The drug device combination
market is expected to reach USD 177.7 billion by 2024, according to a new study
by Grand View Research, Inc. The drug device combination market is primarily
driven by exponential growth in the production of advanced drug delivery
devices coupled with the growing chronic disease burden, which is anticipated
to be one of the primary factors to accelerate the overall demand of the market
throughout the forecast period. The unprecedented adoption rate of these
products is also believed to be a consequence of its inherent benefits over the
traditional pharmacological alternatives to deliver therapeutics, which in turn
influences pharmaceutical, biotechnology, and medical device companies to work
toward further developing these products for subsequent commercialization.
 |
| North America Drug Device Combination Market, By Product, 2014 - 2024 (USD Billion) |
As a consequence of the high
patient and physician demand, it is observed that regulatory agencies have
developed specific competencies and regulations for combination product
manufacturers. The regulatory healthcare agencies across the globe, notably the
Pharmaceuticals Medical Devices Agency, Japan and the U.S. FDA, require
manufacturers to gain deep insights pertaining to specific patient requirements
in numerous countries to ensure accurate and timely market access to the drug
device combination products. In addition, these regulatory bodies ensure the
development of sophisticated combination products for enhanced drug delivery
with a high safety level. Such heightening sophistication in the overall
manufacturing process is believed to accentuate the demand for combination
products and encourage high participation by the pharmaceutical and medical
device companies.
In depth research report on Drug Device Combination Market
Further Key Findings From the Study Suggest:
·
Segment with transdermal
patches held the dominant share of over 35.0% in the product segment in 2015.
The substantial share can be attributed to the consistent technological advancements
that present this drug delivery mode with benefits over conventional treatment
methods.
·
Inclusion of third-generation
iontophoresis and microneedle technology, matrix-controlled transdermal
systems, and thermo effectors in transdermal patches are some of technological
innovations contributing toward the segment share
·
Inhalers are anticipated to
grow at a profitable rate throughout the forecast period owing to the rising
prevalence of asthma and COPD coupled with the surging awareness of innovative
therapies including controlled or programmable drug dosing
·
Thenebulizers are expected to
grow at a lucrative rate during the forecast period owing to easy drug
administration with active pharmaceutical ingredients delivered in the form of
fine mist. This facilitates direct delivery of therapeutics to the lungs, which
proves to be the most convenient way of providing medication to infants and
toddlers, thereby propelling the demand for nebulizers during the forecast
period.
·
In 2015, North America
dominated the regional drug device combination vertical with a share of over
42.0%. The dominant share is a consequence of high investment in the R&D
sector of advanced drug delivery technologies, the resultant technological
advances in this space, and the subsequent high adoption of innovative
combination products owing to convincing therapeutic outcomes.
·
Asia Pacific is expected to
witness growth at an exponential CAGR during the forecast period. The
exponential growth rate is attributed to the increasing healthcare spending,
improving infrastructure quality pertaining to drug development and discovery, increasing
outsourcing manufacturing activities, and the adoption of compact and low cost
techniques.
·
The key players are
consistently employing new product development and collaborative strategies to
attain a higher share and gain a competitive advantage in the sector. For
instance, in August 2016, W.L. Gore & Associates, Inc. announced the FDA
approval of its dual-component stent, GORE TIGRIS vascular stent with a
fluoropolymer/nitinol design.
·
The aforementioned product
launch was carried out to expand options for the treatment of peripheral artery
disease, which allows easy insertion and better clinical outcomes, even in a
challenging anatomy
Grand View Research has
segmented the drug device combination market on the basis of product and
region:
Global Drug Device Combination Product Outlook (Revenue,
USD Billion, 2013 - 2024)
·
Infusion Pumps
o
Volumetric
o
Disposables
o
Syringes
o
Ambulatory
o
Implantables
o
Insulin
·
Orthopedic Combination Products
o
Bone Graft Implants
o
Antibiotic Bone Cement
·
Photodynamic Therapy Devices
·
Transdermal Patches
·
Drug Eluting Stents
o
Coronary stents
o
Peripheral vascular stents
·
Wound Care Products
·
Inhalers
o
Dry powder
o
Nebulizers
o
Metered dose
·
Antimicrobial Catheters
o
Urological
o
Cardiovascular
o
Others
·
Others
Drug Device Combination Regional Outlook (Revenue, USD
Billion, 2013 - 2024)
·
North America
o
U.S.
o
Canada
·
Europe
o
UK
o
Germany
·
Asia Pacific
o
Japan
o
China
o
India
·
Latin America
o
Mexico
o
Brazil
·
MEA
o
South Africa
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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