by Drug device combination products are medical devices equipped with drugs that enable safer and more effective drug delivery and are increasingly being used to treat chronic conditions.
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.
These products integrate drug formulation technologies with device engineering to develop combinations such as drug-eluting stents, auto injectors, and inhalers. The rising prevalence of chronic diseases like diabetes and respiratory disorders is fueling the demand for such products that facilitate simplified drug administration. Additionally, the growing geriatric population who need assistance in medication is boosting the market.
Key Takeaways
Key players operating in the Global Drug Device Combination Products Market Size 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 rising prevalence of chronic diseases and increasing healthcare expenditure are expected to drive the demand for drug device combination products. Various governments and health organizations are promoting awareness about treatment compliance, which is further expected to augment the market growth.
Advancements in drug delivery technologies by incorporating miniaturized electronics, sensors, and wireless capabilities into medical devices have simplified drug administration and enabled real-time patient monitoring. Smart inhalers and injectors with such features have gained immense popularity.
Market Trends
Growing demand for home healthcare – The rising healthcare costs are prompting the shift from hospitals to home care setting, driving the demand for self-administrable drug device combinations.
Increasing demand for biologics – Biologics have revolutionized the treatment of various diseases. The approval and launch of affordable drug device combination products for biologics will boost the market.
Market Opportunities
Partnering with pharmaceutical companies – Collaboration with big pharmaceutical companies providing steady drug pipeline can ensure sustained business opportunities for drug device combination product developers.
Expanding into emerging markets – Emerging countries in Asia Pacific and Latin America offer lucrative prospects considering their growing patient population and healthcare investments.
Impact of COVID-19 on Drug Device Combination Products Market Growth
The onset of the COVID-19 pandemic significantly impacted the growth of the drug device combination products market. During the initial months of the outbreak, restrictions imposed by various governments globally led to disruptions in the supply chain and logistics. This caused a dip in the production and sales of drug device combination products. With hospitals shifting focus towards handling the rapid rise of COVID-19 cases, resources and funding were diverted from other therapeutic areas to pandemic management. This temporarily reduced the demand for drug device combination products.
However, with time, the market began witnessing signs of recovery. Companies adapted to the challenges through strategic measures like investments in enhancing supply chain flexibility and digitalization of processes. The demand also increased from sectors like diabetes and cancer care that rely on drug device combination products. Technological advancements further helped expand access through remote monitoring solutions. It is projected that post-pandemic, the focus on preventive healthcare will accelerate. This is likely to boost the utilization of drug device combination products for chronic diseases management over the long run.
North America region accounts for lion’s share of the value in the drug device combination products market. This is owing to higher diagnosis and treatment rates of chronic conditions like diabetes and cancer in countries like the United States. The region also has a large presence of leading manufacturers and established regulatory approvals system. On the other hand, Asia Pacific region is poised to witness fastest growth during the forecast period. Factors such as rising healthcare expenditure, growing elderly population and increasing focus on expanding health insurance coverage are fueling the demand across developing nations of China and India.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
