The global combination drugs diagnostic market size is expected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the growing demand for efficient combination diagnosis facilities and early stage approval of drugs by various regulatory authorities.
A combination drug, often known as a fixed-dose combination (FDC), is a medication that contains two or more active components in one dosage form. Fixed-dose combination medication products were first created to address a single disease such as antiretroviral FDCs for Acquired Immune Deficiency Syndrome (AIDS) treatment. Kaletra, atripla, combivir, truvada, trizivir, symbax, contrave, and excalia, are some of the most popular combination medications available in the market. According to a research published by the World Health Organization (WHO), 14.1% of the global population is estimated to be diagnosed with neurologic disorder by 2020, driving major pharmaceutical companies to develop combination medications during the forecast period.
Due to the outbreak of COVID-19 pandemic, many industries have been impacted for months as it forced to shut the production units globally. Moreover, low demand for instruments and consumables along with the global supply chain interruptions and trade restrictions have harmed the market for few months.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing advanced technology for diagnostics procedures and rising expenditure on R&D activities are key factors up surging the market growth.
- Systematized dosage helps in improving the effect of combination drugs and improved compliance in the treatment of chronic diseases such as TB and HIV are expected to fuel the market expansion.
- Rising number of clinical trials and advent of digital diagnostic facilities are anticipated to propel the market growth during the forecast period.
- High cost involved in manufacturing products affects the market share in low & middle income level countries. This is expected to hamper the market growth in the coming years.
- Various side effects resulting to low adherence and strict regulatory standards for the licensing of therapy compositions are major challenges that can hamper the market growth.
- Increasing development in operational expertise by key pharmaceutical companies to improve the laboratory testing are likely to offer immense opportunities for the market development in the long run.
Scope of the Report
The report on the global combination drugs diagnostic market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Combination Drugs Diagnostic Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Products (Steroid-eluting Electrodes, Antimicrobial Catheters, Cardiovascular Catheters, Urological Catheters, Oximetry Catheters, Thermodilution Catheters, Bone Graft Substitutes, Peripheral Vascular Stent, Wound Drainage Catheters, Deep Brain Stimulator, Verteporfin, and Porfimer Sodium), Applications (Respiratory Disorders, Infectious Diseases, Psychiatric Disorders, Cardiovascular Diseases, and Others), and End-users (Hospitals, Private Clinics, Physicians, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Zimmer Holding Inc.; Smith & Nephew plc; Biometrix Medical; Medtronic Inc.; Stryker Corp.; Boston Scientific Corp.; St. Jude Medical Inc.; Merck & Co.; Wright Medical Group Inc.; Roche Diagnostics; Abbott Laboratories; Novartis AG; Bristol Myers Squibb; Arrow International Inc.; IntegraLifeSciences Holding Corp.; Covidien Ltd.; DePuy Orthopaedics Inc.; Angiotech Pharmaceuticals Inc.; Biomet Orthopaedics Inc.; and Cordis Corp.
Market Segment Insights
Antimicrobial catheters segment is expected to grow at a rapid pace
Based on products, the global combination drugs diagnostic market is segregated as steroid- eluting electrodes, antimicrobial catheters, cardiovascular catheters, urological catheters, oximetry catheters, thermodilution catheters, bone graft substitutes, peripheral vascular stent, wound drainage catheters, deep brain stimulator, verteporfin, and porfimer sodium. The antimicrobial catheters segment is expected to grow at a rapid pace during the forecast period owing to the growing awareness level related to antimicrobial agents, cost-effective treatment, and rising cases of infections.
Moreover, the antimicrobial-coated catheters segment is projected to account for a large market share during the forecast period as it reduces the risk of hospitalization, catheter-associated urinary tract infections (CAUTIs) or nosocomial urinary tract infections by preventing the formation of biofilms and crust. Furthermore, the growth of the segment is attributed to the emerging new applications implemented by pharmaceutical manufacturers globally to develop unique catheter products and technological advancements in catheter devices, with the goal of reducing the 2 million infections contracted by hospital patients each year.
