The global combination products market is growing and will continue to do so over the next five years. A study conducted earlier this year has forecasted that this market is likely to grow at a compound annual growth rate (CAGR) of 7.9% between 2013 and 2019. While this is fantastic news in many ways for your combination device manufacturing company, there are still important factors to consider such as the reasons behind the growth, the rise in competition it could cause, and the trends that are likely to follow.
Growth Rate Causes in the Global Combination Products Market
What has been causing the global combination products market to grow so much over the past few years? The factors that are affecting the growth of this market are still in effect now and will likely continue to cause market growth for years to come.
One of the strongest of these factors is the increase in the elderly population, not only in the United States but all over the world. These individuals are creating a higher demand for drug device combination products that require little need for surgery and can ensure that patients will not be plagued by the necessity for constant doctor visits.
Other factors affecting the growing global combination products market are:
- Government initiatives that promote implants which are also a drug delivery product
- An increase in interventional cardiology (which involves placing a catheter into the heart)
- An increase in technologies that promote better and faster healing through the use of combination products
- A rise in certain medical issues like specific types of cancer, complications from diabetes, cardiovascular problems, and obesity
- A demand for innovative products that make administering the necessary medication easier on both doctors and patients
For these reasons and many others, the global market for combination products is continuing to grow. But which products are in demand now and which will continue to be so over the next few years?
Popular Combination Products
The products that are considered to be the most marketable and desired at this current time include:
- Infusion pumps
- Transdermal patches
- Drug eluting stents
- Bone graft implants
- Wound treatments
Certain types of the drug-device combinations listed above are being used for different necessities. For example, implants can be used to promote quicker healing and restoration as well as to reduce pain. The categories above contain subcategories of more specific products, but they are all considered to be in high demand.
Growing Your Business with the Global Market
These increases have their advantages and drawbacks, but there are ways in which you can ensure that your company grows along with the global market. Considering this change and cultivating your business to flourish during this time is extremely important especially as a growing market often means more competition.
You can grow your company along with the increasing market by remembering the existence of these trends, following all regulations of the FDA, and staying abreast of your own company’s procedures. If you are able to ensure that your own practices are the best they can be (both in cost effectiveness and compliance), you will stand out in a fast-growing marketplace as a quality business.
One of the strongest restraints in this market is that of potential recalls. If your manufacturing business is not up to the FDA standards when an audit occurs, you could face serious hurdles in growing your business. Because this is the issue that often strikes those in the market hardest, being aware of the possibility and putting policies in place in order to avoid a recall (like internal auditing, gap analysis, validating cleaning processes, etc.) will keep you from stalling in this fast-growing market.
The growth outlook for the combination drug device products market is favorable, and there is a strong possibility that these trends will continue into 2020 and beyond. However, knowing the specific trends and causes involved is what will help you ensure that your manufacturing business gains the benefits of this rise.