According to FutureWise analysis the market for Medical Devices Vigilance in 2023 is US$ 79.63 billion, and is expected to reach US$ 150.92 billion by 2031 at a CAGR of 8.32%.
Medical devices span a wide range of products, from diagnostic medical devices used to detect diseases and anomalies to therapeutic medical devices used to cut tissue, cover wounds, or close open clogged arteries, to extremely complicated and computerised medical equipment. Because of their great diversity and crucial necessity for therapeutic treatment and patient care, it is becoming increasingly important to regulate the manufacturing, operating, and distribution processes to assure their quality, safety, and efficient operation. The collection, evaluation, reporting, quality check, and recognition of the condition of medical devices as a result of their use is known as medical device vigilance or materiovigilance. Medical device vigilance attempts to protect patients, healthcare facilities that use medical devices, and others by preventing or eliminating errors that cause dangerous occurrences and bad effects. Medical device vigilance keeps track of technical faults and potential side effects linked with medical devices. With the passage of the Modernization Act 1970 in the United States, the FDA began post-market surveillance of medical devices. The fundamental goal of medical device vigilance is to promote patient health and safety by lowering the number of incidents connected to medical device use. Adverse responses to medical equipment can occur and have serious implications. The medical device vigilance market is being driven by a number of factors including an increase in the number of medical device recalls due to technical defects, an increase in the number of post-market surveillance programmes, an increase in the incidences of adverse events related to faulty medical devices, an increase in the number of hospitals using medical devices, and the adoption of medical device vigilance software.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Medical Devices Vigilance Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Medical Devices Vigilance Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.