Drug Device Combination Products Market Segmentation, Analysis by Recent Trends and Development till 2030

 Drug Device Combination Products Industry Overview

The global Drug Device Combination Products Market size is expected to reach USD 251.9 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.8% from 2022 to 2030. The rising demand for minimally invasive techniques due to enhanced patient outcomes associated with it is the high impact-rendering driver of this market. These devices facilitate early diagnosis and reduced treatment duration in a majority of surgical procedures. Growing demand is also a consequence of minimal pain, heightened cost efficiency, improved safety, better efficacy, rapid recovery, and reduced hospital stay rendered by these devices. 

The increasing presence of regulatory healthcare authorities enforcing clearly defined protocols for premarket authorizations is anticipated to support manufacturers in gaining approvals for their products. Recently, the U.S. FDA incorporated the lean management process mapping approach to building a more cohesive, streamlined, systematic, and collaborative system for the review of the aforementioned products. Safety guidelines and recommendations issued by these authorities are presumed to increase the adoption of these products in the future and boost overall growth during the forecast period. 

Severe side effects and drug interactions associated with therapeutics owing to drug absorption by unintended sites in the body are anticipated to induce the need for targeted therapy, thereby propelling demand for drug-device combinations. For instance, consistent administration of Levodopa results in long-term complications such as motor fluctuations, dyskinesias, severe metabolic changes, and neurotoxic effects. These aforementioned factors drive the clinical urgency to incorporate alternatives based on targeted therapy, as in the case of drug-device combination products. 

Drug Device Combination Products Market Segmentation

Grand View Research has segmented the global drug device combination products market based on product and region:

Based on the Product Insights, the market is segmented into Infusion Pumps, Orthopedic Combination Products, Photodynamic Therapy Devices, Transdermal Patches, Drug Eluting Stents, Wound Care Products, Inhalers, Antimicrobial Catheters and Others.

  • Transdermal patches emerged as the largest segment in 2021 with over 34.0% share. This can be attributed to the increasing demand for self-administration of drugs in cases of diseases requiring long-term treatment.
  • The inhalers segment is anticipated to exhibit a lucrative growth rate over the forecast period owing to the rising prevalence of chronic diseases such as tuberculosis, diabetes mellitus, and chronic obstructive pulmonary disease, which require more rigorous treatment.

Drug Device Combination Products Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

Key Companies Profile

The key players are engaged in extensive expansion strategies, new product development activities, and mergers and acquisitions, which have significantly contributed to their growth. High operational costs, stringent regulatory framework, and capital requirements keep entry barriers at a higher level, owing to which, the threat of new entrants is expected to be low. 

Some prominent players in the global Drug Device Combination Products market include

  • Abbott
  • Terumo Corporation
  • Stryker Corporation
  • Mylan N.V.
  • Medtronic
  • Allergan plc
  • Boston Scientific Corporation
  • Novartis AG
  • R. Bard
  • Teleflex Incorporated
  • L. Gore & Associates, Inc.

Order a free sample PDF of the Drug Device Combination Products Market Intelligence Study, published by Grand View Research.

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