Drug Device Combination Products Market is forecasted to grow due to a rise in the incidence of chronic conditions, technological advancements in drug-device combination products and an increase in the geriatric population.The Global Drug Device Combination Products Market size was valued at USD 120.0 Bn in 2020 is expected to reach USD 204.3 Bn by 2027, with a growing CAGR of 9.3 % during the forecast period
The increasing prevalence of chronic diseases across the globe is also expected to drive the industry. the gradual adoption of drug device combination products is expected to enhance the growth of the market during the forecast period. the adoption of drug device combination products has been in demand due to the features like less pain, ease of usage reduced hospital stay, anytime usage, etc. this factor promotes the usage and drives the market.
The market is broadly segmented into products, applications, end-users, and regions. Product is segregated into the drug-eluting stent, infusion pump, photosensitizers, orthopedic combination products, wound care combination products, inhalers, transdermal patches, and others. Based on products, the transdermal patches segment has gained a tremendous market share in 2020 and is expected to gain more during the forecast period. This is due to an increase in the self administrating process of medicines for diseases with period treatment.
For instance the insulin delivery for diabetes patients. According to the Centers for Disease Control and Prevention, about 34.2 million Americans have diabetes in the year 2020. The increase in patient population and the market penetration for surgeries tends to support the growth of the drug device combination products industries.
Application is further bifurcated into cardiovascular treatment, diabetes, cancer treatment, antimicrobial application, respiratory diseases, and others. Based on the application, the respiratory diseases segment is expected to have immense market shares in 2020 and is expected to gain more during the forecast period. This is due to the increasing prevalence of respiratory diseases across the globe.
According to The Global Impact of Respiratory Disease-Second Edition Forum of International Respiratory Societies, about 65 million people have COPD-chronic obstructive pulmonary disease, and 3 million among them die each year. An estimate of 334 million people suffer from asthma, OUT OF which, 14% of children are affected globally. Around 250,000 to 500,000 people died due to infections in the respiratory tract caused by influenza annually. According to the Global Burden of Diseases, Injuries, and Risk Factors Study (GBD) 2017, about 545 million people had chronic respiratory disease across the world in 2017.
The end user segment in the market is segregated into hospitals & clinics, ambulatory surgery centers, and home care settings. Based on end-users, the hospital & clinics segment has gained prodigious market shares in 2020 and is expected to acquire more during the forecast period. Hospitals are the first approach for the diagnosis and treatment of chronic diseases. The increasing patient population drives the segment in the market. According to The Western Journal of Medicine, the rate of patients admitted to hospitals for acute care and cancer exceeds more than 30%.
Global Drug Device Combination Products Market by Region Outlook (Revenue, USD Million, 2021-2027)
Based on region, North America dominated the market in 2020 and is expected to maintain the same dominance throughout the forecast period. According to National Center for Chronic Disease Prevention and Health, 6 among 10 Americans live with at least one chronic disease, like cancer, cardiovascular disease, stroke, diabetes, etc. High prevalence of cardiovascular disorders in the population and thereby demand for drug devices in the region responsible for the dominance of the region. Rising diabetes also drives the market in the region. Availability of products and expected entry of innovative devices in the region are projected to maintain the dominance of the region during the forecast period.
For instance, in June 2021, Amcor launched a multi-chamber pouch for drug-device combination products. These Pouch devices won the award in 2021 for their material structure and technical innovation from the Flexible Packaging Association. The Key Players like Flowonix Medical, Inc., Haselmeier, Medtronic plc, Abbott, and many others have an increased revenue generation in drug device combination products. For instance, in October, 2020, Medtronic plc announced approval of the United States FDA for Abre venous self-expanding stent system used in the iliofemoral veins for patients with symptomatic iliofemoral venous outflow obstruction. Additionally, in March, 2020, Abbott announced the accreditation for CE Mark for the FlexNav delivery system in the European market.
The Global Drug Device Combination Products Market Segmentation:
Global Drug Device Combination Products Market by Product Outlook (Revenue, USD Million, 2021-2027)
Global Drug Device Combination Products Market by Application Outlook (Revenue, USD Million, 2021-2027)
Global Drug Device Combination Products Market by End user Outlook (Revenue, USD Million, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the market are: