Drug-Device Combination Products Market Exploring Future Growth 2018-2025 - Medtronic, Smith & Nephew

Drug-device combination products comprise of two or more regulated components, which work in coordination. These components involve a medical device, which is used to administer a therapeutic drug in the patient's body. The drug-device combination products can be single products comprising of several components or products packed separately, intended for use with a specialized counterpart. The therapeutic drugs used along with the specific device are either mixed physically or chemically to obtain a resulting mixture for the final use. Currently, the best-known example of a drug-device combination product is the drug-eluting stents that are scaffolds coated with a therapeutic drug to prevent the growth of tissue scars in an artery.

Major Key Players of the Drug-Device Combination Products Market are:
Abbott Laboratories, Medtronic, Smith & Nephew, Boston Scientific Corporation, GlaxoSmithKline, Becton, Dickinson and Company, Johnson & Johnson, Novartis AG, Bayer AG, Baxter International, Inc.

The global drug-device combination products market was valued at $81,374 million in 2017 and is projected to reach $139,193 million by 2025 at a CAGR of 6.9% from 2018 to 2025. Increase in prevalence of chronic diseases such as diabetes, cardiovascular disorders, respiratory problems, and cancer, drive the growth of the global drug-device combination products market. Further, rise in geriatric population, technological advancements in drug-device combination product, and surge in home-based healthcare market are the other factors that boost the market growth. However, stringent governmental regulations for the approval of combination devices and post-complications and errors lead to numerous product recalls that hinder the growth of the global market. On the contrary, rise in healthcare infrastructure and high market potential in untapped emerging economies are anticipated to serve as lucrative opportunities for market expansion.

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