The materiovigilance market deals with the monitoring, collection and evaluation of safety related data from medical devices and implantable materials post their marketing authorization or clinical placement for the benefit of patient safety. Medical devices play a pivotal role in improving healthcare outcomes but it is essential to continuously evaluate risks that may arise from their usage. Materiovigilance programs help manufacturers and regulators identify potential issues and recall faulty products in a timely manner. The global materiovigilance market has gained tremendous importance due to the rising trend of medical devices and implantable materials in clinical management of chronic diseases like diabetes and cardiovascular disorders.
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 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. The major players are focusing on partnerships, mergers and acquisitions to develop advanced materiovigilance software platforms using machine learning technologies.
The demand for materiovigilance solutions is increasing globally owing to rising adoption of medical devices and implants in healthcare facilities. Strict regulatory guidelines regarding post marketing surveillance are also driving organizations to implement comprehensive materiovigilance programs.
Global expansion strategies involving emerging markets of Asia Pacific and Latin America are helping key players tap into higher growth opportunities. Many international players are entering into strategic collaborations with regional health authorities to enhance their geographical presence.
Market key trends
One of the key trends gaining traction in the Materiovigilance Market Demand is increased utilization of artificial intelligence and machine learning techniques to derive insightful analytics from large amounts of field data collected. Advanced algorithms can help reduce manual efforts spent on signal detection and priority setting for investigations. With growing digitization of healthcare, machine learning platforms are growing in relevance to support reliable materiovigilance activities at lower costs.
Porter's Analysis
Threat of new entrants: High regulatory barriers prevent new companies from easily entering the market.
Bargaining power of buyers: Few large players dominate the market reducing buyer power.
Bargaining power of suppliers: Suppliers have little influence as products are highly specialized with few substitution options.
Threat of new substitutes: No close substitutes exist for materiovigilance services limiting threat from new alternatives.
Competitive rivalry: Intense competition exists among top players to gain contracts and market share forcing continual investment in new technologies and expertise.
Geographical Regions
North America currently holds the largest share of the global materiovigilance market in terms of value due to strict regulations, advanced healthcare facilities and rising R&D expenditure. The region is expected to continue dominating during the forecast period.
The materiovigilance market in Asia Pacific is poised to grow at the fastest rate through 2031. This can be attributed to increasing healthcare spending, growing medical tourism industry, and rising investments by market players looking to tap growth opportunities in emerging countries like China and India.
