Global Drug Device Combination Products Market Grows Steadily at a CAGR of 6.70%

Introduction

Therapeutic and diagnostic products that combine drugs, gadgets, and biological products are known as combination products. Combinations of drugs and devices have altered the processes for medical product development, regulatory approval, and business involvement. The primary factors promoting expansion in the market under research are the prevalence of chronic diseases and the burden of a growing global geriatric population.

Market Dynamics

Rising Chronic Disease Rates Worldwide Drives the Global Market

Novel drug delivery systems (NDDS), such as controlled drug delivery systems, are employed for various therapies because of their increased efficacy and decreased side effects. Better drug delivery systems and safer therapeutic agents promise improvements in the treatment of disease as well as appealing marketing opportunities for pharmaceutical companies. These NDDS are regarded as the most effective drug delivery systems because they provide a precise dose of medication to a particular area at the proper time and tempo, depending on the etiology and physiological needs of the body. These administration techniques are the most often used medication delivery mechanism to treat and control a variety of chronic illnesses, including asthma, cardiovascular disease, diabetes, kidney issues, neurological disorders, etc.

Rising Geriatric Population Creates Tremendous Opportunities 

The senior population is becoming more prone to various chronic conditions, necessitating safe and effective treatment options for better health outcomes. This is the main factor fueling the expansion of the pharmaceutical device combo goods market. The frequency of numerous chronic diseases among the elderly has progressively increased over several decades. World Population Prospects estimates that by 2050, one in six people will be over 65, up from one in eleven in 2019.

Statistics show that women typically live five more years than men, with a global average life expectancy at birth of 72.3 years (74.7 years versus 69.9 years, respectively). Since most older adults respond more reliably to non-invasive treatments, it is anticipated that the growing burden of the senior population would raise the market for targeted drug delivery devices to treat chronic diseases successfully.

Regional Analysis 

North America is the most significant shareholder in the global drug-device combination products market and is anticipated to grow at a CAGR of 6.75% over the forecast period. The United States is expected to dominate the global drug-device combination products market over the forecast period due to the rising prevalence of chronic diseases and the aging population. In the United States, 612,390 cancer-related deaths were projected to occur in 2020, along with 2,281,658 new cancer diagnoses. The most common cancers in the US include skin, lung, prostate, colorectal, bladder, and breast cancer. As a result, the market will grow significantly over the forecast period.

Europe is expected to grow at a CAGR of 6.80%, generating USD 50.65 billion during the forecast period. According to a 2019 study titled "Inpatient transient ischemic attack (TIA) and stroke care in adult patients in Germany-a retrospective analysis of national administrative data sets of 2011 to 2017," the number of TIA and stroke cases treated in German hospitals increased between 2011 and 2017. Cancer's exceptionally high fatality rate is expected to stimulate demand for novel medication and device combinations.

Asia-Pacific is expected to grow significantly over the forecast period. The main factors driving the industry expansion for medication device combination products in China are the rising older population, the prevalence of chronic diseases, and the growing research on cutting-edge technologies in the pharmaceutical industry. The prevalence of metabolic illnesses is also rising in China due to rising obesity rates and sedentary lifestyles, which is expected to support market growth over the forecast period.

Key Highlights

• The global drug-device combination products market size was valued at USD 110.10 billion in 2021. It is projected to reach USD 197.36 billion by 2030, growing at a CAGR of 6.70% during the forecast period (2022-2030).
• Based on products, the global drug-device combination products market is bifurcated into drug-eluting stents, infusion pumps, inhalers, and others. The inhalers segment is the highest contributor to the market and is expected to grow at a CAGR of 6.75% during the forecast period.
• Based on application, the global drug-device combination products market is bifurcated into cardiovascular, diabetes, cancer treatment, respiratory diseases, and other applications. The respiratory diseases segment owns the highest market share and is expected to grow at a CAGR of 6.95% during the forecast period.
• Based on end-user, the global drug device combination products market is bifurcated into hospitals, ambulatory surgical centers, and others. The hospital segment is the highest contributor to the market and is expected to grow at a CAGR of 7.15% during the forecast period.
• North America is the most significant shareholder in the global drug-device combination products market and is anticipated to grow at a CAGR of 6.75% over the forecast period.

Competitive Players

1. Abbott Laboratories
2. Medtronic Plc
3. Boston Scientific Corp.
4. Becton
5. Dickinson and Company
6. Novartis AG
7. GlaxoSmithKline plc
8. AbbVie Inc. (Allergan)
9. W. L. Gore & Associates Inc.
10. Stryker Corporation
11.  Terumo Corporation

Recent Developments

• September 2022- The SENTINELTM Cerebral Protection System, which is intended to capture and remove embolic debris from the transcatheter aortic valve replacement (TAVR) before it can reach the brain and potentially cause a stroke, was evaluated in the PROTECTED TAVR clinical trial, according to results released by Boston Scientific Corporation. The 34th Transcatheter Cardiovascular Therapeutics, the annual scientific conference of the Cardiovascular Research Foundation, was held in Boston. Results were presented during the late-breaking clinical science session and will be published in the New England Journal of Medicine.
• September 2022- The FDA gave Boston Scientific Corporation permission to add a 45-day dual antiplatelet therapy (DAPT) option to the current-generation WATCHMAN FLXTM Left Atrial Appendage Closure (LAAC) Device's instructions for use labeling in place of the 45-day oral anticoagulation (OAC) plus aspirin regimen for the post-procedural management of patients with nonvalvular atrial fibrillation.

Segmentation

1. By Products
   1. Drug Eluting Stents
   2. Transdermal Patches
   3. Infusion Pumps
   4. Drug Eluting Balloon
   5. Inhalers
   6. Other Products
2. By Applications
   1. Cardiovascular
   2. Diabetes
   3. Cancer Treatment
   4. Respiratory Diseases
   5. Other Applications
3. By End-User
   1. Hospitals
   2. Ambulatory Surgical Centers
   3. Other End-Users