Global Drug-device
Combination Products Market, by Product Type (Drug Eluting Stents (Coronary Stent, and Peripheral Vascular
Stents), Infusion Pumps (Implantable and Ambulatory), Photosensitizers,
Orthopedic Combination Products, Wound Care Combination Products, Inhalers (Dry
Powder Inhaler, Nebulizers, and Metered Dose Inhaler)), by Distribution Channel
(Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region
(North America, Latin America, Europe, Asia Pacific, Middle East, and Africa),
is estimated to be valued at US$ 123.5 billion in 2020 and is projected to
exhibit a CAGR of 8.2% during the forecast period (2020-2027).
Global Drug-device Combination
Products Market – Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak
in December 2019, the disease has spread to over 100 countries across the globe
and the World Health Organization has declared it a public health emergency.
According to the World Health Organization’s report, the manifestation of
coronavirus disease (COVID-19) has resulted in over 58,425,681 infected individuals
worldwide as of November 23, 2020.
Supply chain and manufacturing
activities in India, Italy, Spain, U.K., and the U.S. have been disrupted due
to lockdowns implemented by governments in the past few months, while countries
such as Saudi Arabia, UAE, Egypt, and others are facing problems with regards
to transportation of healthcare products.
Furthermore, the COVID-19
pandemic has impacted the global economy and in turn, the drug-device
combination products market. Quarantines, traveling constraints, and social
distancing measures are likely to lead to a steep decline in business and
consumer spending until the end of the third quarter of 2020.
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The COVID-19 pandemic has
affected the economy in three main ways; by directly affecting the production
and demand; by creating disruptions in distribution channels; and by its
financial impact on firms and financial markets.
Market Dynamics -
Moreover, the increasing
incidence of chronic diseases is also expected to spur growth of the global
market. According to the Global Burden of Disease, in 2016, 2,221,188 cases of
multiple sclerosis (MS) were observed, globally. The highest age-standardized
MS prevalence per 100,000 persons was in North America (164.6), Western Europe
(127.0), and Australasia (91.1). The lowest prevalence rate was in Eastern Sub-Saharan
Africa (3.3), Central Sub-Saharan African (2.8), and Oceania (2.0).
Market players are focusing on
expanding their business or presence to untapped markets, which in turn is
favoring the market growth. In February 2020, Integer Holdings Corporation, a
medical device manufacturer and medical device development company based in the
U.S., acquired Inomec, an Israel-based medical device company. Inomec
specializes in research, development, and manufacture of medical devices,
including minimally invasive tools, delivery systems, metal implants,
drug-device combination devices, and laser processing services. With this
acquisition, Integer will be able to create a research and development and
sales center in Israel.
Browse 28 Market Data Tables and
25 Figures spread through 201 Pages and in-depth TOC on Global Drug-device
Combination Products Market, by Product Type (Drug Eluting Stents (Coronary Stent and Peripheral Vascular
Stents), Infusion Pumps (Implantable and Ambulatory), Photosensitizers, Orthopedic
Combination Products, Wound Care Combination Products, Inhalers (Dry Powder
Inhaler, Nebulizers, and Metered Dose Inhaler)), by Distribution Channel
(Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region
(North America, Latin America, Europe, Asia Pacific, Middle East, and Africa),
- Global Forecast to 2027
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Report: https://www.coherentmarketinsights.com/market-insight/drug-device-combination-products-market-3919
Market players are focusing on
development and launch of new products in the potential market. For instance,
in April 2018, Terumo Corporation received the CE mark for Ultimaster TANSEI
drug-eluting stent, which was launched in Europe in May 2018. Furthermore, the
company also aims to expand in the Middle East, Latin America, and Asia in the
near future. Also, in 2018, India-based startup, vTitan Corporation, announced
the launch of Accuflow SP-550 and Accuflow IBP-550 Syringe Infusion Pumps.
These pumps are designed for
patients undergoing chemotherapy, heart surgery or for patients whose drug
dosages need to be administered and monitored precisely.
Key Takeaways of the Global
Drug-device Combination Products Market:
The global drug-device
combination products market is expected to exhibit a CAGR of 8.2% during the
forecast period (2020–2027), owing to adoption of inorganic strategies such as
collaborations, partnerships, and acquisitions. For instance, in June 2019,
Abbivie, Inc. acquired Allergan, a global pharmaceutical company for around US$
63 billion. As a result of this acquisition, Abbivie, Inc. enhanced its
long-term R&D funding capacity, allowing for continued investment and
sustained focus on innovative science and advancement of an industry-leading
pipeline.
Some of the major players
operating in the drug-device combination products market include Teva
Pharmaceutical Industries Ltd., AbbVie Inc., Abbott Laboratories, Medtronic
Plc., Kaleo, Inc., SINOMED, Becton, Dickinson and Company, Alcon Inc., Boston
Scientific Corporation, Integer Holdings Corporation, Teleflex Incorporated,
Bausch Health Companies Inc., Haselmeier GmbH, and Flowonix Medical, Inc.
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