The drug device combination products market involves medical products that combine drugs and medical devices to provide integrated therapeutic treatment. These products allow for targeted, controlled, and sustainable delivery of pharmaceutical drugs. Key applications include diabetes care devices like insulin patches and pulmonary drug delivery systems for asthma and COPD patients.
The global drug device combination products market is estimated to be valued at US$173 Bn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the major drivers fueling the growth of the drug device combination products market is the increasing prevalence of chronic diseases globally. As per statistics by the World Health Organization (WHO), chronic diseases accounted for approximately 60% of the 57 million total reported deaths in 2020. Drug device combination products are effective in the treatment of chronic diseases like diabetes, cardiovascular diseases, respiratory disorders, and cancer as they ensure sustained delivery of drugs at the targeted site in the body. Moreover, these products enhance patient compliance and convenience by reducing dosing frequency compared to oral medications. The growth of the market is further attributed to the growing geriatric population who are more susceptible to chronic health conditions. Rising healthcare expenditure in emerging nations also supports the increased adoption of advanced drug delivery technologies.
SWOT Analysis
Strength: Drug device combination products reduce treatment complexity for patients by delivering two therapeutic modalities together. They also help improve patient compliance as patients only have to deal with a single product. Moreover, these combination therapies provide optimized clinical outcomes by delivering drugs and devices in a coordinated manner.
Weakness: Development of combination products is an extremely complex process involving collaboration between drug and medical device manufacturers. Obtaining regulatory approvals for such products from the US Food and Drug Administration and other regulatory bodies is also challenging and time consuming. High research and development investments required to design novel combination products is another weakness.
Opportunity: There is immense scope for development of improved drug delivery devices such as injectable formulations, ocular implants, transdermal patches and inhalers. Many chronic diseases also represent opportunities for combination products that pair drugs and complementary delivery devices. The growing geriatric population suffering from multiple conditions further increases the market potential.
Threats: Intense competition from separate pharmaceutical and medical device companies marketing individual drug and device therapy options poses a threat. Shift towards personalized medicine and targeted drug delivery systems could reduce the need for generic combination products in future. Stringent regulatory norms amid safety and efficacy concerns also act as a hindrance.
Key Takeaways
The Global Drug Device Combination Products Market Size is expected to witness high growth over the forecast period. The global drug device combination products market is estimated to be valued at US$173 Bn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2024 to 2031.
North America currently dominates the market backed by availability of advanced healthcare infrastructure and presence of major players. However, Asia Pacific is expected to register fastest gains owing to rising healthcare spending, increasing prevalence of chronic diseases and improving access to healthcare.
Key players operating in the Drug Device Combination Products market are Abbott Laboratories, Allergan, Amgen, AstraZeneca, Bayer AG, Bristol-Myers Squibb, GlaxoSmithKline, Medtronic, Novartis, Pfizer, Respironics, Tandem Diabetes Care, and Zealand Pharma. These companies are engaged in new product launches and strategic collaborations to strengthen their market position. For instance, Tandem Diabetes Care partnered with Dexcom in 2021 to integrate Dexcom continuous glucose monitoring systems with Tandem's insulin pumps.
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The research report, titled “Drug Device Combination Products Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019,” presents an in-depth analysis of the global drug device combination products market based on various parameters such as market overview, market drivers, restraints, challenges and opportunities, product segmentation, and vendor analysis.Request Brochure –https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=1534Browse the full Drug Device Combination Products Market (Drug Eluting Stents, Infusion Pumps, Photosensitizers, Orthopedic Combination Products, Wound Care Combination Products, Inhalers, Transdermal Patches, Intraocular Implants and Drug Eluting Beads) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019 According to the research study, in 2012, the global drug device combination products market was worth US$66 bn and is anticipated to reach US$115 bn by the end of 2019, exhibiting a 7.9% CAGR between 2013 and 2019.
The report has also included inputs and recommendations from industry experts to help the existing as well as new players in designing their business strategies.Request COVID Analysis on Drug Device Combination Products Market – https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19_id=1534 The global market for drug device combination products is anticipated to grow substantially throughout the forecast period due to various factors such as government and NGO initiatives for encouraging drug delivery implants, increasing demand for minimally invasive surgeries, and rising number of interventional cardiologists.
Moreover, advanced technologies, such as implants with drugs, help in pain relief, lowering morbidity, and quicker healing.
Hence, these are anticipated to fuel the global drug device combination products market in the forecast period.
On the other hand, recall of products due to their severe side effects is one of the major factors that is projected to hamper the growth of this market in the next few years.According to type, the global market for drug device combination products is divided into transdermal patches, drug eluting stents, inhalers, orthopedic combination products, infusion pumps, photosensitizers, wound care combination products, and other products.
A detailed analysis of the different types of drug device combination products has been included in the report coupled with their individual market share and revenue for the forecast period from 2013 to 2019.Request Customization on Drug Device Combination Products Market Report – https://www.transparencymarketresearch.com/sample/sample.php?flag=CR_id=1534 Geographically, the global market for drug device combination products market has been segmented into North America, Europe, Asia Pacific, and Rest of the World.
