A prominent research firm, Cognizance Market Research added a cutting-edge industry report on the “Global Drug-Device Combination Products Market.” The report studies the current as well as past growth trends and opportunities for the market to gain valuable insights during the forecast period from 2022 to 2030.
Global Drug-Device Combination Products Market Analysis
According to cognizance market research, the Global Drug-Device Combination Products Market was valued at US$ 123.9 billion in 2022 and is anticipated to reach US$ 190.1 billion by the end of 2030 with a CAGR of 5.5% from 2023 to 2030.
What is the Global Drug-Device Combination Products Market?
Drug delivery systems play a crucial role in various medical treatments. Among them, drug-device combination products consist of pharmaceutical substances combined with medical devices designed to efficiently deliver the drug to the specific location within the patient’s body. Examples of these products include prefilled medication delivery systems like metered dose inhalers, insulin injector pens, and syringes, as well as surgical trays containing drapes and anesthetic swabs. Additionally, you’ll find innovative combinations like monoclonal antibodies paired with therapeutic drugs, pacing leads featuring steroid-coated tips, catheters with antimicrobial coatings, and first-aid kits stocked with bandages and gauze.
In accordance with Article 117 of the Medical Equipment Regulation, manufacturers are obligated to obtain a Notified Body Opinion (NBOP) before releasing drug-device combination products as integral devices, marketing them as “medicinal products.” The Notified Body carefully assesses compliance with the relevant General Performance and Safety Standards (GSPR) and provides the manufacturer with an NBOP Report to be included in the Marketing Authorization Application (MAA).
As the prevalence of chronic diseases continues to rise, and technology continually advances, the market for drug-device combinations is expanding. Nevertheless, this growth may face challenges and limitations due to regulatory constraints. While collaborations among major market players offer opportunities for innovation, the stringent regulatory environment poses a potential barrier to the global expansion of the drug-device combination market.
Global Drug-Device Combination Products Market Outlook
The increasing prevalence of chronic illnesses and the desire for innovative approaches to disease treatment are key factors driving the adoption of medical device combination products worldwide. These products offer numerous benefits for patients suffering from conditions such as spinal cord injuries, diabetes, rheumatoid arthritis, hepatitis, multiple sclerosis, heart disease, cancer, cerebral palsy, and anemia. Some of these benefits include reduced side effects, regulated medication delivery, improved patient compliance, and focused drug delivery.
Inhalers, autoinjectors, pre-filled pens, pre-filled nebulizers, pre-filled syringes, and transdermal patches are among the products that have seen increased usage due to their associated advantages, such as decreased pain levels, shorter hospital stays, improved patient outcomes, and overall healthcare cost-effectiveness. Additional benefits include improved tolerance levels, simpler dosage regimens, and enhanced symptomatic and pharmacokinetic profiles. Additionally, these products have synergistic effects that allow for multi-target treatment, which should drive market growth.
Industry participants are also combining technology to monitor and track medicinal device combination products, as well as launching high-end products that use sophisticated active ingredients, formulations, delivery methods, and dosage forms like liposomes and transdermal & peptides. They are also focusing on developing new classes of biologics and next-generation products with high viscosity to help patients better adhere to their therapy. As a result, demand for these products is expected to increase.
Furthermore, expanding healthcare infrastructure and improvements in drug delivery technologies are expected to support market expansion. However, strict regulatory guidelines, product recalls, and issues related to certain drug-device combinations may hamper industry growth.
The market for drug-device combinations worldwide is categorized by product types including auto-injectors, microneedle patches, digital pills, smart inhalers, drug delivery hydrogels, and other similar items. The leading product in this market is expected to be the auto-injector in 2022 due to the increase in demand for medical devices to treat patients worldwide.
The global market for drug-device combinations is further divided into various applications such as orthopedic disorders, respiratory diseases, diabetes, cancer, cardiovascular diseases, and other illnesses. The orthopedic segment is predicted to dominate the worldwide drug-device combination market in 2022 as there is a growing elderly population and an increasing requirement for orthopedic medical equipment to treat patients with bone ailments worldwide.
The market for drug-device combinations is segmented by end-users, including hospitals, home care settings, clinics, ambulatory care centers, and others. In 2022, clinics are expected to rule the global market for drug-device combinations as they have access to specialist doctors in developing nations who can diagnose illnesses and recommend effective, prolonged treatments.
