Drug Device Combination Market Size, Growth and Trends Analysis by Product (catheter, antimicrobial applications, advanced wound care products), Application (coronary angioplasty, tachycardia management), End user (hospitals & clinics) – Global Forecast till 2027
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Market Highlights
Following a careful analysis of the latest trends, Market Research Future (MRFR) in its latest report states that the drug device combination market is on track to demonstrate a healthy growth rate of 11.4% during the forecast period (2018-2023).
Growth Drivers and Top Barriers
Drug device combination allows early diagnosis along with shorter treatment duration in most of the surgical procedures. The surge in the demand is also the result of various other benefits including minimal pain, improved safety, cost efficiency, high efficacy, speedy recovery, and decreased hospital stay owing to these devices.
Market Segmentation
The worldwide drug device combination market has been segmented on the basis of product, application, and end user.
In terms of product, the market can be broken down into catheter, advanced wound care products, and others.
Application-wise segments in the market are coronary angioplasty, tachycardia management, non-cardiovascular treatments, peripheral arterial disease (pad), bone treatment, antimicrobial applications, wound care, ophthalmic treatment, and others.
The end users covered in the report include hospitals & clinics, ambulatory centers, and academic & research organization, and others.
Companies Profiled
The leading participants in the worldwide drug device combination are Abbott Laboratories, AlloSource, Biomet Orthopedics, Inc., Wright Medical Group, Inc., Biotronik, Boston Scientific Corporation, St. Jude Medical Inc, 3M Inc., Covidien Ltd, Biometrix Medical, Stryker Corporation, C.R. BARD, Zimmer Holding, Inc., Cook Critical Care, Inc., Smith & Nephew Plc, and others.
Regional Segmentation
The Americas, Europe, Asia Pacific and the Middle East & Africa are the key regions in the global drug device combination market.
The Americas has left other regions in the lurch with the dominant share of the overall market, due to the growing prevalence of cardiovascular diseases coupled with the existence of prominent players based in the region. Moreover, appropriate reimbursement policies, elevated spending on healthcare, and a well-established healthcare industry in the United States (U.S.) and Canada are identified as the crucial drivers for the drug device combination market in the region.
The data experts report that Europe had been at the second position in the global drug device combination market in 2017, with factors like the presence of a highly-developed healthcare infrastructure, surging awareness about the devices and the massive contribution of developed nations in the region backing the market growth. On top of that, a humungous patient pool is powering the regional market further.
Expanding at the fastest growth rate as reported in 2017, Asia Pacific is launching ahead backed by the growing penetration of prominent vendors into the region, booming healthcare sector and rising support of the government for foreign investments. A report furnished by the Indian Brand Equity Foundation in 2017 states that the Indian healthcare industry was predicted to expand at a CAGR of 22.87, with further predictions of it set to reach the valuation of USD 280 billion by the year 2020. These favorable numbers are expected to subsequently work in favor of the drug device combination market in the following years.
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