Asia Pacific medical devices vigilance market is estimated to register a CAGR of 9% over the forecast period. The growth can aptly be credited to increased number of research organizations which will proliferate the demand for medical software.. Moreover, rising incidences of adverse effects pertaining to medical devices in the region will also boost the industry growth in Asia Pacific.
An increase in medical recalls along with the growing cases of adverse effects linked to medical devices has positively influenced medical devices vigilance market share. Advanced medical device vigilance systems help in ensuring the health and safety of the patients and healthcare professionals. These software offer evaluation of adverse incident which supports the use across research organizations and business process outsourcing companies.
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In terms of application, diagnostic segment is projected to depict an appreciable growth on account of elevating safety concerns associated to diagnostic devices. In order to eradicate such risks, medical vigilance software is used which helps in monitoring patients’ safety. This will raise the demand for medical vigilance software and will positively influence the market. Reportedly, in 2018, the diagnostic application had recorded a revenue share of 32.5%.
In terms of delivery mode, on-premise segment is likely to depict a growth rate of 6.6% over the forecast period. On premise software runs on the customer’s system and provides a setup with options to upgrade. Innovative software combined with latest technology hardware makes the on-premise software solution a favorable option for the healthcare industries, significantly driving the growth of this segment.
Considering the end user segmentation, clinical research organization segment is expected to grow at a CAGR of 7.7% over the projected time, owing to the increased number of global research projects. Besides, inclination towards development of novel drugs for treatment of several chronic diseases will also strengthen the market. Medical vigilance software finds application in clinical research organization for managing clinical trial data, regulatory affairs and quality assurance.
On premise delivery mode is very popular in the healthcare industry because of its numerous merits. The most crucial benefit is that the in-house IT department has a complete access to the data stored in the application. For healthcare firms, the control over the data is important and unlike cloud services, on-premise software provides a highly secure environment. Moreover, the IT administrator can update the system as and when required adhering to organization compliance.
Major industry players are focused on activities pertaining to innovative software development, strategic alliances and acquisition that will help them attain a strong foothold in the market. Some of the eminent names in the industry are INTEL, Sparta Systems, AB-Cube, Oracle, Omnify, AssurX, ZEINCRO, Xybion, MDI Consultants, Numerix and Sarjen Systems.
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Partial Chapter of the Table of Content
Chapter 4. Medical Devices Vigilance Market, By Delivery Mode
4.1. Key segment trends
4.2.1. Market size, by region, 2014 – 2025 (USD Million)
4.3. On-demand or cloud-based (SaaS)
4.3.1. Market size, by region, 2014 – 2025 (USD Million)
Chapter 5. Medical Devices Vigilance Market, By Application
5.1. Key segment trends
5.2.1. Market size, by region, 2014 – 2025 (USD Million)
5.3.1. Market size, by region, 2014 – 2025 (USD Million)
5.4.1. Medical Devices Vigilance Market size, by region, 2014 – 2025 (USD Million)
5.5.1. Market size, by region, 2014 – 2025 (USD Million)
5.6.1. Market size, by region, 2014 – 2025 (USD Million)
Chapter 6. Medical Devices Vigilance Market, By End-user
6.1. Key segment trend
6.2. Original equipment manufacturers (OEMs)
6.2.1. Market size, by region, 2014 – 2025 (USD Million)
6.3. Clinical research organizations (CROs)
6.3.1. Market size, by region, 2014 – 2025 (USD Million)
6.4. Business process outsourcing (BPO)
6.4.1. Medical Devices Vigilance Market size, by region, 2014 – 2025 (USD Million)
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