Drug-Device Combination Products Market to Reach $139.2 Bn by 2025, Globally, Says Allied Market Research
PORTLAND, Oregon, September 11, 2018 /PRNewswire/ --
Factors such as growth of the home-based healthcare industry, technological advancements, and increase in geriatric population are expected to boost the growth of the global drug-device combination products market
Allied Market Research published a report, titled, Drug-Device Combination Products Market by Product (Drug-eluting Stent, Infusion Pump, Photodynamic Therapy, Antimicrobial Wound Dressing, Prefilled Syringe, Drug-eluting Balloon, Nebulizer, Inhaler, Transdermal Delivery System, and Others), Application (Cardiovascular Treatment, Diabetes, Respiratory Problem, Cancer Treatment, Antimicrobial Application, and Others), and End User (Hospital & Clinic, Ambulatory Surgical Center, Home Care Setting, and Others) - Global Opportunity Analysis and Industry Forecast, 2017-2025. The report offers insights on government regulations, explores changing market dynamics, highlights patent analysis, and analyses key segments. According to the report, the global drug-device combination products market generated $81.3 billion in 2017 and is expected to reach $139.2 billion by 2025, growing at a CAGR of 6.9% from 2018 to 2025.
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Rise in geriatric population, increase in incidence of chronic diseases, and growth of the home-healthcare industry have fueled the growth of the industry. However, stringent approval process and product recall issue restrain the growth of the market. On the other hand, technological advancements and lucrative opportunities in emerging economies would create new pathways in the market.
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Transdermal delivery system to maintain its highest revenue share
Transdermal delivery system contributed more than one-third share of the total market revenue in 2017, owing to its ability to deliver drugs in continuous and controlled manner. It is projected that this segment would continue to maintain its dominance throughout the forecast period. On the other hand, the prefilled syringe segment would grow at the fastest CAGR of 9.9% from 2018 to 2025, owing to minimization of the drug waste and its capability to extend shelf life of products. The other products analyzed in the research are drug-eluting stent, photodynamic therapy, infusion pump, drug-eluting balloon, antimicrobial wound dressing, inhaler, nebulizer, and others.
Respiratory problems segment generated the highest market share
The respiratory problems segment contributed more than one-third of the total market share in 2017 owing to rise in prevalence of chronic obstructive pulmonary disease (COPD) & asthma and increase in adoption of inhalers are the key factors. However, in terms of growth rate, antimicrobial applications would grow at the highest CAGR of 10.6% from 2018 to 2025, owing to increase in incidence of acute and chronic wounds and changing dynamics over the usage of traditional wound dressings. The other applications analyzed in the study are cardiovascular treatment, diabetes, cancer treatment, and others.
Ambulatory surgical centers to experience accelerated growth
The ambulatory surgical centers would become the fastest growing segment, registering a CAGR of 8.0% from 2018 to 2025, owing to the growing demand for such facilities in developing countries. However, the hospitals & clinics segment contributed more than one-third of the total market share in 2017, owing to presence of all drug-device combination products and availability of variety of treatments. The report also discusses home care setting and other end users.
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North America to generate the highest revenue throughout forecast period
North America accounted for more than one-third of the total market share in terms of revenue in 2017, owing to new product launches and increase in adoption of plasma-based products. In terms of growth rate, Asia-Pacific region would grow at the fastest CAGR of 8.0% during the forecast period on account of the rapidly changing infrastructure in developing economies including India and China.
Leading market players in the industry
The report analyzes key market players including Abbott Laboratories, Smith & Nephew plc, Medtronic plc, GlaxoSmithKline plc, Boston Scientific Corporation, Becton, Dickinson and Company, Novartis AG, Bayer AG, Johnson & Johnson, and Baxter International, Inc. Strategies such as new product launches, partnerships, joint ventures, mergers & acquisitions, collaborations, and others have been adopted by them to gain a strong foothold in the industry.
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