April 24, 2024
Materiovigilance Market

The Materiovigilance Market Is Embracing Digitalization Trends by Increased Focus on Data Privacy and Security

The materiovigilance market involves collecting and monitoring information from healthcare providers and patients on the performance and adverse effects of medical devices. It plays a vital role in ensuring medical devices meet acceptable standards of safety and effectiveness. Key functions include identifying risks, addressing safety concerns, and taking necessary actions to minimize harm. With growing usage of advanced devices including implants, the need for effective vigilance has increased substantially to manage risks.

The Global Materiovigilance Market is estimated to be valued at US$ 89.09 Bn in 2024 and is expected to exhibit a CAGR of 14% over the forecast period 2024 to 2031.

Key Takeaways

Key players: Key players operating in the Materiovigilance Market are IQVIA Holdings Inc., Optum, Inc. (a subsidiary of UnitedHealth Group), Cerner Corporation, Flatiron Health, Inc. (a subsidiary of Roche), IBM Corporation, Tempus Labs Inc., Syneos Health Inc., Evidera, Inc., Palantir Technologies Inc., SAS Institute Inc.

Growing demand: Increased usage of high-risk devices, complex surgeries, and chronic conditions has amplified the need for robust vigilance. Shortage of skilled professionals and rising operational costs also boost the adoption of digitized solutions for improved monitoring, analysis, and corrective actions.

Global expansion: Leading market participants are focusing on strategic collaborations and acquisitions to expand their geographical presence. While North America dominates currently, the materiovigilance industry is witnessing significant growth in Asian economies due to their large population and improving healthcare infrastructure.

Market key trends

Digital transformation is a key trend gaining traction in the materiovigilance market. Players are increasingly leveraging AI, predictive analytics, blockchain, and cloud computing to streamline data collection, risk identification, non-conformity management, and incident reporting. Automating routine tasks helps minimize errors and enhances the speed of regulatory compliance. However, ensuring privacy and security of sensitive patient information during digitalization presents an ongoing challenge for stakeholders.

Porter’s Analysis

Threat of new entrants: High capital requirements for clinical trials pose barriers to entry.

Bargaining power of buyers: Pharma companies dominate the market with strong bargaining power over pricing and contracts.

Bargaining power of suppliers: Specialized expertise required for data management and technology leads to less bargaining power for suppliers.

Threat of new substitutes: Limited substitution threat due to specialized requirements for adverse event data collection and processing.

Competitive rivalry: Intense competition among major players to gain market share drives ongoing investments in analytics technologies.

Geographical Regions

North America dominates the materiovigilance market currently due to stringent regulatory environment and presence of major players. The region accounts for over 40% market share in terms of value owing to higher adoption of digital healthcare solutions.

Asia Pacific is poised to be the fastest growing regional market driven by increasing healthcare spending, rapidly aging population, and growing medical tourism. Countries like China, India, Japan, and South Korea are major contributors to the Asia Pacific materiovigilance market growth.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.