilance market is estimated to be valued at US$ 113.5 Billion in 2027 and is expected to exhibit a CAGR of 8.0% over the forecast period, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Materiovigilance is a coordinated system that is used to identify, collect, report, and analyze any untoward incidences associated with the use of medical devices and protect patient health by preventing its recurrence. The purpose is to study and observe events that may result from the use of medical devices. The system helps withdraw dangerous devices from the market and eliminate faults in devices to improve the quality of medical devices. Materiovigilance aims to safeguard the health of the population by ensuring that the benefits of the use of medical devices outweigh the associated risk, similar to what is expected with the use of medicines.
๐๐จ ๐๐๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ฉ๐จ๐ซ๐ญ ๐ฐ๐ข๐ญ๐ก ๐๐๐ญ๐๐ฌ๐ญ ๐๐จ๐ฏ๐ข๐๐๐ ๐๐ฆ๐ฉ๐๐๐ญ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ @ https://www.coherentmarketinsights.com/insight/request-sample/4780
Competitive Landscape:
Major players operating in the global materiovigilance market are ZEINCRO, Qserve, MDI Consultants, QVigilance, AB-Cube, Xybion Corporation, Oracle Corporation, Sparta Systems, AssurX, and Sarjen Systems Pvt. Ltd., among others.
Key Market Drivers:
Increase in number of product recalls around the world is expected to augment growth of the materiovigilance market during the forecast period. For instance, in 2016 and 2017, the Food and Drug Administration (FDA) issued recalls of around 410 million medical units or devices. Moreover, during 2018, the average number of $ 58 million per unit the previous year (2017) rose to nearly 100 million units issued a recall each quarter, a massive jump of nearly 71%.
Furthermore, introduction of post-market surveillance systems/programs are expected to boost growth of the materiovigilance market. Recent public health safety issues involving medical devices have led to a growing demand for post-market surveillance systems and programs. For instance, various European Union (EU) national competent authorities have started to focus on strengthening the post-market risk evaluation.
๐๐ฎ๐ฒ ๐๐จ๐ฐ ๐๐ง๐ ๐๐๐ญ ๐ ๐ฅ๐๐ญ ๐๐% ๐๐ข๐ฌ๐๐จ๐ฎ๐ง๐ญ
๐๐ฎ๐ซ๐๐ก๐๐ฌ๐ ๐๐ก๐ข๐ฌ ๐๐ซ๐๐ฆ๐ข๐ฎ๐ฆ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ ๐๐๐๐๐ฌ๐ฌ ๐ ๐ฎ๐ฅ๐ฅ ๐๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง @ https://www.coherentmarketinsights.com/insight/buy-now/4780
COVID-19 Impact Analysis:
The outbreak of COVID-19 has severely affected the private healthcare sector. Moreover, the pandemic has created an economic burden on the sector. Healthcare providers faced challenges with respect to equipment, manpower, and other resources to ensure safety in treating patients with other diseases, and has resulted in declining outpatients visits of patients to the clinics and hospitals during the pandemic. This in turn is expected to hinder growth of the market.
Key Takeaways:
- The materiovigilance market is expected to exhibit a CAGR of 8.0 % during the forecast period due to the increasing research and development activities. For instance, in October 2021, to enhance Pharmacovigilance knowledge and skills of the healthcare professionals for patient safety, Indian Pharmacopoeia Commission (IPC) started Skill Development Programme to address issues related to adverse events due to a drugs and medical devices.
- Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the materiovigilance market owing to the increasing number of product recalls, increasing research and development activities, and government initiatives to improve the quality of medical devices in these regions. For instance, in August 2018, IPC, the National Coordinating Centre (NCC) of Materiovigilance Programme of India (MvPI) released Draft Guidance Document for Medical Devices to provide necessary information to all stake-holders of the country regarding the regulatory requirements, quality management systems, and standards required to be followed for medical devices.
๐๐จ ๐๐๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ ๐๐ซ๐จ๐๐ก๐ฎ๐ซ๐ ๐๐๐ซ๐ @ https://www.coherentmarketinsights.com/insight/request-pdf/4780
Table of Contents
- Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snapshot, Byย Delivery Mode
- Market Snapshot, By Application
- Market Snapshot, By End Users
- Market Snapshot, By Region
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Opportunity
- Impact Analysis
- Regulatory Scenario
- Market Trends
- Key Developments
- PEST Analysis
- Market Dynamics
- Global Materiovigilance Marketโ Impact of Coronavirus (COVID-19) Pandemic
- COVID-19 Impact Assessments
- Government Measures To Combat COVID-19
- Global Materiovigilance Market, By Delivery Mode, 2017 โ 2028, (US$ Bn)
- Introduction
- Market Share Analysis, 2021 and 2028 (%)
- Y-o-Y Growth Analysis, 2017 โ 2028
- Segment Trends
- On-premise
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017 โ 2028, (US$ Bn)
- On-cloud
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017 โ 2028, (US$ Bn)
- Introduction
- Global Materiovigilance Market, By Application, 2017 โ 2028, (US$ Bn)
- Introduction
- Market Share Analysis, 2021 and 2028 (%)
- Y-o-Y Growth Analysis, 2017 โ 2028
- Segment Trends
- Diagnostic Application
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017 โ 2028, (US$ Bn)
- Therapeutic Application
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017 โ 2028, (US$ Bn)
- Surgical Application
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017 โ 2028, (US$ Bn)
- Research Application
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017 โ 2028, (US$ Bn)
- Others
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017 โ 2028, (US$ Bn)
- Introduction
- Global Materiovigilance Market, By End Users, 2017 โ 2028, (US$ Bn)
- Introduction
- Market Share Analysis, 2021 and 2028 (%)
- Y-o-Y Growth Analysis, 2017 โ 2028
- Segment Trends
- Contract Research Organization
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017 โ 2028, (US$ Bn)
- Business Process Outsourcing
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017 โ 2028, (US$ Bn)
- Original Equipment Manufacturers
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017 โ 2028, (US$ Bn)
- Others
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017 โ 2028, (US$ Bn)
- Introduction
View Press Release: https://www.coherentmarketinsights.com/press-release/materiovigilance-market-4039
About US:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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