Global Market For Medical Device Complaint Management To Be Valued At US$ 5.35 Bn In 2022

Healthcare

Fact.MR expects that the demand for medical device complaint management is projected to expand at a CAGR of 7% from 2022 to 2032. Moreover, the market for medical device complaint management is likely to reach US$ 10.52 Bn by end of 2032. Increasing utilization of software aiding in the overall complaint management process is expected to increase the market growth.

The growing adoption of the digital system over paper-based work for tracking medical complaints is further boosting the market growth. The medical device industry is highly regulated and inadequate product complaint handling accounts for a large percentage of FDA inspection findings. The complaints create severe reputational and brand risks and they need to be officially documented, inspected, tracked, and closed.

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Key Takeaways from the Market Study

  • Medical device complaint management services demand flourished at a CAGR of 6.7% from 2015-2021
  • By service type, the product surveillance and regulatory compliance to account for 55% of global revenue
  • Germany to experience noteworthy expansion, registering a CAGR of 8.3% through 2032
  • U.S to emerge as an opportunistic market, account for 2 out of 5 sales of medical device complaint management services
  • Global market for medical device complaint management to be valued at US$ 5.35 Bn in 2022

“Key participants are constantly focusing on devising innovative product development strategies to gain a competitive edge and cater to the growing demand in the market. This is projected to drive the market”, says a Fact.MR analyst. 

Competitive Landscape

Some prominent manufacturers of medical device complaint management are Tata Consulting Services (TCS); IQVIA; Biovia; Wipro; Sparta Systems; AssurX; Freyr; SAS; Parexel International Corporation; and MasterControl. Front Runners are emphasizing capacity enhancements and global footprint expansion to leverage lucrative prospects in developing economies. Some notable developments are as follows:

  • In November 2021, IQVIA announced the launch of a new module of its Grants and Funding Management within its Orchestrated Customer Engagement (OCE) solutions portfolio. This initiation is expected to provide the life sciences industry with a solution to efficiently manage and oversee their global strategic giving programs

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