Dublin, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The "Drug Device Combination Products Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The Drug Device Combination Products Market is on a trajectory of substantial growth, poised to escalate from its current valuation of USD 125.70 billion in 2023 to an estimated USD 166.63 billion by 2028. This impressive expansion is driven by a noteworthy Compound Annual Growth Rate (CAGR) of 5.80% during the forecast period of 2023-2028.
A Transformative Role Amid the COVID-19 Pandemic
As the COVID-19 pandemic gripped the world, pharmaceutical companies and governments mobilized to provide effective medical treatment to afflicted patients. In this endeavor, drug delivery devices emerged as critical tools. New guidelines, such as those issued by Europe related to drug-device combination products for COVID-19 testing, set quality benchmarks for manufacturers. These guidelines, enabling the development of enhanced drug-device combination products for COVID-19 testing, played a pivotal role in fostering market growth during the pandemic. As we transition post-pandemic, the market anticipates substantial growth due to the increased adoption of innovative products for efficient drug delivery, enhanced usability, and greater availability.
Market Dynamics
- Prevalence of Chronic Diseases Propelling Growth: The burgeoning prevalence of chronic diseases, including diabetes, respiratory ailments, and cancer, coupled with the adoption of novel drug delivery systems for these conditions, is a chief driver for market expansion. The staggering statistics from the IDF 2021, indicating the rising number of adults living with diabetes, underscore the need for advanced drug delivery combination products to facilitate uniform drug delivery.
- Innovative Product Launches Fueling Growth: The market's progress is further fueled by the introduction of novel drug-device combination products. Players in the field are strategically rolling out innovative solutions to cater to evolving healthcare needs. For instance, Becton, Dickinson, and Company's launch of BD UltraSafe Plus 2.25 mL Passive Needle Guard underscores the market's trajectory towards improved drug delivery systems.
- Advancements in Healthcare Infrastructure: Advancements in healthcare infrastructure, coupled with strides in drug delivery technologies, serve as catalysts for market growth. However, the market faces challenges posed by regulatory policies, product recalls, and complications associated with certain drug-device combinations.
Trends - Drug Eluting Stents Ascend
The drug-eluting stent segment is poised for notable growth, driven by its essential role in addressing cardiovascular diseases. The escalating prevalence of cardiovascular ailments is a prime factor fuelling demand for drug-eluting stents. Players are actively pursuing product development and approvals, catalyzing the segment's growth.
For instance, the launch of SINOMED's HT Supreme Drug-Eluting Stent, marked by its first implantation in Europe, highlights the segment's potential in transforming coronary artery disease treatment. Collaborative efforts, like the partnership between Medtronic and SINOMED, lead to innovative products, such as the Onyx Frontier drug-eluting stent, poised to excel in challenging medical scenarios.
North America Takes Center Stage
North America, particularly the United States, is anticipated to wield significant influence in the drug device combination products market. The region's robust healthcare infrastructure, coupled with substantial investments in research and development, positions it as a prominent player. The proliferation of chronic diseases, the presence of major research institutes and pharmaceutical companies, and the growing geriatric population are key drivers in the United States' projected dominance in the market.
Market players like Viatris Inc., in collaboration with the United States Food and Drug Administration (FDA), underline the region's commitment to advancing drug-device combination products. Furthermore, partnerships and acquisitions among industry players for innovative solutions, such as Lilly's collaboration on insulin pen technology, reinforce North America's pivotal role.
Drug Device Combination Products Industry Overview
The drug-device combination market is moderately fragmented, with many market players. Market players focus on new product developments, collaborations, and regional expansion to expand their market share. Some of the key market players operating in this market include
- Abbott Laboratories
- Medtronic Plc
- Boston Scientific Corp
- Becton, Dickinson and Company
- Novartis AG
- GlaxoSmithKline plc
- Allergen, Inc.
- W. L. Gore & Associates, Inc.
- Stryker Corporation
- Terumo Corporation
- Mylan NV
- Cook Medical
In Conclusion
The Global Drug Device Combination Products Market is on the cusp of remarkable growth, propelled by factors such as the surge in chronic diseases, advancements in drug delivery technologies, and innovative collaborations. The COVID-19 pandemic underscored the pivotal role of drug delivery devices, setting the stage for market expansion. Amid this dynamic landscape, the drug-eluting stents segment is poised for growth, and North America is poised to dominate. As industry players innovate and collaborate to cater to evolving healthcare needs, the market presents abundant opportunities for growth and advancement.
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