GROWING PRELELANCE OF CARDIOVASCULAR DISEASES IS EXPECTEE TO BOOST THE MARKET FOR DRUG-DEVICE COMBINATION PRODUCTS. NORTH AMERICA TO WITNESS HIGHEST GROWTH
The global Drug-Device Combination Products Market is expected to grow significantly by 2027 expanding at a CAGR of XX% during the forecast period (2021-2027). The increasing demand for portable medical devices has stimulated the demand for technologically advanced drug-device combination products. These devices are used in patients who are suffering from some kind of chronic diseases such as cancer, diabetes, cardiovascular diseases etc.
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Factors driving the Drug-Device Combination Products market include the increasing prevalence of chronic diseases and increasing demand for home-based care services. According to WHO, in 2019, the top 10 causes of death accounted for 55% of the 55.4 million deaths worldwide. At a global level, 7 out of the 10 leading causes of deaths in 2019 were non-communicable diseases. These seven causes accounted for 44% of all deaths or 80% of the top 10. However, all noncommunicable diseases together accounted for 74% of deaths globally in 2019. In 2019, coronary heart disease was the leading cause (42.1%) of deaths in the US, followed by stroke (17.0%), high blood pressure (11.0%), heart failure (9.6%), diseases of the arteries (2.9%), and other cardiovascular diseases (17.4%). Moreover, the increasing number of product launches with technological advancements in drug-device combination products are also driving the growth of this market globally. For instance, in August 2020, Janssen Pharmaceutical Companies of Johnson & Johnson received approval for a supplemental new drug application for “SPRAVATO CIII” a nasal spray, taken with an oral antidepressant, to treat depressive symptoms in adults with major depressive disorder (MDD) with acute suicidal ideation behaviour from Food and Drug Administration (FDA).
The COVID-19 pandemic is anticipated to hinder the drug-device combination products market growth. The COVID-19 pandemic and lockdowns in various countries across the globe have compressed the economic status of healthcare sector. For instance, Medtronic, Abbott, and Boston Scientific Corporation observed a drop in their products sale by 12.1%, 10.73%, and 12.12%, respectively, in 2020. These factors negatively impacted the drug-device combination products markets. The major challenges faced by the pharma company included lack of supply of raw materials for manufacturing drug formulations due to irregularities in the transportation facility.
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Based on products, the market is bifurcated into Drug-eluting stent, Infusion pump, Photosensitizers, Prefilled syringe, Wound care Combination Products, Orthopedic Combination Products, Drug-eluting balloon, Inhalers, Transdermal delivery systems, and Others. The Transdermal delivery systems segment dominated the market in 2020. Based on application, the market is bifurcated into cardiovascular disease, diabetes, respiratory problem, cancer treatment, antimicrobial applications, and Others. The cardiovascular disease segment accounted for the major revenue portion in 2020.
Based on distribution channel, the market is bifurcated into Hospital Pharmacies, Retail Pharmacies and Online Pharmacies. The Retail Pharmacies segment accounted for the major revenue portion in 2020. Retail pharmacy is the most widely used distribution channel worldwide and the retail pharmacies generates its major revenue from selling prescription drugs, over-the-counter products, vitamins, cosmetics, and other merchandise. Based on end-user, the market is bifurcated into Hospital & Clinic, Ambulatory Surgery Centre, Home Care Setting, and Others. The Hospital & Clinic segment accounted for the major revenue portion in 2020.
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Additionally, the report provides detailed initiatives that are being taken in the field of drug-device combination products. The report provides detailed analysis for major regions including North America (US, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, UK, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the drug-device combination products industry and generated maximum revenue in 2020 owing to the presence of major companies and healthcare infrastructure with the highest rate of chronic diseases across the world. Some of the major players operating in the market include Medtronic PLC, Abbott Laboratories, Smith & Nephew plc, Boston Scientific Corporation, GlaxoSmithKline plc, Becton Dickinson and Company, Johnson & Johnson, Novartis AG, Bayer AG, Baxter International, Inc., etc. Several M&As along with partnerships have been undertaken by these players to develop smartphone-connected pacemaker devices in the market.
Global Drug-Device Combination Products Market Segmentation
Market Insight, by Product
- Drug-eluting stent
- Infusion pump
- Prefilled syringe
- Wound care Combination Products
- Orthopaedic Combination Products
- Drug-eluting balloon
- Transdermal delivery system
Market Insight, by Application
- Cardiovascular disease
- Respiratory problem
- Cancer treatment
- Antimicrobial application
Market Insight, by Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Market Insight, by End-user
- Hospital & Clinic
- Ambulatory Surgery Centre
- Home Care Setting
Market Insight, by Region
- North America Drug-Device Combination Products Market
- United States
- Rest of North America
- Europe Drug-Device Combination Products Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Drug-Device Combination Products Market
- Rest of Asia-Pacific
- Rest of World Drug-Device Combination Products Market
Top Company Profiles
- Medtronic PLC
- Abbott Laboratories
- Smith & Nephew plc
- Boston Scientific Corporation
- GlaxoSmithKline plc
- Becton Dickinson and Company
- Johnson & Johnson
- Novartis AG
- Bayer AG
- Baxter International, Inc.