Drug Device Combination Products Market
Drug Device Combination Products Market Forecasts to 2030 - Global Analysis By Product (Infusion Pumps, Orthopedic Combination Products, Transdermal Patches, Photodynamic Therapy Devices, Drug Eluting Stents, Wound Care Products, Antimicrobial Catheters and Other Products), Application, End User and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $141.7 BN |
|
Projected Year Value (2030) |
US $292.4 BN |
|
CAGR (2023 - 2030) |
10.9% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Drug Device Combination Products Market is accounted for $141.7 billion in 2023 and is expected to reach $292.4 billion by 2030 growing at a CAGR of 10.9% during the forecast period. Drug-device combination products are medical devices that combine a device and active medicinal substances to form a "single entity" by chemical or physical means. Due to precise medication delivery, local administration, and customized treatment, these solutions contribute to the safer, more efficient management and treatment of a number of illnesses. Drug-eluting stents, infusion pumps, inhalers, transdermal delivery systems, prefilled syringes, and other popular drug-device combo products are instances.
According to the IDF 2021, approximately 537 million adults are living with diabetes, and the number of people adults living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045.
Market Dynamics:
Driver:
A rise in product launches
The market for drug-device combination products is expanding due to the increased prevalence of chronic diseases such as diabetes, cancer, chronic respiratory diseases, and cardiovascular diseases. For instance, Valencell, a top innovator in wearable biometric sensor technology, will be available in January 2023. Valencell specializes in accurate and dependable physiological monitoring for a variety of applications. In order to concentrate its efforts on bringing solutions to market to manage chronic conditions, Valencell has announced plans to develop its own branded product line in the digital health industry.
Restraint:
Manufacturing challenges
Drug device combination products might have complicated manufacturing procedures that require specific equipment and expertise. Complex assembly, quality control, and sterile packaging requirements are frequently required for the integration of pharmaceuticals and devices. However, it can be challenging to adhere to good manufacturing practices (GMP) and quality requirements, which can raise production costs and cause supply chain issues.
Opportunity:
Governmental initiatives
Various programs are being implemented by governments all over the world to address the growing burden of chronic diseases and advance patient safety. The global market for drug device combination products is expanding as a result of these activities, which are extremely important. For instance, the US FDA acknowledged the important influence of AI and ML in medicine development in September 2021. This year, there were over 100 medication and biologic submissions with AI/ML components. Various stages of drug development, such as drug discovery, clinical research, safety surveillance, and manufacturing, all make use of AI and ML.
Threat:
Regulatory obstacles
Drug device combination products must adhere to complicated regulatory standards. It can take a lot of time and money to obtain regulatory licenses and ensure compliance with different regulatory organizations, including the European Medicines Agency (EMA) and the U.S. Food and Drug Administration (FDA). However, manufacturers may have difficulties when it comes to product development, clinical studies, and market access due to strict restrictions and changing standards.
Covid-19 Impact:
The disease has expanded to over 100 nations since the COVID-19 viral epidemic in December 2019, and on January 30, 2020, the World Health Organization proclaimed it a public health emergency. However, the global market for medicine-device combination products has been significantly impacted by the COVID-19 epidemic. The market is shaped by rising demand for respiratory devices and innovations in drug-device combinations. However, issues with resource prioritization, manufacturing, and supply chain interruptions have emerged. The pandemic has stimulated industry innovation and cooperation, but the long-term effects are still being witnessed.
The transdermal patches segment is expected to be the largest during the forecast period
The segment for transdermal patches is anticipated to be the largest over the course of the projection period due to the rising demand for drug self-administration in conditions where diseases demand long-term therapy. For instance, a patient with diabetes requires frequent intravenous administration of insulin. Additionally, the need for alternative drug delivery methods is growing due to the pain and increased risk of infection associated with the frequent use of needles to deliver insulin.
The cancer treatment segment is expected to have the highest CAGR during the forecast period
Cancer Treatment segment is expected to have the highest CAGR during the forecast period. By integrating pharmacological substances and medical devices to enhance treatment outcomes, these products offer a distinctive method of cancer therapy. They make it possible to use implantable medication delivery devices, localized radiation therapy, and targeted drug delivery. Additionally, these medications offer synergistic effects and individualized treatment options by combining various therapeutic methods, including chemotherapy, immunotherapy, and targeted therapy.
Region with largest share:
Due to the region's vast population, rising frequency of chronic diseases like cancer, and rising healthcare costs, the Asia-Pacific region is anticipated to hold the largest share of the market during the projected period. Moreover, the regional market is growing as a result of increasing physician awareness of the benefits of these products, which include low dosage requirements, timed medication release, direct device-centered infection mitigation using anti-infective medication in combination, and reduced systemic exposure.
