The drug device combination products are used for administering drugs with the help of a device in a convenient manner. These combination products are widely used for delivering drugs at home conveniently rather than visiting hospitals repeatedly. They allow administration of accurate doses and monitoring treatment according to patient’s requirements. Common drug device combination products include wearable injectors, transdermal drug delivery systems, and inhalers. Wearable injectors are preferred for administering biologics, as they allow for controlled drug delivery through the skin in a non-invasive manner. Transdermal drug delivery systems such as patches are convenient for administering drugs through the skin continuously at predetermined rates for an extended period. Inhalers are generally used for respiratory diseases to deliver drugs directly to lungs.
The global drug device combination products market is estimated to be valued at US$ 150.23 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing preference for home healthcare owing to the convenience of administering drugs at home without visiting hospitals repeatedly is a key driver bolstering the growth of drug device combination products market. Self-administration of combination products allows accurate dosing and monitoring treatment as per the comfort of patients. Additionally, rising prevalence of chronic respiratory diseases such as asthma and COPD along with increasing geriatric population who are more prone to such ailments will further propel the demand for inhalers as drug device combination product in the coming years. However, stringent regulatory guidelines for approval of combination products may hamper the market growth during the forecast period.
Segment Analysis
The drug device combination products market size is dominated by the drug-device combination product sub-segment. Drug-device combination products are medical devices combined with prescription drugs to provide improved patient outcomes. As these products combine features of both medical devices and pharmaceuticals into a single product, they provide enhanced treatment efficacy and safety. For example, inhalers that deliver asthma medications directly to the lungs via a device are increasingly replacing traditional oral medications.
PEST Analysis
Political: Regulations around drug device combination products are complex as they involve oversight from both the medical device and pharmaceutical industries. Stringent approval policies aim to ensure safety and efficacy.
Economic: Rising healthcare costs are driving demand for combination products that can replace multiple treatment methods. Population aging and rising noncommunicable disease prevalence present growth opportunities.
Social: Growing health awareness and demand for convenient treatments are increasing popularity of combination products that integrate drug delivery via medical devices. Ease of use promotes medication adherence and management of chronic diseases.
Technological: Advancements in drug delivery technologies allow novel combination product formulations via routes such as transdermal patches, injectables, and inhalers. Miniaturization of devices also enables portable co-packaged therapies.
Key Takeaways
The global drug device combination products market is expected to witness high growth over the forecast period of 2023 to 2030 driven by rising chronic disease burdens. The global drug device combination products market is estimated to be valued at US$ 150.23 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
The North American region currently dominates the market owing to rapid adoption of novel combination products and presence of leading global manufacturers.
Key players operating in the drug device combination products market include IBM Corp., Figbytes Inc., Schneider Electric, Gensuite LLC, and SAP SE. IBM Corp. offers the TRIRIGA platform for integrated EHS and sustainability management. Figbytes Inc. provides a cloud-based platform for continuously monitoring and improving ESG performance.
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