Drug device combination products are designed to deliver medicinal substances into the body, and combine the functions of both drugs and medical devices. Their primary advantages are improved patient compliance, convenience, and efficacy compared to standalone drugs. The increasing demand for home healthcare and self-administered drug delivery is driving pharmaceutical companies to introduce novel combination products in diseases like diabetes, multiple sclerosis, and respiratory disorders.
The global drug device combination products market is estimated to be valued at US$ 173.07 Mn in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the drug device combination products are Evonik Industries AG (RAG-Stiftung), JSR Corporation, Kumho Petrochemical Co. Ltd., Kuraray Co. Ltd., Lanxess AG, Nippon Soda Co. Ltd., Reliance Industries Limited, Saudi Basic Industries Corporation (Aramco Chemicals Company), Synthomer PLC, Synthos (Ftf Galleon S.A.), UBE Corporation, Versalis (Eni S.p.A.).
The Drug Device Combination Products Market Trends expected to witness lucrative growth opportunities owing to the rising demand for self-care and home healthcare devices. The market is also projected to gain traction across various developing countries due to growing pharmaceutical sectors and increasing healthcare infrastructure and expenditure in these regions.
Market Drivers
The rising pharmaceutical industry adoption of combination products for chronic disease management is one of the major drivers of this market. These products improve medication adherence which is a chronic issue globally. According to the World Health Organization, only 50% of patients in developed countries and even lesser in developing nations follow long-term therapies as prescribed. Combination products address this concern of non-adherence to an extent through self-administrable drug delivery. Their demand is expected to be further fueled by the growing geriatric population plagued by multiple comorbidities.
PEST Analysis
Political: Legislation and regulations related to drug delivery, drug-device combination approvals, pricing and reimbursement will impact the market growth. Changes in healthcare expenditures and coverage policies will also influence demand.
Economic: Factors like Drug Device Combination Products Market Size And Trends growth, disposable income levels, healthcare spending will determine the spending power of consumers and the demand for combination products. Economic downturns negatively impact market revenues.
Social: Increasing incidence of chronic diseases, growing geriatric population and lifestyle changes driving higher medication adherence is spurring market growth. Patients prefer therapies combining drug and device for convenience.
Technological: Advancements in materials, drug delivery technologies and miniaturization enable development of innovative combination products. Digital connectivity and personalized medicine will play larger roles.
The geographic regions where the market in terms of value is concentrated are North America and Europe. In North America, the presence of major pharmaceutical manufacturers and availability of advanced healthcare infrastructure drives significant market revenues. Europe is another major regional market supported by favourable regulatory approvals and reimbursement coverage for combination products.
The fastest growing regional market for drug device combination products is Asia Pacific due to rising income levels, prevalence of chronic diseases and improving access to healthcare in countries like China and India. Manufacturers are shifting focus to this region considering its high growth potential. Expanding medical value travel and rising foreign investments are boosting the healthcare sector in Asia Pacific.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
