Medical Device Vigilance Market is Estimated to Witness High Growth Owing to Stringent Regulatory Framework for Medical Devices

 
Medical Device Vigilance Market Demand

The medical device vigilance market involves the monitoring of medical devices that have been distributed in the market to identify potential safety issues. Medical devices such as neurostimulation devices, neuromodulation devices, deep brain stimulation devices etc. aid in the treatment of neurological disorders like epilepsy, Parkinson’s disease, major depression, obsessive-compulsive disorder and other such conditions. Growing prevalence of neurological disorders and rapid technological advancements have resulted in wider availability and adoption of various effective medical devices for treatment. However, stringent regulatory norms and reporting requirements are in place to ensure the safety, effectiveness and performance of medical devices. Non-compliance can attract heavy penalties and recall of products.

The Global Medical Device Vigilance Market is estimated to be valued at US$ 103.36 Mn in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period of 2024 to 2031.

Key Takeaways

Key players operating in the medical device vigilance market are BrainsWay; Magstim; Nexstim; Salience; MagVenture A/S; eNeura Inc. These players are focussing on new product launches and approvals to strengthen their market position.

Growing prevalence of neurological disorders and rapid pace of Medical Device Vigilance Market Demand innovation are presenting numerous opportunities for market players to introduce novel and advanced therapeutic options. Furthermore, rising healthcare expenditures in emerging economies will boost the demand for medical devices over the coming years.

Stringent regulations and reporting requirements across major markets have compelled manufacturers to outsource medical device vigilance activities to specialist providers. This is expected to drive the growth of contract service providers facilitating global expansion of the medical device vigilance market.

Market drivers
Stringent regulatory framework for medical devices ensures the safety, effectiveness and performance of devices. Non-compliance can attract heavy penalties and recall of products. This plays a major role in driving the need for medical device vigilance activities among manufacturers. Specialist vigilance providers aid companies in complying with regulations through lifecycle documentation and reporting of adverse events related to medical devices.

PEST Analysis

Political: Regulatory changes for medical devices can impact market demands. Stringent regulations and policies promote quality and safety standards.
Economic: Rising healthcare expenditure and growth of medical tourism are key drivers. The industry is sensitive to changes in economic conditions and reimbursement policies.
Social: An aging population and growing incidence of chronic diseases increases demand. Rising health awareness boosts preventive care and adoption of innovative devices.
Technological: Developments in IoT, AI and cloud technologies facilitate remote monitoring. Adoption of digitalized vigilance tools enhance oversight and data analytics capabilities.

Geographical regions with highest market value

North America dominates the Medical Device Vigilance Market Regional Analysis currently in terms of value due to presence of major players, developed healthcare infrastructure and growing adoption of digital technologies for vigilance. The US accounts for the largest share within the region. Europe follows North America owing to supportive regulatory guidelines and increasing medical tourism.

Fastest growing region

Asia Pacific is poised to be the fastest growing market during forecast period on back of expanding healthcare sector, rising medical tourism and growing penetration of international players within China, India and other developing nations. Rising affordability and awareness levels along with increasing prevalence of chronic diseases will further fuel regional growth opportunities.

Get More Insights on- Medical Device Vigilance Market

About Author:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)


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