The Materiovigilance Market Will Grow at Highest Pace Owing To Rise in Outsourcing Activities
The materiovigilance market deals with monitoring of medical devices and implant materials post marketing. Key medical devices monitored include pacemakers, implantable cardioverter-defibrillators (ICDs), orthopedic implants, breast implants, intraocular lenses, and dental materials. Effective monitoring helps identify any unexpected adverse reaction to these devices and materials, and if required, appropriate corrective actions can be taken. The global demand for medical devices and materials is increasing rapidly due to growing aging population and chronic disease burden. At the same time, adequate monitoring of these devices post marketing is critical to ensure patient safety. This has driven increased outsourcing of materiovigilance activities to specialized third party providers.
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. These players are focusing on offering comprehensive materiovigilance solutions and services to medical device manufacturers. For instance, in 2021 Syneos Health Inc. launched its enhanced Syneos Life Materiovigilance Market solutions to help clients optimize safety processes.
The growing demand for medical devices and implants across major regions is driving the need for effective post marketing monitoring. As per estimates, cardiovascular device sales reached US$ 60 Bn in 2020 globally and are expected to grow at a CAGR of 7-8% through 2025. Similarly, demand for orthopedic devices and implants is growing substantially driven by growing geriatric population suffering from osteoarthritis and other joint disorders.
Fastest Growing Regional Market for Materiovigilance
Asia Pacific region is expected to witness the fastest growth in the materiovigilance market during the forecast period. This can be attributed to expanding healthcare infrastructure, rapid economic development and rising investments by global commercial sponsors for clinical trials in Asia Pacific countries. China, India and other Association of Southeast Asian Nations (ASEAN) countries have emerged as popular medical device and drug development hubs. Further, the medical devices sector in Asia Pacific is growing at a double-digit CAGR. This expanding regional industry coupled with improving regulatory guidelines would stimulate materiovigilance practices and demand for relevant software solutions across Asia Pacific.
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