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Digg It - The American Residential Furniture Market - Forecast to 2015
The value of the furniture market in the United States amounted to an estimated $78.5 billion (2005) measured a
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
t retail prices. Of this, 38.0% is wooden case-goods (mainly bedroom furniture), 33.9% is upholstered furnitur
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
(mainly chesterfields and matching chairs), 17.1% is mattresses and foundations, and the remaining 11.0% is me
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
tal furniture (mainly outdoor furniture).
Measured at manufacturers’ prices domestic household furniture sales
Measured at manufacturers’ prices domestic household furniture sales
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
reached an estimated $30.7 billion in 2005 or about 47.5% of the total dollars spent by U.S. households on furn
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
iture. The $47.8 billion difference between the prices received at the retail level and the prices received at
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
the manufacturers’ level represents a combination of transportation costs, wages and other costs at the retail
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
level, the retailer’s profit margin, plus all sales taxes.
Over the last two decades household furniture purch
Over the last two decades household furniture purch
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ses increased significantly from $29.3 billion in 1985 to $78.5 billion in 2005, or 168%. In other words, sales
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
increased at an average annual pace of approximately 5.5% over this period. However, growth has been much slow
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
r recently, and in 2005 growth of household furniture sales was only 3.9% (nominal terms).
Some of the growth
Some of the growth
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
uring the past 20 years was due to rising prices. If expressed in constant 2000-dollar terms, the increase betw
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
een 1985 and 2005 was 146%, that is from $ 34.0 billion to $ 83.9 billion.
The number of households in the Uni
The number of households in the Uni
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
ed States will grow by about 12.5% over the next decade (that is about 1.2% per year). This pace is a bit faste
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
r than the 8.0% pace for the total population. We expect real disposable income per household will also increa
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
e by about 42.6% (or slightly more than 3.5% per year) over that period. Thus total real disposable income wil
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
l grow by about 55.1% between 2005 and 2015.
Based on these assumptions, We expect furniture spending growth t
Based on these assumptions, We expect furniture spending growth t
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
continue throughout the projection horizon, accelerating from an annual real rate of 4.1% this year to 5.5% ne
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
xt year, Thereafter, it will gradually slow down to a rate of about 4.0% in 2015. Thus, real household furnitu
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
e spending - in constant 2005 dollars - will grow by 55.1% from $78.5 billion in 2005 to $121.7 billion in 2015
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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