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Drug-Device Combination Products Market Analysis Focusing on Top Key Players - Abbott Laboratories, Medtronic plc, Smith & Nephew plc, Boston Scientific Corporation, GlaxoSmithKline plc.

04-18-2019 04:35 PM CET | Health & Medicine

Press release from: Allied Market Research

Drug-Device Combination Products Market Analysis Focusing

According to a new report published by Allied Market Research, titled, Drug-Device Combination Products Market, by Product, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2018-2025," the market was valued at $81,374 million in 2017, and is projected to reach $139,193 million in 2025, registering a CAGR of 6.9% from 2018 to 2025.

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The drug-device combination products are defined as a medical device and a pharmaceutical drug that is used in combination for the treatment of various chronic disorders. The medical device is used to deliver the drug at the site of action in a patient's body. The active pharmaceutical ingredient is mostly mixed chemically or physically, and the resulting solution is used. These combination products are used to treat as well as diagnose clinical conditions.

Increase in an incidence rate of chronic diseases, such as diabetes mellitus, cancer, wounds, and respiratory problems, and rise in global geriatric population are expected to fuel the growth of the global drug-device combination products market. In addition, innovation in combination products such as the introduction of prefilled syringes and transdermal patch drive the market growth. Moreover, the development of cost-effective combination devices and rise in awareness among patients regarding home healthcare products are expected to boost market growth.

However, unnoticed complications by the use of these devices and stringent governmental regulations hamper market growth. Conversely, the high market potential in the untapped emerging economies and rise in healthcare infrastructure are expected to provide potential growth opportunities during the forecast period.

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Among the products, the transdermal delivery systems segment generated the highest revenue in the global market, owing to the ability of these devices to help heal various disorders. Also, these systems exhibit a vast area of applications, which in turn boosts the market growth. The prefilled syringes segment is projected to grow at the highest CAGR. Prefilled syringes are used to deliver medications with improved accuracy, affordability, efficacy, convenience, sterility, safety, and accessibility, which boosts the market growth during the forecast period.

By application, the antimicrobial applications segment is projected to grow with the highest CAGR, due to rise in prevalence of chronic wounds such as diabetic foot ulcers, which in turn increases the demand for effective wound dressings. Considering applications, the respiratory problems segment holds the major share in the market, due to high availability and adoption of inhalers and nebulizers.

Based on the end-user segment, hospital & clinic occupied a major share of the market, as they provide better diagnosis and treatment of chronic disorders. The ambulatory surgical center segment is expected to exhibit high growth rate during the forecast period.

Key findings of the Drug-Device Combination Products Market:
In the year 2017, the inhalers segment generated one of the highest revenue.
In the application segment, the cardiovascular disorder segment is projected to grow at a high CAGR.
Europe accounted for around one-third share of the global market in 2017.
LAMEA is expected to grow at a high CAGR from 2018 to 2025.

North America accounted for a major share in the global drug-device combination products in 2017 and is expected to maintain this trend throughout the forecast period. This is attributed to the rise in prevalence of chronic disorders, increase in awareness among patients about cost-effective combination devices, and availability of advanced healthcare facilities in the North American countries.

However, Asia-Pacific is expected to grow at the fastest rate, owing to numerous growth opportunities in terms of unmet medical needs for the treatment of burns & surgical wounds and surge in prevalence of chronic diseases such as diabetes mellitus.

About Us:-

Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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