Medical Device Vigilance Market is Driving Digital Innovation is in Trends by AI Transformation
The medical device vigilance market involves monitoring the performance and safety of medical devices. It aims to detect, evaluate, and prevent any issues with regulated medical devices. Key medical devices that require vigilance include surgical instruments, pacemakers, implantable defibrillators, orthopedic implants, and imaging systems. Vigilance helps ensure device effectiveness and patient safety over the lifetime of the device on the market. It plays a vital role in maintaining public health and trust in medical technology.
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 from 2024 to 2031.
Key Takeaways
Key players: Key players operating in the medical device vigilance market are BrainsWay; Magstim; Nexstim; Salience; MagVenture A/S; eNeura Inc. These players are increasingly adopting AI and blockchain to drive innovation in vigilance.
Growing demand: The growing volume of Medical Device Vigilance Market Demand and complexities involved have increased the need for more robust and intelligent vigilance systems. With an aging population relying more on regulated medical technologies, demand for vigilant monitoring is surging.
Global expansion: Leading players are expanding their vigilance offerings globally through partnerships and acquisitions. This allows international medical device companies to outsource vigilance and maintain compliance with regulations worldwide.
Market Key Trends
One of the major trends in the medical device vigilance market is the increasing adoption of AI. Players are developing AI-powered algorithms that can track large volumes of real-world device performance data, proactively detect anomalies, and predict potential issues. This allows for faster and more accurate vigilance. AI is transforming how companies monitor devices over their lifecycles and ensuring continued patient safety.
Porter’s Analysis
Threat of new entrants: entry barriers like regulations are high.
Bargaining power of buyers: growing preference of non-invasive medical treatments.
Bargaining power of suppliers: medical device manufacturers have pricing power.
Threat of new substitutes: technologies like rTMS face competition from drug therapies.
Competitive rivalry: competition is intense between existing players.
The Medical Device Vigilance Market Regional Analysis in North America, especially United States, accounts for the largest share in terms of value due to growing elderly population and increasing prevalence of neurological disorders. Asia Pacific region is expected to grow at a fastest CAGR during the forecast period owing to rising healthcare spending, increasing awareness, and improving healthcare infrastructure in countries like China and India.
Some of the key factors driving growth of medical device vigilance market in Asia Pacific region include rapid economic development, increasing per capita income, expansion of private healthcare sector, and rising medical tourism. Furthermore, growing population especially middle class demographic susceptible to neurological conditions and neuropsychiatric disorders also contributes to market growth. However, lack of skilled professionals remains a challenge for widespread adoption of medical device vigilance systems in emerging Asian countries.
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1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.