The Drug Device Combination Products Market Is Estimated To Witness...

The Drug Device Combination Products Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Chronic Diseases

Posted 2023-12-05 11:55:58

Market Dynamics:
The growth of the drug device combination products market is majorly driven by the rising prevalence of chronic diseases such as diabetes, cardiovascular diseases, and cancer. According to the World Health Organization (WHO), chronic diseases accounted for approximately 60% of all deaths globally in 2016. Furthermore, technological advancements in the field of drug delivery systems are allowing for more efficient and targeted drug delivery, thus facilitating the treatment of complex diseases. For instance, implantable drug infusion pumps offer continuous drug delivery for the management of chronic pain and other conditions. In addition, growing demand for self-administered drug delivery devices is also expected to contribute to the market growth over the forecast period.

SWOT Analysis

Strength: Drug Device Combination Products has three main advantages - reduces dosing errors, improves patient compliance and convenience. Combining drug and device into one product ensures accurate dosing and correct administration of medication. This improves treatment effectiveness.

Weakness: High production cost is a major challenge. Developing combination products require expertise in both pharmaceutical and medical devices which increases R&D expenditure. Regulatory compliance for these combination products are complex involving approval from multiple regulatory bodies.

Opportunity: Growing geriatric population suffering from chronic diseases presents a massive market opportunity. According to WHO, chronic diseases treatment will cost $47 trillion in coming decades. This growing patient pool needs innovative drug delivery options for better management of their conditions.

Threats: Stringent regulatory norms can delay product approval and market entry. Emergence of alternative drug delivery technologies like gene therapy, can displace existing combination product demand over long run.

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. Growing geriatric population, rising healthcare expenditure, and demand for user-friendly drug delivery are the major drivers behind the growth of this market.

Regional analysis
North America currently dominates the global market and is expected to continue its dominance during the forecast period. This is attributed to growing burden of chronic diseases, presence of major players, and availability of advanced healthcare infrastructure. Asia Pacific is anticipated to exhibit fastest growth during 2023-2030 due to rapidly growing population, improving healthcare system, and rising affordability in the region.

Key players
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. These players are focusing on new product launches, partnerships, and regional expansion to strengthen their market position.