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About Drug / Device
Combination Products & ASEAN Markets
Many of today’s most innovative
medical devices are actually drug/device combination products that
generally include a medical device part and a drug part.
The growth of global drug device
combination products market is attributed to the growing incidence
of chronic diseases such as prostate cancer, cardiovascular
diseases, colorectal cancer, diabetic neuropathy; increasing
concerns related to obesity and diabetes; and growing geriatric
population.
As per a recent BCC Research Study,
the overall global market for Drug-Device Combinations is growing
at a compound annual growth rate (CAGR) of 7.1% from 2014 to 2019,
and thus sales are projected to reach $31 billion in 2019.
Western- type diseases have become
increasingly prevalent in Asia. Increased lifespans and growing
incomes have led many to adopt Western habits such as overeating,
consuming fast food, smoking, and engaging in little exercise
putting Asians at an increasingly higher risk for lifestyle
diseases. In particular, the growth rates of diabetes, orthopedic
problems, cardiovascular disease, and cancer are rising quickly.
Western device manufacturers already make products to diagnose and
treat these diseases. Hence, the ASEAN nations are attractive
markets for Western device firms.
Although ASEAN countries have
traditionally been known for low-end medical device product
manufacturing, such as simple catheters and drainage bags, this is
no longer the case. Some manufacturers in ASEAN countries are now
able to produce more sophisticated Class II and, in some cases,
Class III medical devices.
Besides selling their device
products in ASEAN countries, an increasing number of Western
medical device companies are also manufacturing or sourcing their
products there.
They are doing so for a variety of
reasons, including Asia’s low overhead costs, low labor costs, and
improving technical capabilities. While labor costs have increased
significantly in China, they remain low in some of the ASEAN
countries, including Vietnam.
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