Drug Device Combination Products Market

Drug Device Combination Products Market Is Expected To Be Flourished By Increasing Adoption Of Targeted Therapies

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Drug device combination products are medical devices that are intended to deliver drugs, biological products and medical gases to patients. Some key drug device combination products include auto injectors, transdermal patches, drug eluting stents and metered dose inhalers. Auto injectors are prefilled single-dose disposable devices used for emergency treatment of allergic reactions and anaphylaxis. Transdermal patches provide continuous controlled drug delivery through the skin into systemic circulation. Drug eluting stents are coated with antiproliferative drugs to inhibit restenosis. Metered dose inhalers contain pressurized propellants that allow medication to reach deep into lungs to treat respiratory diseases like asthma and chronic obstructive pulmonary disease.

The global Drug Device Combination Products Market is estimated to be valued at US$ 173 billion in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The increasing adoption of targeted therapies is expected to drive the growth of the drug device combination products market. Targeted therapies are drugs or substances which block the growth and spread of cancer by interfering with specific molecules (“molecular targets”) that are involved in the growth, progression and spread of cancer. As targeted therapies aim to interfere with specific critical molecules involved in cancer growth and progression with minimal effects on normal cells, they are often better tolerated with fewer side effects compared to traditional non-targeted chemotherapies. Since targeted therapies often require sophisticated drug delivery devices like auto-injectors or metered dose inhalers for optimal delivery, their increasing adoption will boost the demand for drug device combination products.

Additionally, increasing prevalence of chronic diseases like cancer, diabetes and cardiovascular diseases will also augment the market growth. Factors such as rising geriatric population, growing awareness and improving diagnostic capabilities are contributing to the increased prevalence of chronic diseases globally. Since drug device combination products offer convenience of integration and ensure optimal drug delivery, their demand is expected to rise with growing chronic disease burden.

Segment Analysis

The global drug device combination products market is dominated by combination products for diabetes care which is estimated to account for around 45% of the overall market share in 2024. Due to the rising prevalence of diabetes worldwide, the demand for insulin pens, insulin injector pens and other combination products for effective diabetes management is very high. Combination products for cardiovascular diseases stand at the second position and are expected to witness steady growth during the forecast period.

Pest Analysis

Political: Government regulations regarding the approval and commercialization of drug device combination products vary across regions. Stringent regulations in some countries may impact the adoption of novel combination product launches.

Economic: Rise in healthcare expenditure, growth of the middle class population coupled with increasing accessibility of healthcare facilities is fueling the demand for drug device combination products in developing nations.

Social: Growing awareness among patients regarding the benefits of combination products for improved efficacy, patient compliance and convenience is a key factor driving the social aspect of the market’s growth.

Technological: Advanced features such as Bluetooth connectivity, automatic drug delivery mechanisms and self-administration functions integrated in modern drug device combinations are enhancing the user experience and bolstering their demand. Continuous R&D is expanding the application areas for combination products.

Key Takeaways

The Global Drug Device Combination Products Market Size is expected to witness high growth at a CAGR of 3.7% during the forecast period of 2024 to 2031. The global Drug Device Combination Products Market is estimated to be valued at US$ 173 billion in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period 2024-2031.

Regional analysis suggests North America holds the largest share currently due to presence of majority key players and availability of advanced products. Europe stands at second position while Asia Pacific region is anticipated to showcase fastest growth attributed to rising healthcare expenditure, increasing diabetes prevalence and growing medical technology adoption.

Key players operating in the drug device combination products market are Medtronic, Abbott, Smith & Nephew, Zimmer Biomet, Stryker Corporation, Boston Scientific Corporation. Key players such as Medtronic and Abbott collectively account for over 30% of the total market value due to their diverse product portfolios and strong geographical presence across major markets.

The drug device combination products industry is characterized by presence of global established players and mid-sized local players. Leading companies are focusing on new product launches, geographical expansions and mergers & acquisitions to strengthen their market position. Technology upgradations remain key strategies to sustain revenue growth.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it