Drug-device Combination Products Market to Reap Excessive Revenues by 2028
Dec 02, 2022
Drug-device Combination Products Market: Introduction
According to the report, the global drug device combination products market was valued at US$ 120.0 Bn in 2020 and is projected to expand at a CAGR of 7.3% from 2021 to 2028. Drug-device combination products are defined as therapeutic products comprising an active pharmaceutical ingredient and a medical device that are physically and/or chemically combined to be produced as a single product.
Increase in incidence of chronic diseases such as diabetes, cancer, and respiratory problems; rise in casualties due to accidents & trauma, surge in the geriatric population, growth of the home-based healthcare market, and technological advancements such as the development of prefilled syringes boost the growth of the global drug-device combination products market.
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Rise in Prevalence of Chronic Diseases to Dominate Global Market
The increase in prevalence of chronic diseases and disorders such as cancer, cardiac conditions, multiple sclerosis, and diabetes is expected to fuel the growth of the global market over the next few years. According to the National Center for Biotechnology Information (NCBI), ischemic heart disease affected around 126 million people (1,655 per 100,000) in 2017, accounting for 1.72% of the global population.
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Transdermal Patches to be Highly Lucrative Segment
In terms of product, the global drug device combination products market has been classified into drug eluting stents, infusion pumps, photosensitizers, orthopedic combination products, wound care combination products, inhalers, transdermal patches, and others. Transdermal patches are the most popular products. This is due to increase in demand for self-administered drugs for diseases that require long-term treatment. Insulin, for instance, must be administered intravenously to diabetic patients on a regular basis. Repeated use of injections to deliver insulin causes pain and increases the risk of infection transmission. Hence, alternative drug delivery modes are expected to gain popularity.
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North America to Dominate Global Market
In terms of region, the global drug device combination products market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to be a highly lucrative market for drug-device combination products during the forecast period. Increase in presence of patented nanomedical products across the region is a major factor driving the market. North America dominated the global drug-device combination products market in terms of revenue in 2020, and the trend is expected to continue during the forecast period.
Asia Pacific is likely to be the most lucrative market for drug-device combination products during the forecast period due to increase in incidence of cardiovascular diseases, diabetes-related disorders, and obesity.
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The global drug device combination products market is fragmented in terms of number of players. Key players in the global market include Teva Pharmaceutical Industries Ltd., AbbVie, Inc., Abbott Laboratories, Medtronic plc, Kaleo, SINOMED, Alcon, Inc., Boston Scientific Corporation, Integer Holdings Corporation, Teleflex Incorporated, Bausch Health Companies, Inc., Haselmeier GmbH, and Flowonix Medical, Inc.
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