The global drug device combination product market was valued at US$ 108,400.0 Mn in 2021 and is forecast to reach a value of US$ 171,127.4 Mn by 2028 at a CAGR of 6.7% between 2022 and 2028. The global drug device combination product market is experiencing strong growth owing to the increase in burden of chronic disorders around the world and favorable government policies or initiatives to ensure patient safety. Moreover, the outbreak of COVID-19 (pandemic) and growing geriatric population across the world is expected to boost growth of the market. However, factors such as product recalls and associated complications and stringent government regulations/policies are expected to hamper growth of the market.
Global Drug Device Combination Product Market: Regional Insights
Based on geography, the global drug device combination product market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Among regions, North America is expected to gain highest share in the market during the forecast period due to the increasing incidence/prevalence of chronic diseases (such as diabetes and cancer) and rising demand for novel drug delivery devices/systems in the region. For instance, combination products are therapeutic and diagnostic products that combine drugs, biological products, devices, and more. According to the American Cancer Society (ACS), in 2022, there will be an estimated 1.9 million new cancer cases diagnosed and 609,360 cancer deaths in the United States. Cancer is one of the leading cause of death in the United States.
Europe and Asia Pacific are also expected to witness significant growth in the global drug device combination product market owing to the increase in demand for novel drug delivery devices and rise in burden of various chronic disorders in these regions. For instance, with the rise in burden of chronic disorders worldwide, the demand for safe and effective drugs is also increasing rapidly. Chronic diseases are the leading cause of mortality and morbidity in Europe. Breast, prostate, lung, and colorectal cancer represent over half of all cancer diagnoses in Europe. The European Cancer Organisation aims to reduce the burden of cancer, improve outcomes, and the quality of care. This in turn is expected to aid in the growth of the market.
Figure 1. Global Drug Device Combination Product Market Share (%), by Region, 2021
Global Drug Device Combination Product Market Drivers:
Increase in burden of chronic disorders around the world is expected to augment the growth of the global drug device combination product market over the forecast period. For instance, the burden of various chronic disorders is continuously increasing worldwide, thus, increasing the demand for safe and effective therapeutic dosage form to treat such conditions. According to the World Health Organization (WHO), cardiovascular diseases account for most NCD (non-communicable disease) deaths, around 17.9 million people annually, followed by cancers (9.3 million), chronic respiratory diseases (4.1 million), and diabetes (2.0 million).
Favorable government policies/initiatives to ensure patient safety is expected to boost growth of the global drug device combination product market during the forecast period. For instance, many government health organizations are focusing on launching novel measures to ensure high patient safety. To address the challenges associated with drug-device combination products and facilitate proper and consistent regulation, the U.S. Food and Drug Administration (USFDA) has established the Office of Combination Products (OCP). OCP assigns combination products to FDA's medical product centres to ensure their safety and quality.
Global Drug Device Combination Product Market Opportunities:
Outbreak of COVID-19 (global pandemic) is expected to provide significant growth opportunities for players in the global drug device combination product market. The use of certain combination products increased during the different waves of COVID-19. For instance, in November 2020, the U.S. FDA issued an emergency use authorization for baricitinib in combination with remdesivir in both hospitalized adults and pediatric patients two years of age and older who require supplemental oxygen, invasive mechanical ventilation, or extracorporeal membrane oxygenation for suspected or laboratory-confirmed COVID-19 (ECMO).
Growing geriatric population across the world is expected to offer lucrative growth opportunities for players in the global drug device combination product market. For instance, elderly population is prone to various chronic diseases than the younger population, which requires safe and effective treatment options for better health outcomes. According to the WHO, by 2030, 1 in 6 people in the world will be aged 60 years or over, and by 2050, the world’s population of people aged 60 years and older will double (2.1 billion). Therefore, with the growing geriatric population, the demand for safe and effective drugs is also increasing rapidly.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2021 | Market Size in 2021: | US$ 108,400.0 Mn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2022 to 2028 |
| Forecast Period 2022 to 2028 CAGR: | 6.7% | 2028 Value Projection: | US$ 171,127.4 Mn |
| Geographies covered: |
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| Companies covered: |
AbbVie Inc. (Allergan), Terumo Corporation, GlaxoSmithKline PLC, Novartis AG, Medtronic PLC, Abbott Laboratories, Boston Scientific Corp., W L Gore and Associates Inc., Stryker Corporation, and Becton, Dickinson and Company, among others. |
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| Restraints & Challenges: |
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Global Drug Device Combination Product Market Trends:
In the quest to deliver therapeutic agents with minimal side effects and improved efficacy, the drug device combination products have undergone a paradigm shift in the both pharmaceutical and bio-pharmaceutical industries. The development of safe and effective therapeutic dosage form (drugs) is continuously increasing across the globe, and this trend is expected to continue over the forecast period, driving the growth of the market.
