The Materiovigilance Market is Anticipated to Witness High Growth Owing to Rising Healthcare Spending

The materiovigilance market in India is involved with the monitoring of medical devices and identification of any adverse events. Some key advantages of materiovigilance include detection of deficiencies related to design, manufacturing, packaging and labeling of medical devices. There is an increased need for materiovigilance in the country owing to rising healthcare expenditure and greater focus on improving medical device safety. The Indian government has also been taking initiatives to strengthen the regulatory framework for medical devices.

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 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. These players are focusing on partnerships, mergers, acquisitions and development of advanced IT solutions to consolidate their presence.

There is a rising opportunity for adoption of artificial intelligence and machine learning-enabled solutions for materiovigilance due to surge in medical device related data. Cloud-based IT infrastructure can also help stakeholders to effectively monitor adverse events and ensure faster product recalls.

Major players are eyeing emerging markets in Asia and Latin America to benefit from increased healthcare investments. Regional partnerships and collaborations will help global players to penetrate new markets and address the unmet need for robust materiovigilance systems.

Market Drivers
Growing investments by both public and private players in digital health infrastructure would boost materiovigilance systems integration. Moreover, increase in complexities of medical devices has raised the need for stringent post-market surveillance. Favorable regulations and compliance protocols across countries are also driving the market.

Market Restraints
Despite advantages, high costs of materiovigilance solutions and lack of standards hamper the industry growth. Absence of skilled IT experts also poses challenges in deploying advanced technologies. Limited budgets in developing regions further restraints the materiovigilance market expansion.

Segment Analysis
The materiovigilance market can be segmented into software, services and medical device companies. Software dominates the materiovigilance market occupying around 50% share due to increasing digitalization in healthcare and need to streamline complex materiovigilance processes across various departments. Software solutions help companies in collecting, reviewing and reporting adverse events, medical device complaints and recall management.

Global Analysis
North America is expected to hold the largest share in the materiovigilance market during the forecast period due to presence of majority of key players, growing awareness and rising government funding for monitoring medical device safety. The region holds about 45% share of the global market. Asia Pacific is anticipated to grow at the fastest rate owing to increasing healthcare expenditure, large patient pool, rising medical tourism and focus of international players to tap untapped opportunities.

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