Global combination drugs diagnostic market is expected to witness tremendous growth over the coming seven years owing to increasing demand for efficient diagnostic procedures and pipeline products awaiting approval by the regulatory authority. Additionally, increasing geriatric population base and improved diagnostic techniques are further expected to propel the market growth combination drugs over the forecast period. According to the data published by the WHO (World Health Organization), about 14.1% of the world population would be diagnosed with neurologic disorders by 2020 which would drive the market for combination drugs.
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The global combination drugs diagnostic market is segmented on the basis of product and application. By product, the market is divided into urological catheters, cardiovascular catheters, oximetry catheters, antimicrobial catheters, thermodilution catheters, wound drainage catheters, bone graft substitutes, steroid eluting electrodes, peripheral vascular stent and verteporfin. Theantimicrobial catheters segment is anticipated to witness fastest growth due to cost effective treatment options and reduction in infectious incidences. By application, combination drugs finds use in the treatment of diseases such as hypertension, tuberculosis, HIV/AIDS, diabetes, cancer, depression, urine infection, Alzheimer’s and others. The end users for combination drugs are physician offices, clinics and hospitals. Regionally, as of 2014, North America held the highest market share owing to sophisticated research and development operations and increased usage of technically advanced drugs. European region is expected to witness notable market growth due to increasing geriatric population base with growing prevalence of cardiovascular and infectious diseases. Similarly, Asia pacific region is anticipated to register fastest growth due to favourable economic considerations such as product expansion and rising disposable income. Also, Latin American region is expected to witness rapid growth over the forecast period owing to rising healthcareawareness and availability of combination drugs in this region.
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The companies operating in global combination drugs diagnostic market are Smith & Nephew plc, Medtronic Inc., St.Jude Medical Inc., Merck & Co. Inc., Abbott Laboratories, Novartis AG, Covidien Limited, DePuy OrthopaedicsInc., Angiotech Pharmaceuticals Inc., Biometrix Medical, Zimmer Holding Inc., Stryker Corporation, Boston Scientific Corporation, Wright Medical Group Inc., Roche Diagnostics, Bristol Myers Squibb, Arrow International, IntegraLifeSciences Holding Corporation, Cordis Corporation and Biomet Orthopaedics Inc.The market players are adopting competitive strategies such as mergers and R&D operations in order to strengthen their market foothold. For example, in January 2015, Bristol Myers Squibb entered into an agreement with Seattle Genetics for the clinical trial to evaluate the combination of Bristol Myers’ immunotherapy namely Opdivo and Seattle Genetics’ antibody drug conjugate named Adcetris. This drug is useful in treatment of Refractory Hodgkin lymphoma (HL), refractory B-cell and T-cell Non Hodgkin lymphomas (NHL).
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