The Materiovigilance Market Will Grow At Highest Pace Owing To Rise In Outsourcing Activities

Materiovigilance Market

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.

Advancements in artificial intelligence and big data analytics are helping improve efficiency of materiovigilance processes. Use of algorithms and predictive modeling helps identify critical device failure patterns and adverse events faster. Integration of medical device registries with electronic health records also improves signal detection for unexpected issues.

Market Trends

Increased outsourcing: Growing regulatory pressures and costs of in-house materiovigilance drives increased outsourcing to specialist third party providers. By 2024, over 65% of activities are expected to be handled by outsourcing.
Emergence of new technologies: Adoption of AI, machine learning and big data helps improve signal detection capabilities, risk prioritization and timely decision making in materiovigilance. Automation of routine tasks also enhances efficiency.

Market Opportunities

Developing markets: Emerging countries in Asia Pacific and Latin America are expected to see rising sales of medical devices and implants. This drives the need for investment in local materiovigilance infrastructure and outsourcing.

Integrated solutions: Integrated materiovigilance platforms offering regulatory submission management, signal detection, case processing and risk management functions present significant opportunities.

Impact of COVID-19 on Materiovigilance Market Growth
The COVID-19 pandemic has significantly impacted the growth of the materiovigilance market. Due to the lockdowns imposed worldwide during initial phases, the clinical trials and drug development activities slowed down remarkably. Further, the focus of healthcare resources shifted towards treatment of COVID affected patients. This drastically reduced the number of reported adverse events and product complaints during this period. With the resumption of routine healthcare services post lockdowns, the volume of adverse event reporting is expected to increase significantly. The data backlogs are also anticipated to be cleared, providing a higher number of cases for analysis in materiovigilance systems.

Moreover, the pandemic has accelerated the digital transformation of healthcare. Telemedicine, remote patient monitoring, and decentralized clinical trials have gained widespread acceptance. This provides an opportunity to materiovigilance providers to adapt their solutions as per the evolving healthcare landscape and ensure patient safety in the new normal. Going forward, advanced technologies like artificial intelligence and machine learning would play a crucial role in processing huge volumes of health data and detecting potential safety signals faster. Pharmaceutical companies are also emphasizing on innovative trial designs and real-world evidence generation to fast track their product development amid the pandemic. Overall, COVID-19 has posed short term challenges but created long term expansion prospects for the materiovigilance market.

Geographical Regions with Highest Materiovigilance Market Value
The materiovigilance market in terms of value is highly concentrated in developed regions like North America and Europe. Stringent regulations regarding patient safety and pharmacovigilance in the US and EU countries drive higher adoption of specialized materiovigilance software and services. North America alone accounts for over 40% of the global market revenue owing to presence of top pharmaceutical players and advanced healthcare IT infrastructure. Meanwhile, Asia Pacific is identified as the fastest growing regional market assisted by increasing investments of international players and growing medical device industry in countries like China, India and Japan.

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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