Drug Device Combination Products Market is Estimated to Witness...

Drug Device Combination Products Market is Estimated to Witness High Growth Owing to Technological Advancements

Posted 2024-08-05 12:22:31

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The drug device combination products market involves medicinal products that combine both a pharmaceutical dosage form and a medical device into a single integrated product. The drug device combination products provide various advantages such as convenient dosing, improved treatment compliance and synchronization of the drug with the delivery device. Some key drug device combination products include auto injectors, transdermal patches, metered-dose inhalers and pre-filled syringes. These products have revolutionized the delivery of drugs and healthcare management.

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 2031.

Key Takeaways

Key players operating in the drug device combination products 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 Drug Device Combination Products Market Trends and customized medication management. Technological advancements such as integration of sensors, connectivity and auto injectors are further driving the growth of the drug device combination products market.

Market drivers

The drug device combination products market is driven by the growing geriatric population and rising prevalence of chronic diseases such as diabetes and cancer. Elderly patients have difficulty handling medication administration on their own. Drug device combination products provide simplified dosage and delivery of medication in these patient groups. Rising demand for home healthcare is also fueling the growth of the drug device combination products market as these products are more convenient for self-administration of drugs outside clinical settings.

Current challenges in Drug Device Combination Products Market
The Drug Device Combination Products Market Size And Trends is witnessing several regulatory challenges. Regulatory bodies such as the FDA are imposing stringent norms for quality, safety and efficacy of combination products. Companies have to undergo thorough clinical trials and obtain approvals before launching new products. This increases development costs and timelines for companies. Also, defining the primary mode of action of combination products is a complex task. This causes delay in review process.

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