MEDICAL DEVICE VIGILANCE MARKET ANALYSIS

Market Concentration and Competitive Landscape

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Rise in incidence of medical device adverse events

Increase in occurrence of adverse events involving medical devices across healthcare facilities compels regulatory bodies to strengthen medical device vigilance practices globally. As per the data from World Health Organization, every year over 8 lakh people face serious issues including injuries or death due to faults in medical equipment. This is a matter of grave concern as devices are extensively used right from diagnosis to post-operative care. Stringent norms are being introduced to ensure continuous monitoring of performances of all devices. This has significantly boosted the need to establish robust surveillance systems for timely reporting, analysis and prevention of adverse incidents. Medical device manufacturers and healthcare providers are investing heavily in specialized vigilance software, trained workforce and setting up centralized databases. The complexity and variety of devices used also demand advanced IT tools that can efficiently process huge volumes of data.  According to United Nations Population Fund, over 25% of hospitals in developing nations still lack basic equipment to deal with accidents and detect flaws in critical care appliances. Building a full-proof vigilance infrastructure has become imperative to safeguard the lives of burgeoning patient population across the world. It is predicted that in the next five years, developing economies will spend over 50 billion dollars in upgrading their vigilance standards and matching international benchmarks.