Materiovigilance is a coordinated system for identifying, collecting, reporting, and analyzing any untoward events linked with the use of medical devices, as well as protecting the health of patients by preventing recurrences. The goal of materiovigilance is to investigate and track occurrences that may occur as a result of the use of medical devices. It allows unsafe products to be removed from the market and medical device flaws to be fixed, all with the goal of continuously improving device quality and increasing patient and user safety.
During the projected period, an increase in the number of medical device recalls is expected to boost the market growth.
Over the projected period, the worldwide Materiovigilance Market is expected to develop due to an increase in the number of medical devices recalls due to technical faults. According to data published by Medical Device and Diagnostic Industry (MD+DI), which is a resource exclusively for original equipment manufacturers of medical devices and in vitro diagnostic products, the number of medical device recalls issued in the first half of 2021 was higher than the first half of each of the previous five years in June 2021. The US Food and Drug Administration (US FDA) recorded 29 medical device recalls in the first half of 2021.
During the projected period, an increase in the number of post-market surveillance programs is expected to drive market growth.
During the forecast period, the worldwide materiovigilance market is predicted to develop due to an increase in the number of medical device post-market surveillance programs. For example, Veeva Systems Inc., a global leader in cloud-based software for the life sciences industry, introduced Veeva Vault Product Monitoring, a new cloud solution for medical devices and diagnostics that would simplify and standardize the postmarket surveillance process in April 2020.
During the projected period, an increase in the number of post-market surveillance programs is expected to drive market growth.
During the forecast period, the worldwide materiovigilance market is predicted to develop due to an increase in the number of medical device post-market surveillance programs. For example, Veeva Systems Inc., a global leader in cloud-based software for the life sciences industry, introduced Veeva Vault Product Monitoring, a new cloud solution for medical devices and diagnostics that would simplify and standardize the postmarket surveillance process in April 2020.
Coronavirus (COVID-19) Pandemic Impact on the Global Materiovigilance Market
COVID-19's rapid global expansion is posing a challenge to healthcare systems around the world in terms of planning, infrastructure, and investment. With limited access to breathing equipment, skilled critical care employees, or protected patient monitoring systems, healthcare providers are compelled to treat extremely ill patients. Since December 2019, a novel coronavirus has spread throughout China and the rest of the world, resulting in a rapid increase in confirmed cases. The disease has already spread to more than 200 nations around the world, prompting the WHO to declare it a public health emergency.
COVID-19's rapid global expansion is posing a challenge to healthcare systems around the world in terms of planning, infrastructure, and investment. With limited access to breathing equipment, skilled critical care employees, or protected patient monitoring systems, healthcare providers are compelled to treat extremely ill patients. Since December 2019, a novel coronavirus has spread throughout China and the rest of the world, resulting in a rapid increase in confirmed cases. The disease has already spread to more than 200 nations around the world, prompting the WHO to declare it a public health emergency.
Players to Watch
AssurX, Sparta Systems, Oracle Corporation, Xybion Corporation, Sarjen Systems Pvt. Ltd., MDI Consultants, AB-Cube, QVigilance, Qserve, and ZEINCRO are some of the major competitors in the industry.
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