Market Trends of Drug Device Combination Products Industry
This section covers the major market trends shaping the Drug Device Combination Products Market according to our research experts:
Drug Eluting Stents are Expected to Grow at Notable Rates Over the Forecast Period.
The drug-eluting stent is a semi-rigid, tube-like device that is made of metal and coated with medication that is slowly released or eluted, which helps to block cell proliferation. The introduction of the drug-eluting stent (DES) has further pushed medical technology to a new standard of care. The drug-eluting stents are of different types, first, second, and third-generation DESs (drug-eluting stents).
The increasing prevalence of cardiovascular disease is one of the major factors leading to increased demand for drug-eluting stents. Additionally, key players in the studied market are focusing on frequent product developments and approvals, which is substantially driving the market growth during the forecast period.
In August 2021, in collaboration with the National University of Ireland Galway (NUI Galway), SINOMED publicized the first commercial implantation of the HT Supreme Drug-Eluting Stent (DES) at University Hospital Galway, marking the start of the European rollout. This will likely help interventional cardiologists to treat patients with coronary artery disease (CAD) who have small vessels often untreatable with larger stent technologies during the percutaneous coronary intervention (PCI).
Furthermore, the rise in initiatives from the key market players for the launch of innovative devices is expected to drive this segment's growth over the forecast period due to increased adoption. For instance, in August 2022, Medtronic launched its newest drug-eluting coronary stent, the Onyx Frontier drug-eluting stent (DES). The DES leverages the best-in-class stent platform with an enhanced delivery system designed to improve deliverability and increase acute performance in the most challenging cases.
Thus, these aforementioned factors are expected to contribute to the overall segment, with a significant growth rate expected over the forecast period.
North America is Projected to Have Significant Market Share in the Market Studied
North America is projected to have a significant market share among the regions owing to the adaptation of drug-device combination products coupled with well-established healthcare infrastructure in the region.
The United States is home to some of the largest research and academic institutes and pharmaceutical companies in the world. With increasing investments being made in the research and development of products by companies, there is likely to be an increase in demand for drug-device combination products since many vaccines and other therapeutics are produced by these sectors.
The United States is expected to hold a significant market in the overall drug-device combination products market throughout the forecast period due to the growing incidence of chronic diseases, the strong foothold of key market players, and the increase in the geriatric population. For instance, in March 2022, Viatris Inc received approval from the United States Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA) for Breyna (Budesonide and Formoterol Fumarate Dihydrate Inhalation Aerosol), the first approved generic version of AstraZeneca's Symbicort. Breyna is a drug-device combination product that is indicated for certain patients with asthma or chronic obstructive pulmonary disease (COPD). Such launches of drug-device combination products in the United States are expected to drive market growth in this region due to the rise in the adoption of such devices for controlled drug delivery.
Furthermore, the rise in partnerships and acquisitions among key market players for developing innovative products for chronic diseases is expected to surge the market growth in this region. For instance, in May 2021, Lilly partnered with four companies on insulin pen tech. These partners provide app compatibility for the Tempo Smart Button and Tempo Pen to streamline diabetes care by automating data collection for tracking insulin doses. In addition, in December 2021, Assertio Holdings, Inc. acquired Otrexup (methotrexate), a drug-device combination single dose once weekly auto-injector, from Antares Pharma, Inc.
All these factors are expected to boost the market growth in the region during the forecast period.