Based on geography Drug-Device combination products market has been segmented into five main regions namely North America, Asia Pacific, Europe, South America, and the Middle East & Africa.
North America is predicted to have a significant market share due to the adoption of drug-device combinations and the strong healthcare infrastructure in the area. This is because well-known companies conduct considerable new product development operations in the region. The clinical urgency to use these products to treat chronic diseases is one of the main potential growth factors. This urgency is expected to contribute to the expansion of the North American market.
The United States is expected to account for a large portion of the global market for drug-device combination products due to the rising geriatric population. For example, Breyna, the first approved generic counterpart of AstraZeneca’s Symbicort, was granted FDA clearance in March 2022 after Viatris Inc. submitted its Abbreviated New Drug Application (ANDA). Breyna, a drug-device combination treatment recommended for individuals with asthma or chronic obstructive pulmonary disease (COPD), is expected to fuel market expansion in the US because of the increased use of such devices for controlled medication delivery.
The Asia-Pacific region is expected to grow at a profitable pace over the forecast period. This growth is linked to rising healthcare costs and increasing physician awareness of the benefits of drug-device combination products, including low dosage requirements, timed medication release, direct device-centered infection mitigation using anti-infective medicine in combined effect, and lower systemic exposure. The two primary market drivers are high R&D expenditures by key competitors in the global market and an increase in the commercialization of these systems.
The report offers the revenue of the global drug-device combination products market for the period 2020-2030, considering 2020 & 2021 as historical years, 2022 as the base year, and 2023 to 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global drug-device combination products market for the forecast period. The global drug-device combination products market report provides insights and in-depth analysis into developments impacting enterprises and businesses on a regional and global level. The report covers the global drug-device combination products market performance in terms of revenue contribution from several segments and comprises a detailed analysis of key drivers, trends, restraints, and opportunities prompting revenue growth of the global drug-device combination products market.
The report has been prepared after wide-ranging secondary and primary research. Secondary research included internet sources, numerical data from government organizations, trade associations, and websites. Analysts have also employed an amalgamation of bottom-up and top-down approaches to study numerous phenomena in the global drug-device combination products market. Secondary research involved a detailed analysis of significant players’ product portfolios. Literature reviews, press releases, annual reports, white papers, and relevant documents have also been studied to understand the global drug-device combination products market. Primary research involved a great extent of research efforts, wherein experts carried out interviews telephonic as well as questioner-based with industry experts and opinion-makers.
The report includes an executive summary, along with a growth pattern of different segments included in the scope of the study. The Y-o-Y analysis with elaborate market insights has been provided in the report to comprehend the Y-o-Y trends in the global drug-device combination products market. Additionally, the report focuses on altering competitive dynamics in the global market. These indices serve as valued tools for present market players as well as for companies interested in participating in the global drug-device combination products market. The subsequent section of the Drug-Device Combination Products reports highlights the USPs, which include key industry events (product launch, research partnership, acquisition, etc.), technology advancements, pipeline analysis, prevalence data, and regulatory scenarios.
Global Drug-Device Combination Products Market Competitive Landscape
The “global drug-device combination products market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as,
The report explores the competitive scenario of the global drug-device combination products market. Major players operating in the global drug-device combination products market have been identified and profiled for unique commercial attributes. Company overview (company description, product portfolio, geographic presence, employee strength, Key management, etc.), financials, SWOT analysis, recent developments, and key strategies are some of the features of companies profiled in the Global Drug-Device Combination Products Market report.
Global Drug-Device Combination Products Market, By Products
Global Drug-Device Combination Products Market, By Application
Global Drug-Device Combination Products Market, By End-User
Global Drug-Device Combination Products Market, by Region
Medtronic, Zimmer Biomet, Amgen Inc., Mediprint, Propeller Health, Ypsomed, CosMED Pharmaceutical Co. Ltd
Trend: Increased public awareness and disease diagnosis. Drivers: technological advancement in the healthcare & device segment. Opportunities: Collaboration & partnership by major market players, Challenges: Competition from local & domestic brands, strict regulatory framework & complications associated with drug-device combination.
Investment in research & development activities, new market initiatives & joint ventures, etc.
Drug-Device Combination Products Market
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