Infectious disease segment is projected to expand at a considerable CAGR
On the basis of applications, the market is segmented into respiratory disorders, infectious diseases, psychiatric disorders, cardiovascular diseases, and others. The infectious disease segment is projected to expand at a considerable CAGR during the forecast period due to the prevalence of infectious diseases in developed and developing regions. The rising number of prescriptions for infectious disease diagnostic tests and the efficient diagnosis management of such disorders combined with the growing tendency toward preventative care, are projected to fuel the segment growth.
Hospital segment is estimated to gain a large market share
Based on end users, the global combination drugs diagnostic market is divided into hospitals, private clinics, physicians, and others. The hospital segment is estimated to gain a large market share in the coming years as hospitals are the important part of the healthcare industry and a key source of revenue for the overall industry, which stimulates research and innovation. Hence, a number of firms offer large amount of resources to promote their products and services among hospitals, both in terms of revenue and marketing tactics. Furthermore, strategic decisions made in the hospital sector can have an impact on other sectors of the healthcare industry, providing them significant control over contract conditions with the service providers. Thus, cumulatively all these factors are propelling the segment growth.
North America is anticipated to constitute a key market share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key market share during the forecast period owing to the growing number of research and development activities, availability of advanced & innovative products, increasing cases of cardiovascular diseases & diabetes, and encouraging government policies. Furthermore, the US Food and Drug Administration (FDA) has permitted Opdivo injection for intravenous use along with increasing demand for combination drugs directed the manufacturers to provide the market with novel drugs. Thus, these factors are expected to boost the market expansion in the region in the coming years.
The global combination drugs diagnostic market has been segmented on the basis of
- Steroid-eluting Electrodes
- Antimicrobial Catheters
- Cardiovascular Catheters
- Urological Catheters
- Oximetry Catheters
- Thermodilution Catheters
- Bone Graft Substitutes
- Peripheral Vascular Stent
- Wound Drainage Catheters
- Deep Brain Stimulator
- Porfimer Sodium
- Respiratory Disorders
- Infectious Diseases
- Psychiatric Disorders
- Cardiovascular Diseases
- Private Clinics
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Zimmer Holding Inc.
- Smith & Nephew plc
- Biometrix Medical
- Medtronic Inc.
- Stryker Corp.
- Boston Scientific Corp.
- St. Jude Medical Inc.
- Merck & Co.
- Wright Medical Group Inc.
- Roche Diagnostics
- Abbott Laboratories
- Novartis AG
- Bristol Myers Squibb
- Arrow International Inc.
- IntegraLifeSciences Holding Corp.
- Covidien Ltd.
- DePuy Orthopaedics Inc.
- Angiotech Pharmaceuticals Inc.
- Biomet Orthopaedics Inc.
- Cordis Corp.
Some of the key players competing in the global combination drugs diagnostic market are Zimmer Holding Inc.; Smith & Nephew plc; Biometrix Medical; Medtronic Inc.; Stryker Corp.; Boston Scientific Corp.; St. Jude Medical Inc.; Merck & Co.; Wright Medical Group Inc.; Roche Diagnostics; Abbott Laboratories; Novartis AG; Bristol Myers Squibb; Arrow International Inc.; IntegraLifeSciences Holding Corp.; Covidien Ltd.; DePuy Orthopaedics Inc.; Angiotech Pharmaceuticals Inc.; Biomet Orthopaedics Inc.; and Cordis Corp.
To obtain an advantage over their competitors, companies are implementing marketing strategies such as collaboration, regional expansions, promotional activities, and new product development. For instance, Bristol Myers Squibb partnered with Seattle Genetics in January 2015 to conduct a clinical trial to calculate the investigational combination of Bristol Myers' immunotherapy Opdivo and Seattle Genetics' antibody-drug conjugate Adcetris.