Materiovigilance Market is estimated to Grow at CAGR of 8.0% by 2028 | AssurX, Sparta Systems, Oracle Corp, Xybion Corp
Materiovigilanc
SEATTLE, UNITED STATES, UNITED STATES, October 11, 2022 /EINPresswire.com/ -- The new report titled “Materiovigilance Market offer by Key Players, Size, Share, Outlook, and Forecast to 2028”offered by Coherent Market Insights, Inc. includes a comprehensive analysis of Materiovigilance is concerned with medical equipment. This means it investigates and reports events with the intention of eliminating potentially harmful devices off the market. Furthermore, it contributes to product quality improvement, resulting in better patient safety. As a result, materiovigilance seeks to improve patient safety by lowering the likelihood of adverse occurrences. The purpose of the National Competent Authority Report is to guarantee that all bad occurrences are correctly reviewed and reported, and that a thorough mechanism can avoid similar accidents from occurring in the future.
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).
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Materialovigilance aims to decrease adverse occurrences and assure the quality of health items. Adverse occurrences must be examined and recorded in the form of a National Competent Authority Report in India, according to the Medical Devices Directives. The purpose of the NCRA reports is to avoid the recurrence of adverse occurrences. The healthcare sector can assure the safety of medical equipment and patients by following this method. Its success is critical to patient safety.
The following Key Players are Mentioned in this Document: AssurX, Sparta Systems, Oracle Corporation, Xybion Corporation, Sarjen Systems Pvt. Ltd., MDI Consultants, AB-Cube, QVigilance, Qserve, and ZEINCRO
Materiovigilance Market: Segmentation
By Delivery Mode :
On-premise
On-cloud
By Application:
Diagnostic Application
Therapeutic Application
Surgical Application
Research Application
Others
Materiovigilance Market: Regional Analysis
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
(*NOTE: To get customization to your liking you can ADD / REMOVE Key Players, Regions, and any other Segments as you need.)
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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.
Key Benefits of the report:
This study presents the analytical description of the global Materiovigilance industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global Materiovigilance market share.
The current market is quantitatively analyzed from 2021 to 2028 to highlight the global Materiovigilance market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & sellers in the market.
The report provides a detailed global Materiovigilance market analysis based on competitive intensity and how the competition will take shape in the coming years.
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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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