Drug-device Combination Products Market Report 2018 Leading Industrialist Growth Forecast Analysis Till 2026

Drug device combination products consist of drugs administered or delivered through specialized devices to the patients. Examples of such products include prefilled syringes, infusion pumps, drug coated devices such as stents, and others. Manufacturers such as Teva Pharmaceutical Industries Ltd., Becton, Dickinson and Company, Integer Holdings Corporation, Abbott Laboratories, and others offer drug device combination products in the market.

Some of the key players operating in the global 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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Market Dynamics

Market players are focusing on various inorganic growth strategies such as mergers and collaborations to strengthen their position in the global market. This is expected to drive growth of the global drug-device combination products market during the forecast period. For instance, in 2019, Boston Scientific Corporation acquired BTG plc. BTG plc. develops and commercializes products used in minimally-invasive procedures targeting cancer and vascular diseases, coupled with specialty pharmaceuticals.

Rising launch of new advanced products by the market players is expected to drive the global drug-device combination products market growth over the forecast period. For instance, in February 2020, Flowonix Medical, Inc. received the U.S. Food and Drug Administration approval for its Prometra II Programmable Pump System for use with intrathecal baclofen.

Key players operating in the market are focused on conducting clinical trials for approval and launch of novel combination drug eluting stents, which is expected to drive the market growth over the forecast period. For instance, in July 2019, SINOMED completed enrollment in the PIONEER III randomized, controlled clinical trial to assess the safety and effectiveness of the BuMA Supreme DES in order to obtain key regulatory approvals for the BuMA Supreme Drug-Eluting Stent (DES) System.

Global Drug-device Combination Products Market – Impact of Coronavirus (COVID – 19) Pandemic

The COVID-19 pandemic is expected to hamper the global drug-device combination products market growth during the forecast period. The COVID-19 pandemic and resulting lockdowns in various countries across the globe have impacted the financial status of businesses in all sectors. The private healthcare sector has been impacted majorly due to the COVID-19 pandemic. Many clinical trials have been suspended during the pandemic. In order to restart the clinical trials, the U.S. Food and Drug Administration (FDA) released guidelines during the COVID-19 public health emergency in March 2020. The guidelines were further updated on July 02, 2020. The guidelines include general considerations to assist sponsors and researchers, which ensure the safety of trial participants, and compliance with good clinical practice (GCP) for the duration of the COVID-19 public health emergency. The appendix of the guidelines also provide answers to some general questions, which the U.S. Food and Drug Administration (FDA) received from various sponsors and researchers about conducting clinical trials during the COVID-19 public health emergency.

Furthermore, players operating in the global drug-device combination products market are facing major challenges on various fronts due to the COVID-19 pandemic. The major challenges include supply of raw materials for manufacturing drug formulations due to irregularities in transportation facility. Moreover, distributors of products are experiencing irregular demand for products from the retailers due to increasing patient population suffering from COVID-19 and other life threatening disorders.

Increasing Prevalence Of Chronic Diseases Is Expected To Drive Growth Of The Global Drug-Device Combination Products Market During The Forecast Period

The rising incidence of chronic diseases such as chronic diseases and disorders including cancer, cardiac conditions, multiple sclerosis, and diab etes, among others is a major factor which is expected to drive the market growth. According to the National Center for Biotechnology Information (NCBI), 2020, in 2017, globally, around 126 million people suffered from ischemic heart disease (1,655 per 100,000), which constituted to 1.72% of the total world population.

Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.

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Global Drug-device Combination Products Market – Regional Analysis

On the basis of region, the global drug-device combination products market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

North America is expected to hold dominant position in the global drug-device combination products market during the forecast period, owing to rising approval and launch of new products in the region. For instance, in February 2020, Flowonix Medical, Inc. received the U.S. Food and Drug Administration approval for Prometra II Programmable Pump System for use with intrathecal baclofen. Prometra II Pump utilizes a pressure-driven, valve-gated delivery mechanism to deliver boluses of medication into the intrathecal space.

Europe is an emerging drug-device combination products market, owing to the rising prevalence of chronic diseases such as cardiovascular diseases and others. For instance, according to the British Heart Foundation (BHF), in 2018, around 7 million people were suffering from cardiovascular disease in the U.K., which was a total of 3.5 million men and 3.5 million women. BHF also stated that heart and circulatory disease account for 26% of all deaths in the U.K., which is over 150,000 deaths each year.

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