Region with highest CAGR:
Owing to the adoption of drug-device combination products along with the region's well-established healthcare infrastructure, North America is predicted to have profitable growth over the course of the projection period. Additionally, since many vaccines and other treatments are generated by these industries, there is likely to be a growth in demand for drug-device combination products as corporations invest additional funds in product research and development.
Key players in the market
Some of the key players in Drug Device Combination Products Market include Abbott Laboratories, Allergan plc, Boston Scientific Corporation, C.R. Bard, Medtronic Plc, Mylan N.V., Novartis AG, Stryker Corporation, Teleflex Incorporated, Terumo Corporation and W. L. Gore & Associates, Inc.
Key Developments:
In August 2022, Terumo Corporation launched G-Lasta Subcutaneous Injection 3.6 mg BodyPod”, a drug-device combination product co-developed with Kyowa Kirin Co., Ltd. The product received approval from Japan’s Ministry of Health, Labour, and Welfare (MHLW).
In June 2022, Novartis acquired Kedalion Therapeutics and its AcuStream technology that facilitate precise dosing and accurate delivery of certain topical ophthalmic medications to the eye. The acquisition enhances the Novartis ophthalmics portfolio, advancing efforts to investigate transformative ophthalmic methods to address unmet patient needs in front-of-eye conditions.
Products Covered:
• Infusion Pumps
• Orthopedic Combination Products
• Transdermal Patches
• Photodynamic Therapy Devices
• Drug Eluting Stents
• Wound Care Products
• Antimicrobial Catheters
• Other Products
Applications Covered:
• Diabetes
• Cancer Treatment
• Respiratory Problems
• Other Applications
End Users Covered:
• Home Care Settings
• Ambulatory Surgery Centers
• Hospitals & Clinics
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Drug Device Combination Products Market, By Product
