Drug Device Combination Market Share, Business Analysis, Explosive Growth Opportunities, Regional Analysis by Size 2020-2030
Market Highlights
Following a careful analysis of the latest trends, Market
Research Future (MRFR) in its latest report states that the Drug
Device Combination Market is expected to reach USD 251.90 Billion by 2030
at 7.2% CAGR during the forecast period 2022-2030.
Companies Profiled
The leading participants in the worldwide drug device
combination products 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
Growth Drivers and Top Barriers
drug
device combination products 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. 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.
Market Segmentation
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.
Regional Segmentation
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.
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.
Industry News
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.
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