U.S to Emerge As an Opportunistic Market, Account For 2 Out Of 5 Sales of Medical Device Complaint Management Services

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.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.factmr.com/connectus/sample?flag=S&rep_id=7116

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. 

Increasing Government Support to Streamline Medical Workflow to Spur DemandFavorable government initiatives are boosting the growth of the complaint management market. For instance, the U.S. FDA encourages patients, healthcare professionals, care providers, and consumers to voluntarily submit reports of product defects and/or adverse events to MedWatch, which is the U.S. FDA’s Safety Information and Adverse Event Reporting Program or then by using MedWatcher, the mobile application.

Moreover, adverse event reporting witnessed a surge in the number owing to the launch of the MedWatch. The MedWatch application simplifies and accelerates the complaint reporting process by offering customers an easy four-step form, which is to be electronically submitted to the U.S. FDA. Therefore, the development and launch of these innovative mobile applications in complaint management are expected to fuel the market growth.

𝐒𝐡𝐚𝐫𝐞 𝐘𝐨𝐮𝐫 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬 & 𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬: https://www.factmr.com/connectus/sample?flag=RC&rep_id=7116

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

Key Companies Profiled

• IQVIA
• Parexel
• SAS Institute
• Wipro Limited
• Tata Consultancy Services
• Sparta Systems Inc.
• Freyr Solutions
• BIOVIA
• AssurX
• MasterControl Inc.

𝐅𝐮𝐥𝐥 𝐀𝐜𝐜𝐞𝐬𝐬 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 𝐈𝐬 𝐀𝐯𝐚𝐢𝐥𝐚𝐛𝐥𝐞 𝐚𝐭: https://www.factmr.com/checkout/7116

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
    • Reportable/Non-reportable
    • 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

𝐂𝐡𝐞𝐜𝐤 𝐨𝐮𝐭 𝐦𝐨𝐫𝐞 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐬𝐭𝐮𝐝𝐢𝐞𝐬 𝐩𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐝 𝐛𝐲 𝐅𝐚𝐜𝐭.𝐌𝐑 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡: https://www.prnewswire.com/news-releases/medical-suction-devices-market-to-register-4-cagr-as-installation-of-ac-powered-machines-surges-in-emergency-care-settings-301632917.html