Global Drug-deviceCombination Products Market, by Product Type (Drug Eluting Stents (Coronary Stent, and Peripheral VascularStents), Infusion Pumps (Implantable and Ambulatory), Photosensitizers,Orthopedic Combination Products, Wound Care Combination Products, Inhalers (DryPowder Inhaler, Nebulizers, and Metered Dose Inhaler)), by Distribution Channel(Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region(North America, Latin America, Europe, Asia Pacific, Middle East, and Africa),is estimated to be valued at US$ 123.5 billion in 2020 and is projected toexhibit a CAGR of 8.2% during the forecast period (2020-2027).
Global Drug-device CombinationProducts Market – Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreakin December 2019, the disease has spread to over 100 countries across the globeand the World Health Organization has declared it a public health emergency.According to the World Health Organization’s report, the manifestation ofcoronavirus disease (COVID-19) has resulted in over 58,425,681 infected individualsworldwide as of November 23, 2020.
Supply chain and manufacturingactivities in India, Italy, Spain, U.K., and the U.S. have been disrupted dueto lockdowns implemented by governments in the past few months, while countriessuch as Saudi Arabia, UAE, Egypt, and others are facing problems with regardsto transportation of healthcare products.
Furthermore, the COVID-19pandemic has impacted the global economy and in turn, the drug-devicecombination products market. Quarantines, traveling constraints, and socialdistancing measures are likely to lead to a steep decline in business andconsumer spending until the end of the third quarter of 2020.
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The COVID-19 pandemic hasaffected the economy in three main ways; by directly affecting the productionand demand; by creating disruptions in distribution channels; and by itsfinancial impact on firms and financial markets.
Market Dynamics -
Moreover, the increasingincidence of chronic diseases is also expected to spur growth of the globalmarket. According to the Global Burden of Disease, in 2016, 2,221,188 cases ofmultiple sclerosis (MS) were observed, globally. The highest age-standardizedMS prevalence per 100,000 persons was in North America (164.6), Western Europe(127.0), and Australasia (91.1). The lowest prevalence rate was in Eastern Sub-SaharanAfrica (3.3), Central Sub-Saharan African (2.8), and Oceania (2.0).
Market players are focusing onexpanding their business or presence to untapped markets, which in turn isfavoring the market growth. In February 2020, Integer Holdings Corporation, amedical device manufacturer and medical device development company based in theU.S., acquired Inomec, an Israel-based medical device company. Inomecspecializes in research, development, and manufacture of medical devices,including minimally invasive tools, delivery systems, metal implants,drug-device combination devices, and laser processing services. With thisacquisition, Integer will be able to create a research and development andsales center in Israel.
Browse 28 Market Data Tables and25 Figures spread through 201 Pages and in-depth TOC on Global Drug-deviceCombination Products Market, by Product Type (Drug Eluting Stents (Coronary Stent and Peripheral VascularStents), Infusion Pumps (Implantable and Ambulatory), Photosensitizers, OrthopedicCombination Products, Wound Care Combination Products, Inhalers (Dry PowderInhaler, Nebulizers, and Metered Dose Inhaler)), by Distribution Channel(Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region(North America, Latin America, Europe, Asia Pacific, Middle East, and Africa),- Global Forecast to 2027
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Market players are focusing ondevelopment and launch of new products in the potential market. For instance,in April 2018, Terumo Corporation received the CE mark for Ultimaster TANSEIdrug-eluting stent, which was launched in Europe in May 2018. Furthermore, thecompany also aims to expand in the Middle East, Latin America, and Asia in thenear future. Also, in 2018, India-based startup, vTitan Corporation, announcedthe launch of Accuflow SP-550 and Accuflow IBP-550 Syringe Infusion Pumps.
These pumps are designed forpatients undergoing chemotherapy, heart surgery or for patients whose drugdosages need to be administered and monitored precisely.
Key Takeaways of the GlobalDrug-device Combination Products Market:
The global drug-devicecombination products market is expected to exhibit a CAGR of 8.2% during theforecast period (2020–2027), owing to adoption of inorganic strategies such ascollaborations, partnerships, and acquisitions. For instance, in June 2019,Abbivie, Inc. acquired Allergan, a global pharmaceutical company for around US$63 billion. As a result of this acquisition, Abbivie, Inc. enhanced itslong-term R&D funding capacity, allowing for continued investment andsustained focus on innovative science and advancement of an industry-leadingpipeline.
Some of the major playersoperating in the drug-device combination products market include TevaPharmaceutical Industries Ltd., AbbVie Inc., Abbott Laboratories, MedtronicPlc., Kaleo, Inc., SINOMED, Becton, Dickinson and Company, Alcon Inc., BostonScientific Corporation, Integer Holdings Corporation, Teleflex Incorporated,Bausch Health Companies Inc., Haselmeier GmbH, and Flowonix Medical, Inc.
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