The global drug-device combination products market is primarily driven by factors including the rising incidence of cardiovascular diseases, pain causing anomalies, colorectal cancer, diabetic retinopathy, asthma, prostate cancer, obesity, and a rapidly growing geriatric population.
Drug-device combination products refer to individual products that comprise two regulated components, a medical device and an active pharmaceutical ingredient that are either physically or chemically combined for producing one product. The drugs that are present within the device are either surface-coated or impregnated. Due to their usefulness in the area of advanced medical care, combination products are considered to be highly innovative.
Overall, the global drug-device combination products market is forecasted to grow at 7.9% Compound Annual Growth Rate (CAGR) between 2013 and 2019, according to a new report from global market intelligence company Transparency Market Research.
The report is entitled "Drug Device Combination Products Market (Drug Eluting Stents, Infusion Pumps, Photosensitizers, Orthopedic Combination Products, Wound Care Combination Products, Inhalers, Transdermal Patches, Intraocular Implants and Drug Eluting Beads)—Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013-2019."
The report notes that the global drug-device combination products market, which was valued at US$66 billion in 2012, will report a market value worth US$115 billion by 2019.
The global drug-device combination products market is segmented on the basis of its various types, and geography. On the basis of types, the global drug-device combination products market is classified into infusion pumps, drug-eluting stents, orthopedic combination products, photosensitizers, inhalers, wound care combination products, transdermal patches, and other drug-device combination products. Peripheral vascular stents and coronary stents are the two subcategories under the drug-eluting stents category. The different types of infusion pumps are ambulatory infusion pumps and implantable infusion pumps.
Orthopedic combination products include bone graft implants and antibiotic bone cement. The different types of inhalers dominating the global drug-device combination products market are dry powder inhalers, nebulizers, and metered dose inhalers. The other drug-device combination products include drug-eluting beads and intraocular implants.
Newer technologies such as implants with drugs that promote lesser morbidity, pain relief, and faster healing are expected to drive the global drug-device combination products market in the forthcoming years.
From the regional perspective, the global drug-device combination products market is dominated by North America in revenue terms. However, with the rising incidence of diabetes, obesity, and cardiovascular diseases, the most lucrative market in the entire drug-device combination products market is the Asia Pacific. The global drug device combination products market is expected to witness significant growth in the years to come, attributable to factors like rising demand for minimally invasive surgeries, NGO and government initiatives for promoting drug delivery implants, and an increasing number of interventional cardiologists.
A major growth restraint in this market is that of product recalls, due to adverse side effects to patients.
