Introduction
Drug-device combination is defined as the combination of drugs and medical devices that can be chemically or physically united or co-packaged as separate, cross labeled products.
Drugs and devices have emerged as a combination product in the 21st century. Today, the medical industry has completely adopted the drug-device combination; and the U.S. Food and Drug Administration (USFDA) and other similar governing bodies across the globe have given their approval for the marketing of these products.
Over View of Market
- Present
The market for drug-device combination was over $9 billion in 2008 and is expected to grow at a double digit CAGR in the next few years. Therefore, a detailed analysis of this market will benefit stakeholders not only through comprehensive market statistics, but also through the strategic recommendations.
analysis on this market would help companies and commercial pharma research labs get in-depth information about the recent developments and upcoming trends, as well as the opportunities, drivers, and restraints in each segment of the global drug-device combination market.
- Future
According to a new market research report, ‘Drug-Device Combination Market (2009 - 2014)’, The total drug-device combination market is expected to be worth US$18.54 billion by 2014, out of which the U.S. market will account for nearly 30.9% of the total revenues. The global market is expected to record a CAGR of 11.8% from 2009 to 2014.
The commercialization cycle from R&D to product shows the immense potential of the bundled offering. Currently, the market has a potential of US$10.6 billion and has been experiencing a growth of 15% CAGR for the past two years. In the next five years, the market is expected to grow at a CAGR of 11.8%. A future view of the drug-device combination is that these products will make single component medical devices obsolete.
Statistics On The Basics Segmentation
The drug-eluting stents (DES) market is the largest segment in the drug-device combination market. This is supported by the fact that cardiovascular applications constitute about 64% of the entire drug-device combination applications market. However, it is the relatively smaller market of antimicrobial catheter that offers the highest growth potential over the next five years in the overall market
The DES market is further segmented into
- stent grafts
- coronary stents
- peripheral vascular stents
Statistics On DES Segmentation
Though coronary stents has the highest market share, peripheral vascular stents is expected to have the highest growth rate till 2014. The fastest growing macro-market of antimicrobial catheter is segmented into micro-markets such as urological catheter, cardiovascular catheter, peripherally inserted central catheter, oximetry catheter, thermodilution catheter and wound drainage catheter. Closed loop glucose monitor and insulin pump is also expected to record a high growth rate for the period 2009 to 2014.
The two major segments:
- steroid eluting electrodes
- photodynamic therapy
These segments are estimated to see the slowest growth rate due to a slow development of new products in these markets.
The challenges crippling the growth of the market in the future are expected to be the issues involved in cross industry partnerships, jurisdiction issues, patient safety and interoperability issues.
Key Players Of Market
The drug-device combination market is not fragmented and the key players in this market are Medtronic, Boston Scientific Corp., Edwards Life sciences Corp., Stryker Corp., QLT Inc. etc.
The maximum number of new product developments is expected to take place in the bone graft substitutes, advanced wound care products and antimicrobial catheter markets. Our patent analysis indicates that E.U. has filed for the maximum number of patents followed by the U.S.
Future Market and Scope Of Industry
There is an immense scope of collaboration between the drugs and medical devices companies in the areas of closed loop glucose monitor and insulin pump, bone graft substitutes and advanced wound care products market. However, the antibiotic bone cements and advanced wound care market is expected to face stiff competition in the next five years to come.
The incremental benefits of these combination products over the regular medical devices are increased efficiency,reduction in overall cost of treatment along with the rising awareness. The market holds significant opportunity for the early movers albeit with extensive research to develop new and improved products at competitive prices.
Successful strategic alliances between companies from the drugs and medical devices areas assist them in taking advantage of the existing technologies by avoiding capital expenditure in R&D and take the drug-device combination market to new heights.
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