Moreover, to address challenges associated with drug device combination products and to improve health outcomes, many government health organizations are focusing on launching novel measures to ensure safety and quality of drug device combination products and to ensure high patient safety. This trend is also expected to continue during the forecast period, driving the growth of the global drug device combination product market.
Global Drug Device Combination Product Market Restraints:
Product recalls and associated complications are expected to hamper the growth of the global drug device combination product market. For instance, several drug device combination products have caused significant harm and adverse events have led to product recalls in recent years. In August 2020, CME America recalled BodyGuard Infusion Pump System, which delivers fluids and drugs in controlled amounts, due to reasons of under-infusion and over-infusion of the medication.
Stringent government regulations/policies are expected to hinder growth of the global drug device combination product market. For instance, concerns related to safety and efficacy of drug device combination products have led several governments worldwide to develop regulatory agencies to oversee development and marketing of these products.
Figure 2. Global Drug Device Combination Product Market Share (%), by Product Type, 2021
Global Drug Device Combination Product Market Segmentation:
The drug device combination product market report is segmented into Products, Application, End-Users, and Geography.
Based on Product Type, the market is segmented into Drug Eluting Stents, Transdermal Patches, Infusion Pumps, Drug Eluting Balloon, Inhalers, and Other Products. Out of which, Inhalers is expected to dominate the drug device combination product market during the forecast period and this is attributed to the increase in burden of cardiovascular diseases.
Transdermal Patches Segment is also expected to witness significant growth in the near future and this is owing to the increase in prevalence of diabetes worldwide.
Based on Application, the market is segmented into Cardiovascular, Diabetes, Cancer Treatment, Respiratory Diseases, and Other Applications. Of which, Cardiovascular Segment is expected to dominate the market over the forecast period and this is attributed to the increase in demand for drug device combination products to treat cardiovascular diseases.
Cancer Treatment Segment is also expected to witness significant growth in the near future and this is owing to the increase in prevalence of cancer worldwide.
Based on End User, the market is segmented into Hospitals, Ambulatory Surgical Centers, and Other End-users. Out of which, Hospitals Segment is expected to dominate the market over the forecast period and this is attributed to the increase in use of drug device combination products. The use of certain combination products increased during the different waves of COVID-19.
Ambulatory Surgical Centers Segment is also expected to witness significant growth in the near future and this is owing to the increase in number of surgical procedures.
Global Drug Device Combination Product Market: Key Developments
In February 2021, Tidepool announced completion of its FDA (the Food and Drug Administration) submission of Tidepool Loop, an automated insulin dosing app intended for the management of type 1 diabetes.
In July 2020, MedAlliance announced the enrolment of the first patient in the study of Selution SLR 0.014 drug-eluting balloon (DEB) for the treatment of in-stent restenosis (ISR). The Selution SLR provides a controlled sustained release of drug, similar to a drug-eluting stent (DES).
In November 2020, Boston Scientific received the Food and Drug Administration (FDA) approval for ranger Drug-Coated Balloon, which was developed for the treatment of patients with peripheral artery disease in the superficial femoral artery and proximal popliteal artery.
Global Drug Device Combination Product Market: Key Companies Insights
The global drug device combination product market is highly competitive. This is attributed to the rise in demand for drug device combination products, as a result, players in the market are focusing on launching novel products in the market.
Some of the key players in the global drug device combination product market are AbbVie Inc. (Allergan), Terumo Corporation, GlaxoSmithKline PLC, Novartis AG, Medtronic PLC, Abbott Laboratories, Boston Scientific Corp., W L Gore and Associates Inc., Stryker Corporation, and Becton, Dickinson and Company, among others.
*Definition: a combination product is a product composed of any combination of a drug, a device, and a biological product. With the rise in burden of chronic disorders worldwide, the demand for safe and effective drugs is also increasing rapidly.
Combination products are therapeutic and diagnostic products that combine drugs, devices and/or biological products, leading to safer and more effective treatments. Combination products include at least two products, one, of medical device and other of drugs that work in coordination to treat. Thus, there is an increase in demand for drug device combination products.
Market Dynamics:
Rise in burden of chronic disorders, growing geriatric population, favorable government policies or initiatives to ensure patient safety, the outbreak of COVID-19 (pandemic), and the introduction of novel products by market players are major factors expected to drive growth of the global drug device combination product market over the forecast period.
For instance, according to the Centers for Disease Control and Prevention (CDC), 6 in 10 people in the United States live with at least one chronic disease, such as heart disease and stroke, cancer, or diabetes. These and other chronic diseases are the leading causes of death and disability in the U.S., and they are also a leading driver of health care costs.
Moreover, in October 2020, Medtronic received the U.S. Food and Drug Administration (FDA) approval for the Abre Venous Self-Expanding Stent System. The system is indicated for use in the iliofemoral veins in patients with symptomatic iliofemoral venous outflow obstruction.
Key features of the study:
Detailed Segmentation:
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