by Market Overview:
Drug device combination products are medical devices that are used for the delivery of pharmacological agents or drugs. These products combine drugs/biological components with medical devices for their delivery or activation within the body. Some key examples include prefilled syringes, auto-injectors, infusion pumps, and inhalers which facilitate the delivery of large-molecule therapeutics. These products provide convenience to both patients and healthcare providers by integrating drug therapy into a single product. They ensure accurate dosing and compliance along with improving medication safety.
Market Dynamics:
Growing prevalence of chronic diseases along with the increasing demand for targeted drug delivery systems is expected to drive the growth of the drug device combination products market. According to the WHO estimates, chronic diseases are projected to account for almost three-quarters of all deaths worldwide. Conditions like cancer, diabetes, cardiovascular and respiratory diseases require long-term treatment and management. Combination products facilitate easy administration of drugs and self-administration, thereby improving adherence to therapy routines. In addition, technological advancements are enabling development of miniaturized and smart combination devices with integrated sensing and connectivity features. This is further augmenting the delivery of biologics through combination products. For instance, digital combination products integrated with mobile health technologies allow continuous monitoring of health parameters and medication usage. However, high development costs of combination products poses a challenge for manufacturers.
The global Drug Device Combination Products Market Trends is estimated to be valued at US$ 150.23 Bn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The global drug device combination products market is segmented into inhalers, injectables, infusers and others. The inhalers segment holds the largest market share owing to high demand for inhaler devices for respiratory diseases treatment including COPD and asthma. These conditions affect large patient pool globally driving significant demand for inhalers.
PEST Analysis
Political: Regulations favoring drug device combination products to improve treatment outcomes. The US FDA supports development of such products through accelerated approval.
Economic: Rising healthcare expenditure globally has increased investment in development of more efficacious treatment options including drug device combinations.
Social: Growing prevalence of chronic diseases coupled with rising geriatric population requiring long-term treatment support growth of this market.
Technological: Advancements in material sciences, connectivity technologies and miniaturization have enabled development of more user-friendly drug-device combination products.
Key Takeaways
The global drug device combination products market is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing prevalence of chronic respiratory diseases. The market size for 2023 is US$ 150.23 Bn.
Regional analysis: North America dominates the market owing to supportive regulatory environment and presence of key players. However, Asia Pacific is expected to exhibit fastest growth due to rising healthcare investment and large patient pool in China and India.
Key players operating in the drug device combination products market are AbbVie Inc., Terumo Corporation, GlaxoSmithKline PLC, Novartis AG, Medtronic PLC, Abbott Laboratories, Boston Scientific Corp., W L Gore and Associates Inc., Stryker Corporation, and Becton, Dickinson and Company. Key players are focused on developing more efficient drug delivery systems in partnerships with device giants.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
