The global drug device combination product market size is expected to reach USD 177.7 billion by 2024, according to a new report by Grand View Research, Inc., clocking in a 7.9% CAGR during the forecast period. 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.
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 build 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 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 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 case of drug-device combination products.
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Further key findings from the study suggest:
Transdermal patch held the dominant share by product in 2015 owing to increasing demand for self-administration of drugs in diseases requiring long-term treatment
The inhalers segment is anticipated to exhibit a lucrative CAGR of 9.5% over the forecast period owing to rising prevalence of chronic diseases
North America held the largest share of over 42.0% in 2015 in terms of region owing to extensive new product development activities conducted by prominent players across this region
Asia Pacific is anticipated to grow at a lucrative rate over the coming years owing to increasing healthcare spending and rising awareness levels of physicians pertaining to benefits of these products
Key market players are engaged in various strategies such as new product launch and distribution agreements to gain market penetration. For instance, in February 2016, Medtronic introduced the New Resolute Onyx drug-eluting stent, commercially available in different sizes in Europe, thereby enhancing the company’s current product offerings
High operational cost, stringent regulatory framework, and capital requirement keep entry barriers at a higher level, owing to which, threat of new entrants is expected to be low.
Grand View Research has segmented the global drug device combination product market on the basis of product type and region:
Drug Device Combination Product Outlook (Revenue, USD Billion, 2013 - 2024)
Orthopedic Combination Products
Bone Graft Implants
Antibiotic Bone Cement
Photodynamic Therapy Devices
Drug Eluting Stents
Peripheral vascular stents
Wound Care Products
Drug Device Combination Regional Outlook (Revenue, USD Billion, 2013 - 2024)
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