The Global Drug Device Combination Products Market Size was valued at USD 120.0 Bn in 2020 is expected to reach USD 204.3 Bn by 2027, with a growing CAGR of 9.3 % during the forecast period.
An increase in the prevalence of chronic diseases such as cancer, diabetes, many other factors contribute towards the propelling the drug device combination products market. The product acquisition and launches by numerous key players further add to the growth of the drug device combination products market. For instance, in October 2020, Nemera announced the acquisition of Copernicus for an injection device for the treatment of several chronic pathologies. In February 2020,
Integer Holdings Corp. acquired Inomec for an expansion in research and development and product expansion in delivery systems, drug-device combination devices, metal implants, laser processing services, and minimally invasive tools. The high adoption rate of drug-device combination products is one of the prominent driving factors for the drug device combination products market. The awareness for a healthy lifestyle drives the growth of the drug device combination products market.
The high usage of novel drug delivery systems and increasing research and development and increasing healthcare spending are expected to drive the drug device combination products market. The research and development of various systems accelerate the market. In August, 2021, Odyssey Group International, Inc. announced the completion of a novel drug-device combination product to be administered in human clinical trials.
Drug Device Combination Products Market Segmentation:
By Drug Class
By Applications
By End User
By Region
Based on product, the transdermal patches segment has the largest market share in 2020.
Based on product, the transdermal patches segment has the largest market share in 2020 and maintains its dominance during the forecast period. This is due to the repetitive injection of drugs which are extremely painful. The needle stick injuries and infections propel the growth of the segment in the drug device combination products market. The reproducible and precise administration through the skin is less prone to infections and pain promoting the device demand. The transdermal patch is a cost-effective safety advantage over the other dosage forms for specific drugs. The pain free drug delivery is the main factor expected to accelerate the segment during the forecast period.
Based on application, the respiratory problems segment accounted for the highest share in 2020.
Based on the Application, the respiratory problems segment is expected to show the maximum growth in the market share in 2020. According to CDC/National Centre for Health Statistics, 4.6% of adults are being diagnosed with COPD, emphysema, or chronic bronchitis. 156,979 people died due to chronic lower respiratory diseases including, that of asthma. According to the Office of Disease Prevention and Health Promotion, 25 million people in the U.S. are suffering from asthma, 14.8 million adults are diagnosed with COPD, and 12 million people are undiagnosed. Thus, increasing the prevalence of respiratory diseases across the world, which is expected to drive the Drug Device Combination Products market.
Based on end user, the hospital & clinics segment has accounted for the highest market share in 2020
Based on the end user, the hospital & clinics segment is having the largest market shares in 2020 and is expected to propel the segment in the Drug Device Combination Products market. The increasing number of chronic disease diagnoses and treatments in the hospitals propel the segment. The home care setting segment is expected to witness the fastest growth rate during the forecast period. The remote patient monitoring and drug delivery during pandemic situations help the growth of home care setting.
Based on region, North America accounts for the largest market shares in 2020 and is expected to maintain the dominance over during the forecast period
Based on region, North America dominated the market in 2020. According to the National Center for Chronic Disease Prevention, Chronic diseases such as diabetes, cancer, heart disease are the main reasons for death and disability in the United States. These increase the annual health care cost of the nation worth $3.8 trillion. The region has high usage and demand for drug device combination products market due to the large volume of the diabetic patient population and other chronic diseases in the region. The main factor promoting the growth of the market is the increasing demand for drug device combination products market owing to their no pain and easy usage.
Many key players are investing in acquisitions, mergers, and launches in the market. For instance, in August 2021, BD acquired ZebraSci to enhance combination product testing capabilities. In August 2021, Kymanox Corporation announced the acquisition of Neuma LLC for the product development of drug delivery devices and combination products. In July 2021, Pace Analytical Life Sciences, LLC, announced the acquisition of Drug Delivery Experts, LLC for drug-device combination product development and complex injectable drug formulations.
Asia Pacific is estimated to grow with the highest CAGR during the forecast period. The large patient pool, rising geriatric population, growing healthcare expenditure, and investment by market players are some of the key drivers of the market.
Company Profiles and Competitive Intelligence
The key players operating in the market are:
The report also provides in-depth analysis of market dynamics such as drivers, restraints, opportunities
Drivers
Restraints
Opportunities
Challenges
COVID-19 Impact on the Drug Device Combination Products Market Analysis
The covid-19 outbreak has experienced a neutral impact on the drug device combination products industry. This has been due to the remote doctor assistance, telemedicine, remote patient monitoring and many others. According to World Health Organization and European Centre for Disease Prevention and Control, there are about 200 million confirmed cases of COVID-19 which have been reported globally. There are about 79,622,691 confirmed cases in the Americas. There was a disruption in manufacturing, supply chain facilities, and consumer spending due to the financial crisis in the initial phase of Covid.
However, later demand for devices again increased due to presence of high chronic disorders and strategic initiatives taken by the market players.
The report also provides in-depth analysis of key trends in drug device combination products market
The report also provides in-depth analysis of recent news developments and investments
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