Global Market For Medical Device Complaint Management To Be Valued At US$ 5.35 Bn In 2022
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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An increase in the demand for medical complaint management solutions has been registered over the past few years owing to the streamlined process. Incidents are recorded and the data automatically drives the investigation and resolution workflow. Companies are attaining complete medical documentation with minimal errors along with reduced turnaround time on the account of fact that complaint management solutions offer advanced analytics and reporting tools for augmented management oversight.
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.
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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
More Valuable Insights
In its latest report, Fact.MR offers an unbiased analysis of the medical device complaint management market providing historical data for the period of 2015-2021 and forecast statistics for the period of 2022-2032.
The study provides critical insights into the medical device complaint management market on the basis of service type (complaints log/intake, product surveillance & regulatory compliance, field action, returned/non-returned product analysis and resolve & closure), across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Key Segments Covered in Medical Device Complaint Management Industry Research
By Service Type
- Medical Device Complaints Log / Intake
- Receive Complaints
- Classify the Issue
- Record Issue
- Medical Device Product Surveillance & Regulatory Compliance
- Medical Device Vigilance/Medical Device Reporting
- Field Action
- Returned/ Non-returned Medical Device Product Analysis
- Complaint Investigation
- Root Cause Analysis, Testing
- Corrective/Preventive Action
- Medical Device Complaints Resolve & Closure
- Complaint Summary
- Customer Letter Creation
- Medical Device Complaints Log / Intake
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