Drug-device combination products are used in the treatment and management of various diseases such as cancer, heart disease, multiple sclerosis, cerebral palsy, spinal-cord injuries, anemia, hepatitis, rheumatoid arthritis, diabetes, and other chronic disorders.
The global drug-device combination products market is estimated to account for US$ 124.3 Bn in terms of value in 2020 and is expected to reach US$ 214.1 Bn by the end of 2027.
Global Drug-Device Combination Products Market: Drivers
Approval and availability of drug-device combination products is expected to propel growth of the global drug-device combination products market over the forecast period. For instance, in July 2019, Walgreens, a pharmacy store chain, and Kaléo, a privately-held pharmaceutical company, announced AUVI-q (epinephrine injection, USP) 0.1 mg auto-injector – the first and only epinephrine auto-injector approved by the U.S. FDA for infants and toddlers is available at Walgreens locations.
Global Drug-Device Combination Products Market: Opportunities
R&D in combination products is expected to offer lucrative growth opportunities for players in the global drug-device combination products market. For instance, in November 2019, Boston Scientific Corporation announced positive data for Eluvia Drug-Eluting Vascular Stent for the treatment of femoropopliteal disease.
Global Drug-Device Combination Products Market: Restraints
Product recalls are expected to hinder growth of the market. For instance, in October 2019, Medtronic plc recalled Medtronic SynchroMed II implantable drug infusion pump due to potential presence of foreign particles inside the pump motor assembly.
The global drug-device combination products market was valued at US$ 115.0 Bn in 2019 and is forecast to reach a value of US$ 214.1 Bn by 2027 at a CAGR of 8.1% between 2020 and 2027. Major factor driving the growth of global drug-device combination products market during the forecast period increasing prevalence of chronic diseases, and product launches.
North America held dominant position in the global drug-device combination products market in 2019, accounting for 41.4% share in terms of value, followed by Europe and Asia Pacific, respectively. Presence of leading manufacturers and product launches is expected to support growth of the market over the forecast period.
Major players in the market are focused on adopting M&A strategies to expand their product portfolio. For instance, in February 2020, Integer Holdings Corporation acquired Inomec, an Israel-based manufacturer of medical devices, including minimally invasive tools, delivery systems, metal implants, drug-device combination devices, and laser processing services
Major players in the market are also focused on conducting clinical trials for approval and launch of new products. For instance, in July 2019, SINOMED completed enrollment in the PIONEER III randomized, controlled clinical trial to assess the safety and effectiveness of the BuMA Supreme DES in order to obtain key regulatory approvals for the BuMA Supreme Drug-Eluting Stent (DES) System.
Global Drug-Device Combination Products Market: Competitive Landscape
Major players operating in the global drug-device combination products market include, Teva Pharmaceutical Industries Ltd., Becton, Dickinson and Company, Integer Holdings Corporation, Abbott Laboratories, Medtronic plc, Allergan, Inc., Alcon, Inc., Arrow International, Inc., Bausch & Lomb, Inc., Boston Scientific Corporation, ALK, SINOMED, Kaléo, Haselmeier, Flowonix Medical, Inc., CareFusion Corporation, and Covidien PLC.
Global Drug-Device Combination Products Market: Key Developments
December 2019: Kaléo collaborated with HealthFirst and MedAire, emergency medical kit distributors, to offer Auvi-Q 0.3 mg and Auvi-Q 0.15 mg auto-injectors in the American Airlines’ emergency medical kits
August 2019: ALK launched new epinephrine auto-injector that is designed to be small, easy-to-use, heat-stable, and with a long shelf life, in the U.S.