by Market Overview:
Drug device combination products are medical devices that incorporate both drug and device components. They provide advantages like easier drug administration through injectable or implantable routes and controlled drug delivery. These products help in improving patient compliance and treatment effectiveness.
Market key trends:
One of the key trends in the drug device combination products market is the rising demand for these products for treatment of chronic diseases. Chronic diseases like diabetes, cardiovascular diseases and cancer require long term treatment with both pharmaceutical and device components together for effective management. Most combination products integrate drug delivery with medical devices to facilitate controlled and targeted delivery. This translates to better management of chronic conditions thereby driving the demand in the market.
The global Drug Device Combination Products Market Trends is estimated to be valued at US$ 150.23 Bn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: The drug device combination products provide added benefits of drug and medical device integration such as enhanced targeted drug delivery and reduced overall medical cost.
Weakness: High development cost associated with drug device combination products. R&D requires collaborations between pharmaceutical and medical device companies.
Opportunity: Growing aging population and increasing prevalence of chronic diseases like diabetes, cancer etc drives the demand for drug device combination products.
Threats: Stringent regulatory approval process and the presence of alternative drug delivery methods pose significant threats.
Key Takeaways
The global Drug Device Combination Products Market is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing prevalence of chronic diseases. Drug device combination products facilitate targeted drug delivery and improve treatment outcomes.
Regional analysis
North America dominates the global drug device combination products market due to growing elderly population and higher adoption of advanced medical technologies. Asia Pacific exhibits fastest growth owing to rising healthcare expenditure, increasing disease awareness and expanding medical infrastructure in emerging countries of the region.
Key players operating in the drug device combination products market are AbbVie Inc., Terumo Corporation, GlaxoSmithKline PLC, Novartis AG, Medtronic PLC, Abbott Laboratories, Boston Scientific Corp., W L Gore and Associates Inc., Stryker Corporation, and Becton, Dickinson and Company.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
