Drug device combination products refer to medical products that combine both drug and medical device components into a single product to provide therapeutic treatment. These products integrate drugs with medical devices such as inhalers, injector pens, transdermal patches etc. for delivery of drugs in the body. Drug device combination products offer advantages such as improved effectiveness, enhanced patient compliance and safety. The growing burden of chronic diseases and rising demand for specialized delivery of drugs is fueling the demand for drug device combination products.
The Global Drug Device Combination Products Market is estimated to be valued at US$ 173.07 Mn in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Drug Device Combination Products are Evonik Industries AG (RAG-Stiftung), JSR Corporation, Kumho Petrochemical Co. Ltd., Kuraray Co. Ltd., Lanxess AG, Nippon Soda Co. Ltd., Reliance Industries Limited, Saudi Basic Industries Corporation (Aramco Chemicals Company), Synthomer PLC, Synthos (Ftf Galleon S.A.), UBE Corporation, Versalis (Eni S.p.A.).
The Global Drug Device Combination Products Market Size is driven by the growing disease burden of chronic diseases such as diabetes, cardiovascular diseases, respiratory diseases etc. Drug device combinations provide targeted, controlled and sustained drug delivery which enhances patient compliance especially for conditions requiring long term treatment such as diabetes, cancer etc.
Geographically, North America currently dominates the global drug device combination products market owing to high adoption of technologically advanced medical products and high healthcare expenditure in the region. However, Asia Pacific is expected to witness highest growth during the forecast period owing to rapidly developing healthcare infrastructure, rising healthcare expenditure and expanding patient pool in the region.
Market key trends
Personalized drug delivery through 3D printing of drug device combinations is a key trend in the market. 3D printing allows development of customized drug delivery devices according to specific patient needs such as dosage, size of dosage etc. This enhances effectiveness and safety of treatment. Furthermore, increasing demand for self-administrable drug delivery devices is another major trend being witnessed in the market. Convenient self-administration improves treatment compliance. Connected drug delivery devices that can track dosage intake and transmit data are gaining increased uptake.
Porter's Analysis
Threat of new entrants: Low barriers to entry due to availability of resources but established players have strong brand value and distribution network.
Bargaining power of buyers: Large pharmaceutical companies have significant bargaining power due to volume purchases but smaller companies have less bargaining power.
Bargaining power of suppliers: Few large suppliers and intellectual property rights provides some bargaining power to suppliers but potential for forward integration reduces their power.
Threat of new substitutes: Threat of new substitutes is low as devices and drugs work together but new technologies can provide substitute options.
Competitive rivalry: Intense competition among major players to gain market share and develop new drug delivery systems. Patent expirations increase competition.
Geographical Regions
North America region accounts for the largest share in the drug device combination products market in terms of value due to growing prevalence of chronic diseases, increasing demand for healthcare services and presence of major players in the region.
Asia Pacific region is expected to witness the fastest growth during the forecast period owing to rising healthcare expenditure, large patient population, increasing awareness about combination products and improving healthcare infrastructure in emerging economies like China and India.
The United States accounts for the major share in the drug device combination products market owing to the rising incidence of chronic diseases, growing geriatric population, strong reimbursement policies and technological advancements in the country.
China market is expected to grow at a high rate due to rising healthcare expenditure, increasing prevalence of lifestyle diseases, growing demand for healthcare services and large patient population.
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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.
