Asia-Pacific medical devices vigilance market value will register more than 9% CAGR from 2019 to 2025 supported by rising research organizations and increasing incidence of adverse effect due to medical devices in Asia-Pacific region.
Selbyville, United States - May 22, 2019 /MarketersMedia/ —
>> 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.
>> Increasing medical recalls and rising incidence of adverse effects related to medical devices will augment the medical devices vigilance market growth.
>> Strict government regulations for manufacturers to develop safe and highly efficient devices will favour medical devices vigilance industry growth.
>> 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.
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North America dominated the overall medical devices vigilance market with more than 33% of revenue share in 2018. Development of advanced healthcare IT solutions such as healthcare software, vigilance software will augment the regional growth. Strong foothold of key industry players in the region will be beneficial for development of innovative solutions. For instance, Oracle Corporation offers integrated end-to-end safety platforms to improve quality and efficiency. Development of such software will surge the regional growth.
Global Medical Devices Vigilance Market is expected to surpass USD 91 billion by 2025; according to a new research report by Global Market Insights, Inc.
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.
On-premise delivery mode segment will witness 6.6% CAGR during analysis timeframe. On-premise software runs on customers system and runs a setup with upgrade options. Availability of software offering combined innovative software and hardware with latest technology thus on-premise software has demand from healthcare organizations, this will drive the segmental growth.
Diagnostic application segment held 32.5% revenue share in 2018 and will show lucrative growth over the forecast timeline. Increasing safety issues regarding diagnostic devices will drive segmental growth. To avoid such risks medical vigilance software are used to monitor patient safety, this will increase the demand for medical vigilance software.
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Clinical research organization. end-user segment will grow at 7.7% over the coming years. Increasing number of research project worldwide will drive segmental growth. Increasing focus on novel drug development for treatment of various chronic disease will enhance business growth. These organizations need medical vigilance software to manage regulatory affairs, clinical trial data and quality assurance. Thus, increasing preference for software solutions will surge the segmental growth.
Prominent industry players involved in medical devices vigilance market are AB-Cube, AssurX, Oracle, Sparta Systems, Xybion, Sarjen Systems, ZEINCRO, MDI Consultants, INTEL, Omnify Software and Numerix. The prominent industry players are focusing on new software development, strategic collaborations and alliances to strengthen their market position.
Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/pressrelease/medical-devices-vigilance-market
Source: MarketersMedia
Release ID: 515630
