Drug Device Combination Products Market to Witness High Growth...

Drug Device Combination Products Market to Witness High Growth Owing to Increasing Usage in Chronic Diseases Treatment

Posted 2024-01-03 07:10:21

Drug device combination products refer to medical devices combined with drugs or biological products for the treatment, prevention, diagnosis or cure of diseases and conditions. Such products are manufactured to deliver biologics, drugs or other substances either systemically or locally in the body. For instance, inhalers deliver medicines directly to lungs for respiratory diseases, transdermal patches release drugs through the skin for local or systemic effects and prefilled syringes or auto-injectors are used for subcutaneous or intramuscular injection of drugs. The global drug device combination products market is witnessing strong growth attributed to rising demand for such products in chronic disease management and self-administration of medications.

The global drug device combination products market is estimated to be valued at US$ 150.23 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One of the key drivers of the market growth is the increasing incidence of chronic diseases such as diabetes, cardiovascular diseases, and cancer which require long term medication usage. As per estimates, chronic diseases account for 60% of all deaths globally. Drug device combination products help in improving patient adherence to treatment regimens through self-administration and targeted drug delivery, thereby driving their demand. Additionally, advancements in drug delivery technologies have enabled development of novel combination products with enhanced efficacy and safety. This is expected to further fuel the revenue generation in the drug device combination products industry over the forecast period.

SWOT Analysis

Strength: Drug device combination products have grown rapidly in recent years due to their ability to increase medication compliance and improve patient outcomes. Their multi-faceted nature allows for targeted drug delivery and minimizes side effects. Manufacturers have also consolidated supply chains to lower costs.

Weakness: Regulatory approvals for combination products are complex since they fall under the jurisdiction of both the FDA and CMS. Extensive clinical trials are required to prove therapeutic efficacy and ensure device safety which raises development costs substantially.

Opportunity: An aging global population and rising prevalence of chronic diseases will drive the need for more customized treatment options. Adoption of combination products in developing countries also offers vast commercial opportunities. Furthermore, the Internet of Things enables remote monitoring of patients using combination therapies.

Threats: Reimbursement policies often do not adequately cover the costs of expensive combination therapies. This acts as a deterrent for widespread adoption. Stricter regulatory standards also threaten to delay market entry of novel products. Intense competition from alternate treatment modalities further challenges growth.

Key Takeaways

The global drug device combination products market size is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising disease burdens and demand for personalized care. The global drug device combination products market is estimated to be valued at US$ 150.23 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.

Regional analysis: North America accounts for approximately 40% market share currently led by the US. However Asia Pacific region is anticipated to expand at the fastest CAGR of 13.5% through 2030 driven by increasing healthcare expenditures, rising disposable incomes and growing geriatric population in China and India.

Key players: Key players operating in the drug device combination products market are IBM Corp. (TRIRIGA), Figbytes Inc., Schneider Electric, Gensuite LLC, SAP SE, Envizi, ICONICS, Inc., Ecova, Inc. Urjanet, Verisae, Inc., Thinkstep, UL EHS Sustainability, Enablon, Sphera, CA Technologies, and Accuvio. These companies leverage digital platforms for remote compliance monitoring, risk analysis, and sustainability reporting across global supply chains in the drug device combination products industry.

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