Drug device combination products are devices which consists medical device along with the pharmaceutical ingredient that helps to deliver the drug to desired location in the patient’s body. These combination products have emerged as innovative medical devices owing to the contribution in advancing medical care and are thus expected to have major impact in the coming years. Drug device combination products product includes inhalers, drug eluting stents, and wound care products among others. The advantages offered by drug device combination products include minimal side effects, controlled drug administration, improved patient compliance, and targeted drug delivery. Owing to its wide range of advantages and increased sophistication, these devices have been widely adopted across the medical industry.
Drug Device Combination Products Market: Drivers and Restraints
The growth of global drug device combination products market is attributed to the growing incidence of chronic diseases such as prostate cancer, cardiovascular diseases, colorectal cancer, diabetic neuropathy; increasing concerns related to obesity and diabetes; and growing geriatric population. In addition, several government initiatives and CSR activities conducted by leading players is expected to boost the growth of drug device combination products market. For instance, government and NGO initiatives are promoting drug delivery implants in different regions is propelling the growth of the market. Moreover, increasing popularity of minimally invasive surgeries and portable devices such as nebulizers and inhalers are few of the prime factors responsible for the market growth. On the other hand, several product recall and associated complication are likely to hinder the market to certain extent. Additionally, stringent government regulations of minimally invasive drug device combination products limits the market growth.
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Drug Device Combination Products Market: Segmentation
The global market for drug device combination products market is segmented on the basis of product type, end user, and geography.
Based on product type, the global drug device combination products market is segmented into following:
- Drug Eluting Stents
- Peripheral Vascular Stents
- Coronary Stents
- Infusion Pumps
- Implantable Infusion Pumps
- Ambulatory Infusion Pumps
- Orthopedic Combination Products
- Wound Care Combination Products
- Inhalers & Nebulizers
- Dry Powder Inhalers
- Metered Dose Inhalers
- Ultrasonic Nebulizers
- Compressor Nebulizers
- Mesh Nebulizers
- Transdermal Patches
- Other Products
Based on end user, the global drug device combination products market is segmented into following:
- Hospitals & Clinics
- Emergency Service Centers
- Ambulatory Surgical Centers
- Home Care Settings
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Based on Regions, the global drug device combination products market is segmented into following:
- North America
- Latin America
- Eastern Europe
- Western Europe
- Asia-Pacific excluding Japan
- Middle East & Africa
Drug Device Combination Products Market: Overview
Development of advanced but low cost drug device combination Products will pave the road for new entrants. The upcoming research and development activities will open a new avenue and extraordinary opportunities for drug device combination products manufacturing companies. The cost of Drug Device Combination Products is currently high owing to incorporation of advanced technologies and complex consumer’s requirements. However, many Chinese manufacturers are now coming up with the low cost devices. Thus, the price of these devices is expected to decrease as compared to the branded products in coming years.
Drug Device Combination Products Market: Region-wise Outlook
Geographically, the global drug device combination products market is segmented into regions namely, North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific Excluding Japan, Japan, Middle East and Africa. Among all the regions, North America would dominate the global drug device combination products market and is anticipated to lead the marker throughout the forecast period. Asia-Pacific is expected to be the most lucrative drug device combination products market due to the growing incidences of respiratory and cardiovascular diseases, increasing concerns of obesity and diabetes.
Drug Device Combination Products Market: Key Players
Key players operating in the global drug device combination products market are Boston Scientific Corporation, Medtronic, Inc, CareFusion Corporation, Allergen, Inc., Abbott Laboratories, Inc., Bausch & Lomb, Inc., Stryker Corporation, The 3M Company, Arrow International, W. L. Gore & Associates, Inc., Biomet Orthopedics, INC., C.R. BARD, INC., and Ethicon, Inc. (Johnson & Johnson) among others.