Global Drug Device Combination Products Market, By Products (Drug Eluting Stents, Transdermal Patches, Infusion Pumps, Drug Eluting Balloon, Inhalers, and Other Products), By Application (Cardiovascular, Diabetes, Cancer Treatment, Respiratory Diseases, and Other Applications), By End User (Hospitals, Ambulatory Surgical Centre’s, and Other End User), and By Region (North America, Latin America, Europe, Asia-Pacific, Middle East and Africa) is estimated to be valued at US$ 150.23 billion in 2023 and is expected to exhibit a CAGR of 7.6% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The global Drug Device Combination Products Market involves the development and commercialization of medical products that combine drugs and devices for targeted treatment. These products deliver drugs directly to specific sites within the body, resulting in improved therapeutic outcomes. With a focus on personalized medicine and convenience, they offer advantages like optimized drug delivery and reduced side effects. However, this market is highly regulated, requiring manufacturers to navigate complex regulatory pathways. Despite the challenges, the market presents promising opportunities for pharmaceutical and medical device companies to meet the evolving healthcare needs of patients worldwide.
Global Drug Device Combination Products Market - impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly, and had a serious negative impact on the economies, social behaviours, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems regarding transportation of drugs from one place to another.
The impact of COVID-19 on the global Drug Device Combination Products Market has been mixed. While the pandemic has increased the demand for certain products used in COVID-19 treatment and remote patient monitoring, it has also caused disruptions in the global supply chain and regulatory processes. The diversion of healthcare resources towards managing the pandemic has affected the adoption and utilization of products for non-COVID-19 conditions. The long-term impact will depend on factors such as the duration of the pandemic and the ability of manufacturers to adapt to the changing landscape. For instance, on 6 Jan 2023, Article by Sean Harapko, EY Americas Supply Chain Transformation and Global Supply Chain RPA leader, The COVID-19 pandemic has significantly impacted global supply chains, revealing vulnerabilities and driving the need for increased resilience. A survey by EY US found that enterprises are planning to make their supply chains more collaborative, sustainable, and technologically advanced. The pandemic accelerated the adoption of digital technologies and automation, with a focus on improving visibility and agility.
Global Drug Device Combination Products Market: Key Developments
For instance, in August 2020, Vaxess Technologies Inc. has gained recognition for its innovative platforms like MIMIX as a result of its contract with the Biomedical Advanced Research and Development Authority (BARDA) to evaluate alternative vaccination technologies. This recognition not only positions Vaxess Technologies as a key player in the industry but also enhances their ability to respond effectively to future pandemics. Consequently, this development is expected to provide a significant boost to the market for drug device combination products.
On 30th January 2023, Kelso Pharma is a pharmaceutical company specializing in the development and launch of innovative medicines for the healthcare industry has launched Acepiro (Acetylcysteine), its first product in the UK. Acepiro, a mucolytic agent indicated for respiratory tract diseases in adults, aims to reduce bronchial secretion viscosity. Available in 20 and 30 day packs, the launch is facilitated by Stirling Anglian Pharmaceuticals (SAP), acquired by Kelso last year.
On November 29, 2022, Cipla, a drug firm, has announced the launch of Leuprolide Acetate Injection Depot 22.5 mg, a treatment for prostate cancer. The product received earlier approval from the US Food and Drug Administration under the New Drug Application (NDA) regulatory pathway. Cipla aims to provide high-quality and affordable treatments to patients in the US through this launch, aligning with its growth strategy in the complex product segment.
Browse 40 Market Data Tables and 33 Figures spread through 278 Pages and in-depth TOC on “Global Drug Device Combination Products Market”- Forecast to 2030 Global Drug Device Combination Products Market, By Products Type (Drug Eluting Stents, Transdermal Patches, Infusion Pumps, Drug Eluting Balloon, Inhalers, and Other Products), By Application (Cardiovascular, Diabetes, Cancer Treatment, Respiratory Diseases, and Other Applications), By End User (Hospitals, Ambulatory Surgical Centre’s, and Other End user), and By Region (North America, Latin America, Europe, Asia-Pacific, Middle East and Africa, and Rest of the world)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/drug-device-combination-products-market-3919
Key Takeaways of the Global Drug Device Combination Products Market:
- The global Drug Device Combination Products Market is expected to exhibit a CAGR of 6% during the forecast period. The merger of pharmaceutical companies with emerging economies opens up exciting opportunities for growth in the global market for drug device combination products. In developed economies such as the U.S. and Europe, high public awareness drives the spread and adoption of drug device combination products. These regions have advanced healthcare systems, strong medical technology infrastructure, and proactive healthcare policies that support the use of innovative medical technologies. In developing economies such as Asia Pacific and Latin America, low patient awareness has led to low utilization rates of drug device combination products. However, as economic development and patient awareness improve, there is a growing shift in attention from physicians towards the utilization of these products. This presents an opportunity for the global Drug Device Combination Products Market to expand in these regions.
- Among Products, the drug eluting stents have emerged as the dominant segment in the global Drug Device Combination Products Market. DES are preferred for treating cardiovascular diseases due to their superior outcomes, technological advancements, and strong clinical evidence supporting their effectiveness. The high demand, continuous innovation, and regulatory acceptance have solidified DES as the dominant product type in the market.
- Among Application, cardiovascular treatment has emerged as the dominant segment in the global Drug Device Combination Products Market. This is primarily due to the high prevalence of cardiovascular diseases globally, the significant demand for effective treatments, and the continuous advancements in drug device combinations for cardiovascular applications. The well-established clinical evidence, regulatory pathways, and reimbursement coverage further contribute to the dominance of cardiovascular treatment in the market.
- Among region, North America and Europe have traditionally been dominant regions in the global Drug Device Combination Products Market. These regions have well-established healthcare systems, advanced medical technology infrastructure, and a robust regulatory framework that facilitates the development and commercialization of drug device combination products.
- Major players operating in the global Drug Device Combination Products Market include 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.
