During the course of the forecast period, an increase in the prevalence of chronic diseases is anticipated to fuel the expansion of the global market for drug-device combinations. Throughout the projected period, favourable government regulations and actions to guarantee patient safety are anticipated to boost market expansion for medication device combinations. Product recalls and related issues are projected to stymie the worldwide medication device combination product market's growth. Some drug-device combo products, for example, have caused severe damage, and adverse occurrences have resulted in product recalls in recent years. Government regulations/policies are projected to stymie the worldwide medication device combination product market's expansion.
According to Coherent Market Insights, The Global Drug Device Combination Product Market was valued at US$ 108,400.0 Mn in 2021 and is forecast to reach a value of US$ 171,127.4 Mn by 2028 at a CAGR of 6.7% between 2022 and 2028.
Market Players in the Drug Device Combination Product Industry:
1. AbbVie Inc. (Allergan)
Allergan, is a multi-specialty healthcare company focused on discovering, developing and commercializing innovative pharmaceuticals, biologics and medical devices. Allergan's is best known for its product, Botox. Some of the top Botox providers in the U.S. Include Epione Beverly Hills, EVEXIAS Medical Centers & Skin Associates. The company was founded in 1948, headquartered in Madison, U.S.
2. Terumo Corporation
Terumo Corporation engages in the manufacture and sale of medical products and equipment worldwide. The company operates through three segments: Cardiac and Vascular Company, Medical Care Solutions Company, and Blood and Cell Technologies Company. Terumo Corporation was incorporated in 1921 and is headquartered in Tokyo, Japan.
3. GlaxoSmithKline PLC
GSK plc, together with its subsidiaries, engages in the research, development and manufacture of vaccines and specialty medicines to prevent and treat disease in the United Kingdom, the United States, and internationally. It operates through four segments: Pharmaceuticals, Pharmaceuticals R&D, Vaccines, and Consumer Healthcare. GSK plc was founded in 1715 and is based in Brentford, the United Kingdom.
4. Novartis AG
Novartis AG researches, develops, manufactures, and markets healthcare products in Switzerland and internationally. The company operates through two segments: Innovative Medicines and Sandoz. Novartis AG has a license and collaboration agreement with Alnylam Pharmaceuticals to develop, manufacture, and commercialize inclisiran, a therapy to reduce LDL cholesterol. Novartis AG was incorporated in 1996 and is headquartered in Basel, Switzerland.
5. Medtronic PLC
Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. The company was founded in 1949 and is headquartered in Dublin, Ireland. On March 2023, Medtronic, DaVita Launched Co-Owned Kidney Health Technology Firm
6. Abbott Laboratories
Abbott Laboratories, together with its subsidiaries, discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. Abbott Laboratories was founded in 1888 and is based in North Chicago, Illinois.
7. Boston Scientific Corporation
Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. It operates through MedSurg and Cardiovascular segments. The company was incorporated in 1979 and is headquartered in Marlborough, Massachusetts. In November 2020, Boston Scientific received the Food and Drug Administration (FDA) approval for ranger Drug-Coated Balloon, which was developed for the treatment of patients with peripheral artery disease in the superficial femoral artery and proximal popliteal artery.
8. Stryker Corporation
Stryker Corporation operates as a medical technology company. The company operates through two segments, MedSurg and Neurotechnology, and Orthopaedics and Spine. Stryker Corporation was founded in 1941 and is headquartered in Kalamazoo, Michigan.
9. Becton, Dickinson and Company
Becton, Dickinson and Company develops, manufactures, and sells medical supplies, devices, laboratory equipment, and diagnostic products for healthcare institutions, physicians, life science researchers, clinical laboratories, pharmaceutical industry, and the general public worldwide. The company was founded in 1897 and is based in Franklin Lakes, New Jersey.
*Definition- A combination product is one that combines a medication, a gadget, as well as a biological product. As the global burden of chronic diseases rises, so does the demand for safe and effective medications.
