Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others.
Tuesday, 13 December 2016
North America Drug Device Combination Products Market Revenue by 2019
The global drug device combination products market is a consolidated one with a few well-entrenched companies dominating it. The competition in the market is predicted to heat up further in the near future on account of players channelizing their energies into research and development of products with innovative technologies and improved functionality. The players are also competing with each other to capture the under-penetrated emerging economies. Stringent regulatory norms also induces competition among manufacturers to introduce their products first.
The key players dominating the market are Abbott Laboratories, Inc., Allergan, Inc., Boston Scientific Corporation, CareFusion Corporation and Medtronic, Inc. Abbott Laboratories has enhanced its global presence so far through maximizing business through collaborations and acquisitions and by augmenting its product offerings. Allergan has invested heavily in research and development to come up with innovative products. Boston Scientific has resorted to acquisitions again to strengthen its position.
The global market for drug device combination products was worth US$87.1 bn in 2015 and it is predicted to be worth US$115.1 bn in 2019.
Underserved Asia Pacific to be the Engine for Growth
Based upon the type, the global drug device combination products can be segmented into infusion pumps, drug eluting stents, orthopedic combination products, transdermal patches, photosensitizers, wound care combination products, inhalers, intraocular implants, and drug eluting beads. Among them, the inhalers segment dominates the market with the maximum revenue. Going forward, it is expected to retain its dominant share in the market. It revenue in 2015 was US$32.5 bn. The market for transdermal patches followed next.
Geography-wise, North America has surpassed all other regions in terms of revenue generation year-on-year. In the upcoming years, it is predicted to maintain its leading position to reach a value of US$47.6% by 2019, even though it would pare some of its market share in terms of revenue. Europe stands second in terms of revenue generation. However, Asia Pacific is anticipated to steal the show by outshining all other regions. Its market is underpinned by numerous patients seeking treatment for cardiovascular diseases, diabetes, asthma, and obesity management. The drug device combination products market in emerging economies of the Middle East, Latin America and Africa will also enhance the growth in the market.
Growing Elderly Population at the Forefront of Driving Demand
A rising geriatric population at a heightened risk of having cardiovascular diseases, obesity, bone related disorders, various diabetes related disorders, and cancer, is at the forefront of driving growth in the global market for drug device combination products. Such people often suffer from severe fractures and hence require fracture risk assessment before the fracture happens. This is slated to fuel the market growth substantially. Another factor bringing about the growth is the increasing demand for minimally invasive surgeries. Explains the lead analyst of the report, “Minimally invasive surgeries suit the patient’s preferences due to the factors such as reduced post-surgical complications and side effects along with shorter patient recovery span and minimal pain. Therefore, the fact that interventional cardiology involving the implantation of stents and intraocular lenses is a minimally invasive procedure is proving to be a growth driver.”
One factor said to be countering the market’s growth is infections resulting from drug device combination products such as implants and associated product recalls. According to the analyst of the report, “Drug device combination products constantly face threats like product recalls owing to device malfunctions and side effects. Such attributes cause significant revenue losses for the manufacturers and thereby restrain the growth of the market.”
This review is based on the findings of a TMR report titled “Drug Device Combination Products Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013–2019.”