Market Research Future (MRFR) Announces the Publication of its Research Report – The Drug Device Combination Market 2020–2023. This Report Increasing Prevalence of Cardiovascular, Urology Diseases Followed Increased Awareness of the Drug-Device Combination Products Drive the Global Market for Drug Device Combination Products.
Some of the prominent players in the global drug device combination are 3M, Abbott Laboratories, AlloSource, Biomet Orthopedics, Inc., Biometrix Medical, Biotronik, Boston Scientific Corporation, C.R. BARD, Inc., Cook Critical Care, Inc., Covidien Ltd, Smith & Nephew Plc, St. Jude Medical Inc, Stryker Corporation, Wright Medical Group, Inc., Zimmer Holding, Inc., and others.
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According to Market Research Future, the global Drug Device Combination Market is expected to register a clocking CAGR of 11.4% from 2018 to 2023.
Drug device combination devices are extensively utilized for therapeutic purposes against diseases like cardiovascular diseases. Since past years, diseases such as cardiovascular diseases, urology diseases, and others have increased drastically, which encouraged the market to develop and grow rapidly.
According to the factsheet of 2017 available by the Centers for Disease Control and Prevention, it was anticipated that 610,000 people within the U.S. died from heart diseases. Moreover, the report also stated that since the past few years, the reported cases of urology diseases had increased radically. Furthermore, according to the cancer research UK, there were 47,151 new cases of prostate cancer within the region. These reports estimated the increase in the demand for drug devices for the related therapeutics significantly, enabling the drug device combination devices market to grow.
Additionally, other factors such as growing healthcare expenditure, raising awareness for the disease, and increasing research & development expenses made by the key players also drives the global drug device combination market. However, on the flip side, some factors such as the high cost of the products, and the presence of low-income countries within the developing regions, restricts the market growth.
The global drug device combination market is segmented on the basis of on product, application, and end user.
In terms of product, the market is segmented into the catheter, advanced wound care products, and others. Further, the catheter segment is sub-segmented into the antimicrobial catheter, urological catheters, cardiovascular catheters, oximetry catheters, thermodilution catheters, wound drainage catheter, and others. On the other hand, the advanced wound care products segment is also sub-alienated into antibiotic wound care, bone graft substitutes, antibiotic bone cements, drug eluting stents, and photodynamic therapy. The bone graft substitutes segment is sub-divided into ceramic based bone graft substitute, allograft-based bone graft substitutes, cell-based bone graft substitutes, and others.
In terms of application, the market is devised into coronary angioplasty, tachycardia management, non-cardiovascular treatments, peripheral arterial disease (pad), bone treatment, antimicrobial uses, wound care, ophthalmic treatment, and others.
In terms of end user, the market is divided into hospitals & clinics, ambulatory centers, and academic & research organization, and others.
In the current study of MRFR, the global drug device combination market has covered key regions, namely the Americas, Europe, Asia-Pacific, and the Middle East & African region.
Global drug device combination market, in the Americas, is leading owing to the rising prevalence of cardiovascular diseases and the presence of major market players within the region. Apart from this, factors such as suitable reimbursement policies, high healthcare expenditure, and developed the healthcare sector in the U.S. and Canada to boost the market to overgrow.
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Europe in 2017, it was estimated that this region stood second in the global drug device combination owing to the presence of well-developed healthcare infrastructure, increasing knowledge for the devices and presence of developed economies within the region.
Asia Pacific market was also projected to be the fastest growing region in 2017 due to the increasing penetration of the market players, growing healthcare sector, and increasing government support for foreign investments. According to a report available by the Indian Brand Equity Foundation in 2017, the Indian healthcare sector was estimated to inflate at a CAGR of 22.87 and attain USD 280 billion by 2020.
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