Trusted Business Insights presents the Latest Study on Medical Device Complaint Management Market 2019-2025. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Abstract, Snapshot, Market Analysis & Market Definition: Global Medical Device Complaint Management Market
The global medical device complaint management market size was estimated at USD 5.37 billion in 2017. It is anticipated to register a CAGR of 7.6% during the forecast period. The transition from paper-based to the digital system for tracking complaints is anticipated to propel the growth. Also, supportive government reforms along with increasing demand for automated system for process of complaint management is expected to further fuel the market expansion in near future.
Incorporation of software aids in improved documentation. By means of a multi-page electronic form that ensures precise capturing of complaint data, the solution reorganizes the documentation part of complaint management system into a simple three-step process that includes processing the complaint, investigation, and complaint resolution. Each step of the process is computerized and documented. The complaint management solution provides advanced analytics along with reporting tools for augmented management oversight. This enhanced transparency improves decision making during the customer complaint management system.
Many companies are also coming up with the mobile application solutions to manage customer complaints. For instance, Intellect provides mobile application platform to their customers for registering complaints, ticket escalation, and query generation. Intellect provides native mobile apps available on the Google Play Store and the App Store that can be downloaded as a custom branded mobile app or an Intellect app.
The U.S. FDA encourages consumers, caregivers, patients, and healthcare professionals to give voluntary reports of important adverse events, and/or product issues to MedWatch that is the FDAs Safety Information and Adverse Event Reporting Program or by means of the mobile app known as MedWatcher. Furthermore, introduction of MedWatcher is boosting the adverse events reporting. The app radically simplifies and accelerates the process of reporting a complaint by providing users with a four-step form that is submitted electronically to the FDA. Thus, the introduction of such mobile apps for managing the complaints is anticipated to drive the growth of the medical device complaint management market.
Market Segmentation, Outlook & Viewpoint: Global Medical Device Complaint Management Market
Service Market Segmentation & Outlook (Revenue, USD Million, 2014 – 2026)
Classify the Issue
Product Surveillance & Regulatory Compliance
Medical Device Vigilance/Medical Device Reporting
Returned/Non-Returned Product Analysis
Root Cause Analysis, Testing
Resolve & Closure
Customer Letter Creation
Key Players, Recent Developments & Regional Insights: Global Medical Device Complaint Management Market
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The product surveillance and regulatory compliance services segment accounted for the largest market share in 2017. This growth can be attributed to the fact that the regulatory agencies and users of medical devices are becoming less tolerant with the failure of the medical devices as it results in the serious injury, death or potential harm to the users. Also, the regulatory agencies are placing greater emphasis on product surveillance to track product performance and manage compliance.
In product surveillance segment, medical device vigilance/medical device reporting is anticipated to showcase the fastest growth through the forecast period. The growth can be attributed to the fact that the U.S. FDA makes it mandatory for the firms that have received complaints of serious injuries or deaths related to the medical devices, and device malfunction to notify the incident. Any non-compliance of the regulatory requirement may result in a hefty fine for each day.
The complaint log/intake segment is anticipated to showcase a robust growth over the forecast period. As it is the initial stage of managing the complaints and are a gateway mechanism for corrective action/preventive action and post-market activities. Complaint files are also linked to a Medical Device Reporting (MDR) event file because a complaint must be assessed to determine if it is a reportable adverse event. Furthermore, it is mandatory for the medical device manufacturers to record and track customer complaints as per the quality system regulation (QSR) defined in 21 CFR Part 820.
North America led the market in 2017 and is projected to remain dominant through the forecast period. Stringent regulatory requirements regarding complaint handling and management is driving the regional growth. For instance, in U.S., the regulation of MDR comprises of mandatory requirements for user facilities, manufacturers, and importers to report certain device-related adverse events and problems related to products to the FDA.
Europe is projected to expand at the fastest CAGR throughout the forecast period. The Europe market is strictly regulated and it is mandatory for the medical device manufacturers to report incidents and Field Safety Corrective Actions (FSCA) to the European competent authorities. Manufacturers that fail to report the incidents could face severe consequences.
Asia Pacific is also anticipated to register robust growth over the forecast period. This is due to the fact that major MNCs such as Tata Consultancy Services (TCS) and Wipro have their operating offices in India, driving the regional growth.
Medical Device Complaint Management Market Share Insights
The global market is highly competitive. Some of the key players include Tata Consulting Services (TCS), IQVIA, Biovia, Wipro, Sparta Systems, AssurX, Freyr, SAS, Parexel International Corporation, andMasterControl. These players are frequently engaging in business strategies, such as partnerships and mergers and acquisitions to retain their market share and to diversify their product portfolio.
Key Insights Covered: Global Medical Device Complaint Management Market
1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Medical Device Complaint Management industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of Medical Device Complaint Management industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Medical Device Complaint Management industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Medical Device Complaint Management industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Medical Device Complaint Management industry.
Research Methodology: Global Medical Device Complaint Management Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other
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