PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397092
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397092
The combination medications and diagnostic tools plays a crucial role in modern healthcare, particularly in the realm of personalized medicine and targeted therapies. A combination product refers to a therapeutic or diagnostic product that combines drugs, medical devices, and/or biological products. Such products typically involve at least two of these categories and sometimes encompass all three. Common examples include traditional drug-device combinations, such as a syringe pre-filled with medication, as well as co-packaged or kitted products, like a first-aid kit containing bandages and pain-relieving medications. In the healthcare field, diagnostics pertain to the identification of the nature and cause of a disease or condition. Diagnostic tools encompass various techniques, including imaging, laboratory tests, and other medical assessments.
The market growth is anticipated to be driven by the increasing number of elderly individuals and advancements in diagnostic techniques.
Aging populations necessitate more comprehensive healthcare solutions, and one approach to address this is through combination drugs that incorporate diagnostic capabilities. These drugs offer a holistic approach to managing the health of elderly individuals. The World Health Organization predicts that by 2030, 1 in 6 people worldwide will be aged 60 years or over, resulting in an increase in the population aged 60 years and over from 1 billion in 2020 to 1.4 billion. The advancement of diagnostics allows for the early detection of diseases and conditions, enabling timely intervention and the initiation of combination drug therapies at the earliest stages of illnesses. However, the COVID-19 pandemic has also contributed to this rise, with the adoption of remote doctor's appointments, patient monitoring, and telehealth services. The increasing number of smartphone users, which has surpassed 3 billion today and is projected to exceed 4 billion by 2023, has further boosted the popularity of healthcare apps. Additionally, medical technology statistics indicate that 1 in 5 Americans currently utilize fitness trackers or smartwatches, a number expected to grow by 20% by 2025. These advancements in medical technology and drug development present opportunities for the creation of innovative combination drugs. However, establishing reimbursement policies for combination drugs that include diagnostic components can pose a challenge.
The Global Combination Drugs Diagnostic Market is segmented on the basis of Product Type, Application, and Region.
The market is divided into three categories based on product type: Ultrasound, Antimicrobial catheters, Cardiovascular catheters, urological catheters, Oximetry catheters, Bone graft substitutes, Porfimer sodium & steroid and Eluting electrodes. The market is currently dominated by antimicrobial catheters. However, companies that provide comprehensive solutions, including diagnostics, combination drug therapies, and antimicrobial catheters, may be able to tackle the intricate issues of infection prevention in healthcare and seize potential opportunities.
The market is divided into two categories based on application: Infectious Diseases, Cardiovascular Diseases, Psychiatric Disorders, and Respiratory Disorders. The market is largely influenced by Infectious Diseases. The amalgamation of drugs and diagnostics is proving to be a crucial factor in the realm of infectious diseases. This comprehensive approach facilitates more accurate and focused treatment plans, taking into account the unique features of pathogens and individual patient reactions.
Geographically, the market for Combination Drugs Diagnostics is spread across various regions including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further categorized based on the countries involved in business activities. The growth of the Combination Drugs Diagnostic market is expected to be dominated by North America, primarily due to the increasing investments in research and development (R&D) operations. North America, especially the United States, is recognized as a global center for pharmaceutical and biotechnology R&D. The substantial investments in R&D operations contribute to the development of innovative combination drugs that incorporate diagnostic components. According to the National Center for Science and Engineering Statistics (NCSES) within the National Science Foundation, the total expenditure on R&D activities in the United States reached USD 717.0 billion in 2020. Europe holds the second-largest market share, driven by the rising prevalence of chronic diseases such as cancer, heart disease, and diabetes.
The landscape of the market for combination drug diagnostics has been dynamic, with numerous companies contributing to the advancement and commercialization of diagnostic tools for guiding combination drug therapies. The manufacturers are actively involved in developing diagnostics that support combination drug therapies. A significant portion of the new generation of targeted therapies being introduced in clinical settings require patients to undergo essential tests that are necessary for the therapy's indication, known as companion diagnostics. Additionally, there are tests known as complementary diagnostics that support treatment decisions but are not essential prior to prescription. This shift in the way pharmaceutical companies develop new medicines has led to a significant increase in the number of drug-diagnostic combinations seeking regulatory approval. The growing trend towards personalized medicine, where treatment decisions are tailored to individual patient characteristics, is a major driving force in the combination drugs diagnostic market. Ongoing technological advancements, particularly in diagnostic technologies and imaging, play a crucial role in shaping the competitive landscape.
Roche's Columvi has been granted FDA approval as a third-line treatment for diffuse large B-cell lymphoma, a type of blood cancer. This new drug will now compete with AbbVie's Epkinly, which was recently approved for the same condition. The approval of Roche's new drug provides patients with another therapeutic option.