Global Drug-device Combination Products Market, by Product Type (Drug Eluting Stents (Coronary Stent, and Peripheral Vascular Stents), Infusion Pumps (Implantable and Ambulatory), Photosensitizers, Orthopedic Combination Products, Wound Care Combination Products, Inhalers (Dry Powder 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 to exhibit a CAGR of 8.2% during the forecast period (2020-2027).
Global Drug-device Combination Products Market – Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization has declared it a public health emergency. According to the World Health Organization’s report, the manifestation of coronavirus disease (COVID-19) has resulted in over 58,425,681 infected individuals worldwide as of November 23, 2020.
Supply chain and manufacturing activities in India, Italy, Spain, U.K., and the U.S. have been disrupted due to lockdowns implemented by governments in the past few months, while countries such as Saudi Arabia, UAE, Egypt, and others are facing problems with regards to transportation of healthcare products.
Furthermore, the COVID-19 pandemic has impacted the global economy and in turn, the drug-device combination products market. Quarantines, traveling constraints, and social distancing measures are likely to lead to a steep decline in business and consumer spending until the end of the third quarter of 2020.
The COVID-19 pandemic has affected the economy in three main ways; by directly affecting the production and demand; by creating disruptions in distribution channels; and by its financial impact on firms and financial markets.
Market Dynamics -
Moreover, the increasing incidence of chronic diseases is also expected to spur growth of the global market. According to the Global Burden of Disease, in 2016, 2,221,188 cases of multiple sclerosis (MS) were observed, globally. The highest age-standardized MS 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-Saharan Africa (3.3), Central Sub-Saharan African (2.8), and Oceania (2.0).
Market players are focusing on expanding their business or presence to untapped markets, which in turn is favoring the market growth. In February 2020, Integer Holdings Corporation, a medical device manufacturer and medical device development company based in the U.S., acquired Inomec, an Israel-based medical device company. Inomec specializes 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 this acquisition, Integer will be able to create a research and development and sales center in Israel.
Browse 28 Market Data Tables and 25 Figures spread through 201 Pages and in-depth TOC on Global Drug-device Combination Products Market, by Product Type (Drug Eluting Stents (Coronary Stent and Peripheral Vascular Stents), Infusion Pumps (Implantable and Ambulatory), Photosensitizers, Orthopedic Combination Products, Wound Care Combination Products, Inhalers (Dry Powder 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), - Global Forecast to 2027
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Market players are focusing on development and launch of new products in the potential market. For instance, in April 2018, Terumo Corporation received the CE mark for Ultimaster TANSEI drug-eluting stent, which was launched in Europe in May 2018. Furthermore, the company also aims to expand in the Middle East, Latin America, and Asia in the near future. Also, in 2018, India-based startup, vTitan Corporation, announced the launch of Accuflow SP-550 and Accuflow IBP-550 Syringe Infusion Pumps.
These pumps are designed for patients undergoing chemotherapy, heart surgery or for patients whose drug dosages need to be administered and monitored precisely.
Key Takeaways of the Global Drug-device Combination Products Market: