According to the research report titled ‘Medical Devices Vigilance Market Size By Delivery Mode, By Application, By End-user, Original Equipment Manufacturers, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report, worldwide medical devices vigilance market is expected to surpass USD 91.5 billion by the year 2025.
 

Rising medical recalls and increasing instances of adverse effects associated with medical devices are driving the growth of medical devices vigilance industry. These systems ensure safety and health among patients. The software offers analysis of adverse incidents, hence rising adoption across research organizations and business centric processes are fueling the market expansion. Moreover, rising R&D activities has led to innovations in medical devices vigilance systems.
 

Citing the delivery mode, on-premise segment is presumed to grow with a CAGR of 6.6% during 2019-2025. Easy availability of software solutions and technological advancements have propelled the incorporation of on-premise medical devices vigilance systems in healthcare organizations, in turn stimulating the industry outlook.
 

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Based on the application spectrum, the diagnostic segment held 32.5% revenue share in 2018 and is poised to acquire similar returns in the forthcoming years. Safety concerns associated with diagnostic devices will fuel the demand for vigilance systems.
 

In terms of end-use landscape, medical devices vigilance market share from clinical research organization segment is poised to witness a growth rate of 7.7% between 2019 and 2025. Rising number of research projects and shifting focus towards development of innovative treatment methods for various chronic disorders are aiding the segmental share.
 

As per the regional analysis, North America held 33% share in the global medical devices vigilance industry in 2018, primarily due to advancements in healthcare IT solutions. High concentration of key industry players is promoting the business scenario in North America.
 

Alternatively, Asia-Pacific medical devices vigilance market is set to record a growth rate of 9% through 2025.
 

The prominent companies functioning in medical devices vigilance industry are Numerix, Omnify Software, INTEL, MDI Consultants, Sarjen Systems, Xybion, Sparta Systems, Oracle, AssurX and AB-Cube among others.