The global Drug-Device Combination Products Market is poised for significant growth, expanding at a robust CAGR over the forecast period from 2021 to 2027. This growth is driven by increasing demand for portable medical devices and the rising prevalence of chronic diseases such as cancer, diabetes, and cardiovascular conditions.
Market Drivers
Key factors driving the growth of the drug-device combination products market include:
1. Rising Prevalence of Chronic Diseases: Chronic diseases are a leading cause of death globally. According to the World Health Organization (WHO), in 2019, non-communicable diseases accounted for 74% of deaths worldwide, with cardiovascular diseases being the leading cause. This high prevalence necessitates advanced medical solutions, including drug-device combination products.
2. Demand for Home-Based Care: There is a growing trend towards home-based care services, driven by patient preferences for convenient and cost-effective healthcare solutions. This has boosted the demand for drug-device combination products, which are often designed for easy use outside traditional healthcare settings.
3. Technological Advancements: Continuous technological advancements are enhancing the functionality and effectiveness of drug-device combination products. For instance, the approval of Janssen's SPRAVATO (esketamine) nasal spray for major depressive disorder highlights the innovation within this market.
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Impact of COVID-19
The COVID-19 pandemic has had a mixed impact on the drug-device combination products market. While there has been a decline in sales for some major companies due to disrupted supply chains and economic challenges, the pandemic has also underscored the importance of portable and home-based medical devices. Companies like Medtronic, Abbott, and Boston Scientific saw significant drops in sales in 2020, highlighting the market's vulnerability to global disruptions.
Regional Insights
The market is analyzed across major regions including North America, Europe, Asia-Pacific, and the Rest of the World. North America emerged as a leading market in 2020, driven by a well-established healthcare infrastructure and high prevalence of chronic diseases. The presence of key market players also contributes to the region's dominance.
Major Players and Competitive Landscape
The market is highly competitive with major players such as Medtronic PLC, Abbott Laboratories, Smith & Nephew PLC, Boston Scientific Corporation, GlaxoSmithKline PLC, Becton Dickinson and Company, Johnson & Johnson, Novartis AG, Bayer AG, and Baxter International Inc. These companies are actively engaged in mergers and acquisitions, partnerships, and product innovations to strengthen their market position.
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Conclusion
The global drug-device combination products market is set for robust growth driven by increasing demand for advanced medical devices and the rising prevalence of chronic diseases. Despite challenges posed by the COVID-19 pandemic, the market's long-term outlook remains positive, supported by continuous technological advancements and growing adoption of home-based care solutions
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The research report, titled “Drug Device Combination Products Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019,” presents an in-depth analysis of the global drug device combination products market based on various parameters such as market overview, market drivers, restraints, challenges and opportunities, product segmentation, and vendor analysis.Request Brochure –https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=1534Browse the full Drug Device Combination Products Market (Drug Eluting Stents, Infusion Pumps, Photosensitizers, Orthopedic Combination Products, Wound Care Combination Products, Inhalers, Transdermal Patches, Intraocular Implants and Drug Eluting Beads) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019 According to the research study, in 2012, the global drug device combination products market was worth US$66 bn and is anticipated to reach US$115 bn by the end of 2019, exhibiting a 7.9% CAGR between 2013 and 2019.
The report has also included inputs and recommendations from industry experts to help the existing as well as new players in designing their business strategies.Request COVID Analysis on Drug Device Combination Products Market – https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19_id=1534 The global market for drug device combination products is anticipated to grow substantially throughout the forecast period due to various factors such as government and NGO initiatives for encouraging drug delivery implants, increasing demand for minimally invasive surgeries, and rising number of interventional cardiologists.
Moreover, advanced technologies, such as implants with drugs, help in pain relief, lowering morbidity, and quicker healing.
Hence, these are anticipated to fuel the global drug device combination products market in the forecast period.
On the other hand, recall of products due to their severe side effects is one of the major factors that is projected to hamper the growth of this market in the next few years.According to type, the global market for drug device combination products is divided into transdermal patches, drug eluting stents, inhalers, orthopedic combination products, infusion pumps, photosensitizers, wound care combination products, and other products.
A detailed analysis of the different types of drug device combination products has been included in the report coupled with their individual market share and revenue for the forecast period from 2013 to 2019.Request Customization on Drug Device Combination Products Market Report – https://www.transparencymarketresearch.com/sample/sample.php?flag=CR_id=1534 Geographically, the global market for drug device combination products market has been segmented into North America, Europe, Asia Pacific, and Rest of the World.
