- Market growth is aided by rise of home-based healthcare business and technical improvements such as the creation of prefilled syringes
ALBANY, N.Y., April 19, 2022 (GLOBE NEWSWIRE) -- The global drug device combination products market was worth around US$ 120 Bn in 2020. The market is likely to rise at a CAGR of 7.3% during the forecast period, from 2021 to 2028. The global drug-device combination products market is anticipated to attain the valuation of US$ 221 Bn by 2028. High incidences of chronic pain-causing disorders is anticipated to pave the way for rapid expansion of the global drug-device combination products market in the years to come. Government as well as non-governmental initiatives to encourage drug delivery implants, increase in demand for less invasive operations, and interventional cardiologists are likely to boost the market in the years to come.
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Future development potential for diverse drug-device combination products is likely to be provided by the advent of biodegradable drug delivery technology. However, occurrences such as product recalls and undesirable side effects to patients act as a key growth barrier for the market. Owing to their categorization overlapping regulated products, these items present a hurdle to the FDA, thereby complicating the approval procedure.
Intravenous insulin is administered to diabetic patients on day-to-day basis. These injections induce discomfort and can cause infection, which is why alternate drug delivery methods are projected to become more mainstream. Drug-device combination products come with several benefits, including fewer unfavorable side effects, regulated drug release, greater patient compliance, and targeted drug delivery, all of which are projected to boost the global drug-device combination products market.
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Key Findings of Market Report
- Based on product type, transdermal patches are, by far, the most popular ones in the global market. This can be attributed to rise in demand for self-administered medications for chronic conditions. Diabetic individuals, for instance, must receive insulin intravenously on a regular basis. Injections to give insulin regularly induce discomfort and raise the risk of infection transmission. As a result, alternate medication delivery systems are predicted to gain prominence.
- Ischemic heart disease impacted 126 million individuals (1,655 per 100,000) in 2017, accounting for 1.72% of the global population, as per the National Center for Biotechnology Information (NCBI). The global market is likely to observe growth as the occurrence of chronic disorders and diseases such as heart problems, multiple sclerosis, diabetes, and cancer rises across the globe.
- During the forecast timeline, North America is expected to be a very profitable region in the for global drug-device combination products market. Increasing availability of patented nanomedical devices across the region is likely to emerge as a significant growth driver for the market. Based on revenue, North America led the global market in 2020 as well.
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Drug Device Combination Products Market: Growth Drivers
- Millions of individuals across the globe struggle with from chronic diseases. A key reason projected to boost the global drug-device combination products market is the increasing incidence of chronic disorders and diseases, such as cardiovascular diseases, diabetic retinopathy, cancer, etc.
- Due to rise in prevalence of diabetes-related problems, cardiovascular illnesses, and obese condition, Asia Pacific is expected to be one of the most attractive regions for the global market during the forecast timeframe
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Global Drug Device Combination Products Market: Key Competitors
- Integer Holdings Corporation
- Bausch Health Companies, Inc.
- Teva Pharmaceutical Industries Ltd.
- Boston Scientific Corporation
- Flowonix Medical, Inc.
- Teleflex Incorporated
Global Drug Device Combination Products Market: Segmentation
Product Type
- Drug Eluting Stents
- Infusion Pumps
- Photosensitizers
- Orthopedic Combination Products
- Wound Care Combination Products
- Inhalers
- Transdermal Patches
- Others
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