Market Overview:
The global drug device combination product market is estimated to reach a valuation of US$ 127.8 billion by 2022 and is expected to exhibit a CAGR of 8.9% over the forecast period (2023-2030), according to a new report published by Coherent Market Insights. Drug device combination products are innovative medical devices that incorporate drugs and a medical device component. These products offer numerous advantages such as improved patient compliance, enhanced treatment efficacy, and reduced healthcare costs. The rising demand for personalized healthcare solutions and the increasing prevalence of chronic diseases are the key factors driving the growth of the drug device combination product market.
Market Key Trends:
One key trend in the drug device combination product market is the increasing adoption of technologically advanced devices. With advancements in medical technology, manufacturers are now focused on developing innovative and technologically advanced drug device combination products. These devices utilize smart sensors, connectivity, and artificial intelligence to enhance treatment outcomes and patient experience. For instance, the integration of biosensors in insulin pumps allows for continuous monitoring of glucose levels and automatic adjustments of insulin dosage, leading to better diabetes management. The rising demand for connected healthcare solutions and the advent of IoT in the healthcare sector are expected to drive the adoption of technologically advanced drug device combination products in the coming years.
Segment Analysis:
The drug device combination product market can be segmented based on product type, application, and end-user.
Based on product type, the dominating segment in the drug device combination product market is the drug-eluting stents (DES). Drug-eluting stents are used to treat coronary artery disease and are designed to slowly release medication to prevent the blood vessels from becoming narrowed or blocked again after the stent is implanted. The dominating nature of this segment can be attributed to the increasing prevalence of cardiovascular diseases worldwide and the growing demand for minimally invasive procedures. Additionally, technological advancements in drug-eluting stents, such as the development of bioresorbable stents, have further fueled the growth of this segment.
Key Takeaways:
The global Drug Device Combination Product Market Scope is expected to witness high growth, exhibiting a CAGR of 8.9% over the forecast period of 2023-2030. This growth can be attributed to several factors. Firstly, the increasing prevalence of chronic diseases, such as cardiovascular diseases, diabetes, and cancer, is driving the demand for drug device combination products. These products offer a more targeted and effective treatment approach compared to standalone drugs or medical devices.
Regionally, North America is expected to be the fastest-growing and dominating region in the drug device combination product market. This can be attributed to factors such as the presence of a well-established healthcare infrastructure, high healthcare expenditure, and a favorable reimbursement scenario. Additionally, increasing research and development activities in the region and collaborations between academic institutions, pharmaceutical companies, and medical device manufacturers are driving the growth of the market in North America.
Key players operating in the drug device combination product 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. These companies focus on product development, partnerships, mergers, and acquisitions to strengthen their market position. The presence of a diverse product portfolio, extensive distribution networks, and strategic collaborations with healthcare providers contribute to the dominance of these key players in the drug device combination product market.
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