The Global Drug Device Combination Products Market Growth Accelerated By Increased Adoption Of Implantable Drug Delivery Systems

 

Drug Device Combination Products Market

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.


Get More Insights Here

https://ceocolumn.com/news/offshore-wind-energy-a-viable-source-of-renewable-power/

https://www.newswirestats.com/drug-device-combination-products-market-size-share-growth-outlook-2023/

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