5.1 Introduction
5.2 Infusion Pumps
5.2.1 Insulin
5.2.2 Implantable
5.2.3 Syringe
5.2.4 Ambulatory
5.3 Orthopedic Combination Products
5.3.1 Antibiotic Bone Cement
5.3.2 Bone Graft Implants
5.4 Transdermal Patches
5.5 Photodynamic Therapy Devices
5.6 Drug Eluting Stents
5.7 Wound Care Products
5.8 Antimicrobial Catheters
5.8.1 Cardiovascular
5.8.2 Urological
5.9 Other Products
6 Global Drug Device Combination Products Market, By Application
6.1 Introduction
6.2 Diabetes
6.3 Cancer Treatment
6.4 Respiratory Problems
6.5 Other Applications
7 Global Drug Device Combination Products Market, By End User
7.1 Introduction
7.2 Home Care Settings
7.3 Ambulatory Surgery Centers
7.4 Hospitals & Clinics
7.5 Other End Users
8 Global Drug Device Combination Products Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Abbott Laboratories
10.2 Allergan plc
10.3 Boston Scientific Corporation
10.4 C.R. Bard
10.5 Medtronic Plc
10.6 Mylan N.V.
10.7 Novartis AG
10.8 Stryker Corporation
10.9 Teleflex Incorporated
10.10 Terumo Corporation
10.11 W. L. Gore & Associates, Inc.
List of Tables
1 Global Drug Device Combination Products Market Outlook, By Region (2021-2030) ($MN)
2 Global Drug Device Combination Products Market Outlook, By Product (2021-2030) ($MN)
3 Global Drug Device Combination Products Market Outlook, By Infusion Pumps (2021-2030) ($MN)
4 Global Drug Device Combination Products Market Outlook, By Insulin (2021-2030) ($MN)
5 Global Drug Device Combination Products Market Outlook, By Implantable (2021-2030) ($MN)
6 Global Drug Device Combination Products Market Outlook, By Syringe (2021-2030) ($MN)
7 Global Drug Device Combination Products Market Outlook, By Ambulatory (2021-2030) ($MN)
8 Global Drug Device Combination Products Market Outlook, By Orthopedic Combination Products (2021-2030) ($MN)
9 Global Drug Device Combination Products Market Outlook, By Antibiotic Bone Cement (2021-2030) ($MN)
10 Global Drug Device Combination Products Market Outlook, By Bone Graft Implants (2021-2030) ($MN)
11 Global Drug Device Combination Products Market Outlook, By Transdermal Patches (2021-2030) ($MN)
12 Global Drug Device Combination Products Market Outlook, By Photodynamic Therapy Devices (2021-2030) ($MN)
13 Global Drug Device Combination Products Market Outlook, By Drug Eluting Stents (2021-2030) ($MN)
14 Global Drug Device Combination Products Market Outlook, By Wound Care Products (2021-2030) ($MN)
15 Global Drug Device Combination Products Market Outlook, By Antimicrobial Catheters (2021-2030) ($MN)
16 Global Drug Device Combination Products Market Outlook, By Cardiovascular (2021-2030) ($MN)
17 Global Drug Device Combination Products Market Outlook, By Urological (2021-2030) ($MN)
18 Global Drug Device Combination Products Market Outlook, By Other Products (2021-2030) ($MN)
19 Global Drug Device Combination Products Market Outlook, By Application (2021-2030) ($MN)
20 Global Drug Device Combination Products Market Outlook, By Diabetes (2021-2030) ($MN)
21 Global Drug Device Combination Products Market Outlook, By Cancer Treatment (2021-2030) ($MN)
22 Global Drug Device Combination Products Market Outlook, By Respiratory Problems (2021-2030) ($MN)
23 Global Drug Device Combination Products Market Outlook, By Other Applications (2021-2030) ($MN)
24 Global Drug Device Combination Products Market Outlook, By End User (2021-2030) ($MN)
25 Global Drug Device Combination Products Market Outlook, By Home Care Settings (2021-2030) ($MN)
26 Global Drug Device Combination Products Market Outlook, By Ambulatory Surgery Centers (2021-2030) ($MN)
27 Global Drug Device Combination Products Market Outlook, By Hospitals & Clinics (2021-2030) ($MN)
28 Global Drug Device Combination Products Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
List of Figures
Figure 1 Global Drug Device Combination Products Market Outlook (2021-2030) ($MN)
Figure 2 North America Drug Device Combination Products Market Outlook (2021-2030) ($MN)
Figure 3 US Drug Device Combination Products Market Outlook (2021-2030) ($MN)
Figure 4 Canada Drug Device Combination Products Market Outlook (2021-2030) ($MN)
Figure 5 Mexico Drug Device Combination Products Market Outlook (2021-2030) ($MN)
Figure 6 Europe Drug Device Combination Products Market Outlook (2021-2030) ($MN)
Figure 7 Germany Drug Device Combination Products Market Outlook (2021-2030) ($MN)
Figure 8 UK Drug Device Combination Products Market Outlook (2021-2030) ($MN)
Figure 9 Italy Drug Device Combination Products Market Outlook (2021-2030) ($MN)
Figure 10 France Drug Device Combination Products Market Outlook (2021-2030) ($MN)
Figure 11 Spain Drug Device Combination Products Market Outlook (2021-2030) ($MN)
Figure 12 Rest of Europe Drug Device Combination Products Market Outlook (2021-2030) ($MN)
Figure 13 Asia Pacific Drug Device Combination Products Market Outlook (2021-2030) ($MN)
Figure 14 Japan Drug Device Combination Products Market Outlook (2021-2030) ($MN)
Figure 15 China Drug Device Combination Products Market Outlook (2021-2030) ($MN)
Figure 16 India Drug Device Combination Products Market Outlook (2021-2030) ($MN)
Figure 17 Australia Drug Device Combination Products Market Outlook (2021-2030) ($MN)
Figure 18 New Zealand Drug Device Combination Products Market Outlook (2021-2030) ($MN)
Figure 19 South Korea Drug Device Combination Products Market Outlook (2021-2030) ($MN)
Figure 20 Rest of Asia Pacific Drug Device Combination Products Market Outlook (2021-2030) ($MN)
Figure 21 South America Drug Device Combination Products Market Outlook (2021-2030) ($MN)
Figure 22 Argentina Drug Device Combination Products Market Outlook (2021-2030) ($MN)
Figure 23 Brazil Drug Device Combination Products Market Outlook (2021-2030) ($MN)
Figure 24 Chile Drug Device Combination Products Market Outlook (2021-2030) ($MN)
Figure 25 Rest of South America Drug Device Combination Products Market Outlook (2021-2030) ($MN)
Figure 26 Middle East & Africa Drug Device Combination Products Market Outlook (2021-2030) ($MN)
Figure 27 Saudi Arabia Drug Device Combination Products Market Outlook (2021-2030) ($MN)
Figure 28 UAE Drug Device Combination Products Market Outlook (2021-2030) ($MN)
Figure 29 Qatar Drug Device Combination Products Market Outlook (2021-2030) ($MN)
Figure 30 South Africa Drug Device Combination Products Market Outlook (2021-2030) ($MN)
Figure 31 Rest of Middle East & Africa Drug Device Combination Products Market Outlook (2021-2030) ($MN)
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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