Growth Drivers and Top Barriers:
Drug device combination allows early diagnosis along with shorter treatment duration in most of the surgical procedures. The surge in the demand is also the result of various other benefits including minimal pain, improved safety, cost efficiency, high efficacy, speedy recovery, and decreased hospital stay owing to these devices.
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The growing number of regulatory healthcare authorities defining the strict protocols for premarket authorizations is projected to prompt the manufacturers in getting approvals for their products. For instance, the United States (U.S.) FDA had come up with the lean management process mapping approach for developing a more streamlined, cohesive, collaborative and systematic system to analyze the said products. The stringent safety guidelines as well as recommendations by the authorities across the globe are poised to raise the adoption rate of these products in the coming years, stimulating the growth of the overall market.
Adverse side effects linked with therapeutics on account of the drug absorption by certain locations within the body are considered to be the catalysts in the growing need for targeted therapy, which is expected to elevate the demand for drug-device combinations in the process. Case in point is Levodopa, which when consistently administered, could lead to long-term complications including dyskinesia, motor fluctuations, neurotoxic effects and extreme metabolic changes among others. All these factors are set to fuel the clinical need for incorporating alternatives whose basic core is targeted therapy, which is the same with drug-device combination products.
The leading participants in the worldwide drug device combination are Abbott Laboratories, AlloSource, Biomet Orthopedics, Inc., Wright Medical Group, Inc., Biotronik, Boston Scientific Corporation, St. Jude Medical Inc, 3M Inc., Covidien Ltd, Biometrix Medical, Stryker Corporation, C.R. BARD, Zimmer Holding, Inc., Cook Critical Care, Inc., Smith & Nephew Plc, and others.
The worldwide drug device combination market has been segmented on the basis of product, application, and end user.
In terms of product, the market can be broken down into catheter, advanced wound care products, and others.
Application-wise segments in the market are coronary angioplasty, tachycardia management, non-cardiovascular treatments, peripheral arterial disease (pad), bone treatment, antimicrobial applications, wound care, ophthalmic treatment, and others.
The end users covered in the report include hospitals & clinics, ambulatory centers, and academic & research organization, and others.
May 2019: Medtronic PLC MDT has recently launched the Telescope guide extension catheter that will offer support as well as access to the distal lesions. This product launch reflects the company’s entry marks the company’s entry into the guide extension catheter market and subsequently the drug device combination market.
The Americas, Europe, Asia Pacific and the Middle East & Africa are the key regions in the global drug device combination market.
The Americas has left other regions in the lurch with the dominant share of the overall market, due to the growing prevalence of cardiovascular diseases coupled with the existence of prominent players based in the region. Moreover, appropriate reimbursement policies, elevated spending on healthcare, and a well-established healthcare industry in the United States (U.S.) and Canada are identified as the crucial drivers for the drug device combination market in the region.
The data experts report that Europe had been at the second position in the global drug device combination market in 2017, with factors like the presence of a highly developed healthcare infrastructure, surging awareness about the devices and the massive contribution of developed nations in the region backing the market growth. On top of that, a humungous patient pool is powering the regional market further.
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Expanding at the fastest growth rate as reported in 2017, Asia Pacific is launching ahead backed by the growing penetration of prominent vendors into the region, booming healthcare sector and rising support of the government for foreign investments. A report furnished by the Indian Brand Equity Foundation in 2017 states that the Indian healthcare industry was predicted to expand at a CAGR of 22.87, with further predictions of it set to reach the valuation of USD 280 billion by the year 2020. These favorable numbers are expected to subsequently work in favor of the drug device combination market in the following years.
Finally, the Middle East and Africa accounts for the smallest share in the worldwide drug device combination market because of the presence of poor countries as well as low per capita income, particularly in the Africa region. The regional market is forecasted to be governed by the Middle East as a result of the growing government funding in a bid to expand the healthcare industry, in addition to the presence of flourishing nations such as the United Arab Emirates, Dubai, Saudi Arabia, among others.
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