“Medical Device Compliant Management Services Market Worth $576.34 Million in 2019”, says Visiongain report

08 January 2020
Pharma

Visiongain’s new report the Medical Device Compliant Management Services Market Report 2019-2029: Forecasts by Service (Complaints Log {Receive Complaints, Classify Issue, Record Issue}, Product Surveillance & Regulatory Compliance {Reportable/Non Reportable, Medical Device Vigilance/Medical Device Reporting, Field Action}, Returned/ Non-Returned Product Analysis {Complaint Investigation, Root Cause Testing, Preventive Action}, Resolve Log { Complaint Summary, Customer Letter Creation}), plus analysis of leading companies indicates that the global Medical Device Compliant Management Services market will attain $1,236.4 million revenue by 2029.

Global Medical Device Compliant Management Services market is expected to grow on account of the adoption of digitization and artificial intelligence in the healthcare system for data maintenance and manage customer complaints in a timely manner. The market is expected to grow at a healthy CAGR of 7.9% over the projected period. In addition, the usage of compliant management services to improve the complaint process and provide high-quality feedback to customers is expected to spur the growth of Medical Device Compliant Management Services over the projected period.

Furthermore, complaint management services assist the medical device companies to make continuous improvements in regulatory compliance, user safety, and customer satisfaction by establishing a distinctive complaint handling process. Also, regulatory bodies around the globe emphasize the importance of complaint handling system for medical device companies. According to USFDA regulation, a complaint file should be retained for each device introduced in the market and a formal complaint handling unit should be designated by manufacturers.

It is also discovered that even with the well-defined requirements from various regulatory bodies; there is a large number of complaints recorded every year and it keeps on increasing. Implementing an efficient complaint handling method is a challenge for most organizations, particularly when products are sold in different regions. Having a flexible and effective method of managing complaints helps organizations to be effective and assist in sustaining the market for a longer period of time.

In 2019, North America Medical Device Compliant Management Services market accounted for the majority of the global market. The growth of the North American market is attributed to growing regulatory scenario and heavy monetary fines for non-compliance on medical device manufacturers, importers, and distributors by a respective regulatory body.

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongain.com or call her on +44 (0) 207 336 6100.

About Visiongain
Visiongain is one of the fastest growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.

Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.

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