The global market for drug device combination products is expected to grow to $115.1 billion, pushed ahead by rising prevalence of cardiovascular disease, asthma and COPD.
The global market for drug device combination products is expected to grow to $115.1 billion, according to a new market report from Transparency Market Research.
The report forecasts that the market will witness a compound annual growth rate of 7.9% between 2013 and 2019. In 2012, the global drug device combination product market was valued at $66 billion.
Combination products are comprised of therapeutic products that combine a drug and device either chemically and/or physically into one single product.
The market can segmented into drug eluting stents, infusion pumps, bone graft implants, photodynamic therapy, wound care combination devices, inhalers, transdermal patches and others including intraocular implants and drug eluting beads.
Last year, transdermal patches accounted for the largest share of the overall market accounting for $25.1 billion. But this segment is set to decline in revenue between 2013 and 2019 in the U.S. and Europe as a result of stringent regulatory procedures following product recalls, the report states.
A fast-growing segment of the market in the period that the report encompasses will be in inhalers. High rates of asthma and COPD (chronic obstructive pulmonary disease) is fueling a 8% CAGR growth in inhalers. The worldwide revenue for that market was $20 billion in 2012.
In fact growing incidence of asthma and COPD as well as cardiovascular diseases is fueling the growth of the overall drug device combination device market. Some of the major players in this field are Boston Scientific, Abbott Labs, Bayer Healthcare, Medtronic and Bausch and Lomb.
Another company - Lutonix, which was acquired by C.R. Bard - is developing a new category of device - a drug-coated balloon catheter. In January, Covidien completed the acquisition of CV Ingenuity, which is also developing a drug-coated balloon platform technology.
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