Materiovigilance Market: Increase in the number of medical device recalls is expected to drive the market growth | AssurX, Sparta Systems, Oracle Corporation, Xybion Corporation

Overview

Materiovigilance focuses on medical devices. This means that it studies incidents and reports them in the hopes of removing potentially dangerous devices from the market. In addition, it also helps to improve the quality of the products, resulting in increased patient safety. As a result, materiovigilance aims to enhance patient safety by reducing the risks of adverse events. The National Competent Authority Report is intended to ensure that all adverse incidents are properly evaluated and reported, and that a proper process can prevent similar incidents from occurring again.

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The objective of materiovigilance is to reduce adverse events and to ensure the quality of health products. In India, the Medical Devices Directives require that adverse incidents are investigated and reported in the form of a National Competent Authority Report. The NCRA reports are intended to prevent reoccurrence of adverse events. By following this process, the healthcare sector can ensure the safety of medical devices and patients. Its success is vital in ensuring patient safety.

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).

Market Drivers

Increasing number of adverse events related to medical devices is expected to propel growth of the global materiovigilance market over the forecast period. For example, the number of adverse event reports submitted in 2019 to the National Medical Device Adverse Event Monitoring Information System, increased by more than 35%, from 396,345 reports in 2019 to 536,055 reports in 2020.

Moreover, increasing expenditure on healthcare R&D is also expected to propel growth of the global materiovigilance market over the forecast period. For example, China’s expenditure on healthcare research and development increased by 11.6% in 2017 from 10.6% in 2016, reaching US$ 280 Mn in 2017, according to the National Bureau of Statistics.

Market Opportunities

Launch of post-market surveillance study is expected to offer lucrative growth opportunities for players in the global materiovigilance market. For example, LifeTech Scientific Corporation, in July 2017, launched a postmarket surveillance study for the LAmbre Left Atrial Appendage (LAA) Closure System.

Covid-19 Impact Analysis

Regulatory bodies have directed healthcare centers to keep tab on serious adverse events due to faulty medical devices used by healthcare staff & patients to tackle COVID-19. In April 2020, on behalf of the Materiovigilance Programme of India, The Indian Pharmacopoeia Commission sent circulars to all the 50 medical device adverse event reporting centers in the country to keep a check on serious adverse events due to faulty ventilators or PPE used by the healthcare staff and patients to tackle COVID-19.

Market Trends

Increasing number of medical registries for medical implant devices is expected to propel growth of the global materiovigilance market. For example, The US Department of Veterans Affairs, in June 2018, with collaborative support from the U.S. FDA, Centers for Medicare and Medicaid Services (CMS) and Department of Defense, announced plan to launch the largest medical device implant tracking registry in the U.S. The new registry will allow it to monitor the safety of devices in both Veterans and their families, as well as tracking quality metrics and improving care.

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Moreover, increasing number of medical device platforms is also expected to aid in growth of the global materiovigilance market. For instance, First Databank Inc., in February 2017, launched FDB Prizm, a new medical device knowledge platform which helps to improve clinical, operational, and financial outcomes.

Key Players

Major players operating in the global materiovigilance market include, AB-Cube, AssurX, MDI Consultants, Oracle Corporation, QVigilance,  Qserve, Sparta Systems, Sarjen Systems Pvt. Ltd., Xybion Corporation, and ZEINCRO

Reasons to buy this Materiovigilance Market Report

☑ It attempts an analysis of the competing scenario.

☑ The current and exceptional product revenue market.

☑ An in-depth data on the regional investigation and competitive landscape structure.

☑ It benefits in creating an awareness of the important key product segments.

☑ The marketing strategies, opportunities, and development factors are explained.

☑ Materiovigilance market size estimation and recent advancements in the industry are explained.

The Study Objectives are:

✔ A comprehensive insight into key players operating in the Materiovigilance Market and their corresponding data.
✔ It includes product portfolio, annual revenue, expenditure on research and development, geographical presence, key developments in recent years, and growth strategies.
✔ Regional analysis, which includes insight into the dominant market and corresponding market share.
✔ It also includes various socio-economic factors affecting the evolution of the market in the region.
✔ The report offers a comprehensive insight into different individuals from value chains such as raw materials suppliers, distributors, and stockholders.

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Table of Content

Chapter 1 Industry Overview
1.1 Definition
1.2 Assumptions
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Materiovigilance Market Size Analysis from 2022 to 2028
11.6 COVID-19 Outbreak: Materiovigilance Industry Impact

Chapter 2 Global Materiovigilance Competition by Types, Applications, and Top Regions and Countries
2.1 Global Materiovigilance (Volume and Value) by Type
2.3 Global Materiovigilance (Volume and Value) by Regions

Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis

Chapter 4 Global Materiovigilance Sales, Consumption, Export, Import by Regions (2017-2022)
Chapter 5 North America Materiovigilance Market Analysis
Chapter 6 East Asia Materiovigilance Market Analysis
Chapter 7 Europe Materiovigilance Market Analysis
Chapter 8 South Asia Materiovigilance Market Analysis
Chapter 9 Southeast Asia Materiovigilance Market Analysis
Chapter 10 Middle East Materiovigilance Market Analysis
Chapter 11 Africa Materiovigilance Market Analysis
Chapter 12 Oceania Materiovigilance Market Analysis
Chapter 13 South America Materiovigilance Market Analysis
Chapter 14 Company Profiles and Key Figures in Materiovigilance Business
Chapter 15 Global Materiovigilance Market Forecast (2022-2028)
Chapter 16 Conclusions
Research Methodology