The global combination drugs diagnostic market is expected to witness exponential growth over the coming seven years due to greater efficiency attached to combination diagnosis and accelerated approval of drugs by the regulating authority. In addition, rising geriatric population base, improved diagnostic procedures, and growing investments in R&D operations are further expected to drive the growth for the market in the near future. As per the report published by the World Health Organization (WHO), by 2020 about 14.1 % of the global population will be diagnosed with neurologic disorders which would further propel the manufacturers to produce combination drugs. However, factors such as high manufacturing costs and risks of side effects may pose a hindrance to the growth of the market over the forecast period.
The global combination drugs diagnostic market is categorized on the basis of product and application. On the basis of products, the market is further divided into cardiovascular catheters, antimicrobial catheters, urological catheters, thermodilution catheters, oximetry catheters, bone graft substitutes, wound drainage catheters, peripheral vascular stent, deep brain stimulator, verteporfin, porfimer sodium and steroid, eluting electrodes. The market for antimicrobial catheters is expected to witness the fastest growth over the coming seven years due to increased awareness about antimicrobial agents, cost-effective treatment, and reduced incidences of infections. On the basis of application, the combination drugs are used in the treatment of infectious diseases (HIV, Tuberculosis, and AIDS), cardiovascular diseases (hypercholesterolemia and hypertension), psychiatric disorders (depression and Alzheimer’s disease), respiratory disorders (asthma and COPD) and other diseases such as cancer, urine infections, and diabetes. Also, some combination drugs are used as vaccine products, oral contraceptives, and radioactive combination drugs. On the basis of end-use, the market is segmented into physicians, private clinics, and hospitals.
Geographically, the combination drugs diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA. As of 2014, North America held the highest market share due to sophisticated research and development activities and availability of technologically advanced products. Moreover, rising prevalence of cardiovascular diseases & diabetes and favorable government policies are further expected to fuel market growth in this region. European countries are anticipated to register substantial market growth over the coming seven years owing to increased awareness amongst patients and geriatric population base with rising incidence rate of respiratory and cardiovascular diseases. Similarly, rise in personal disposable income, strong economic factors such as product expansion & healthcare infrastructure, and growing awareness about combination drugs are expected to result in the fastest market growth in Asia Pacific region in near future. Also, Latin American countries are anticipated to witness speedy market growth over the forecast period owing to growing awareness among people and the availability of improved healthcare facilities in the region.
The prominent players operating in global combination drugs diagnostic market are Biometrix Medical, Zimmer Holding Inc., Smith & Nephew plc, Stryker Corporation, Medtronic Inc., Boston Scientific Corporation, St.Jude Medical Inc., Wright Medical Group Inc., Merck & Co. Inc., Roche Diagnostics, Abbott Laboratories, Bristol Myers Squibb, Novartis AG, Arrow International, Covidien Limited, IntegraLifeSciences Holding Corporation, DePuy Orthopaedics Inc., Cordis Corporation, Biomet Orthopaedics Inc. and Angiotech Pharmaceuticals Inc. The companies are adopting marketing strategies such as R&D operations and collaborations. For example, in January 2015, Bristol Myers Squibb entered into a collaboration agreement with Seattle Genetics for the clinical trial to evaluate the investigational combination of Bristol Myers’ immunotherapy namely Opdivo and Seattle Genetics’ antibody-drug conjugate named Adcetris. This combination drug aims to treat patients with Refractory Hodgkin lymphoma (HL), refractory B-cell, and T-cell Non Hodgkin lymphomas (NHL). Also, the Food and Drug Administration (FDA) approved Opdivo injection for intravenous use. Rising demand for combination drugs is compelling manufacturers to cater to the market with novel drugs, which in turn is expected to provide this market with lucrative growth platforms in the near future.
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