Drug Device Combination products Market Primed to Grow due to Rising Prevalence of Chronic Diseases

Drug Device Combination products Market 


The combination drug device market has been witnessing significant growth due to the rising prevalence of chronic diseases leading to increased demand for combination products that provide efficacy and convenience. Combination drug devices offer advantages such as enhanced drug delivery, improved patient compliance and synchronization of drugs with devices leading to better therapeutic outcomes.

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 2030.

Key Takeaways

Key players operating in the combination drug device market 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.). Some of the major opportunities in the market include development of combination products for respiratory diseases, diabetes, auto-immune disorders and oncology. Globally, the market is expected to witness high growth in Asia Pacific region owing to rising healthcare expenditure, large patient pool and increasing focus of players to tap opportunities in the emerging countries.

Key opportunities in the combination drug device market include development of products with enhanced polymer drug delivery technologies for drugs having short half-lives, focus on devices for sustained drug delivery especially for chronic diseases like diabetes, collaborations of drug developers with device companies for development of innovative combination products. The combination drug device market is expected to witness robust growth in Asia Pacific region majorly driven by rise in chronic disease prevalence, increasing focus of major players to expand presence in countries like China, India, South Korea and rise in healthcare spending in the region.

Market drivers: The rising prevalence of chronic diseases is a major growth driver for combination drug device market. According to WHO, chronic diseases account for over 60% of total deaths globally. Increased spending on healthcare fueled by rising disposable incomes is also supporting the market growth. Regulatory policies favoring development of innovative combination products along with availability of polymer-based drug delivery technologies will continue to boost the demand in coming years.


PEST Analysis
Political: Regulations around the development and approval of Global Drug Device Combination Products Market Size  are complex given the involvement of regulatory agencies like the US FDA. Any changes in regulations can impact the development timeline and market approvals.
Economic: The industry is dependent on healthcare spending of both government and private insurance companies. Economic slowdowns can negatively impact the spending on specialty drug device products due to their high prices.
Social: An aging global population and growing incidence of chronic diseases like diabetes and cardiovascular conditions are increasing the demand for convenient drug delivery methods like drug device combinations. However, social acceptance of newer application modes need to be established.
Technological: Continuous innovation is happening in drug delivery technologies ranging from patches to injectables to implantables. Integration of drugs and devices as combinations opens new possibilities for sustained and targeted delivery but requires extensive R&D investments.

The geographical regions where the drug device combination products market is concentrated in terms of value currently are North America and Europe. This is because of the advanced healthcare infrastructure and spending in countries like the US, Canada, Germany, France and the UK which are early adopters of innovative medical technologies. However, Asian markets like China and India are emerging as the fastest growing regions due to their large patient populations, increasing income levels, and focus of industry players on these regions. Governments in Asian countries are also supportive through initiatives to improve access to healthcare.

India has a distinct advantage due to its large generic drugs industry and developing capabilities in medical technologies. Local companies are partnering with global pharma innovators to introduce affordable drug device combinations catering to diseases prevalent in the country. The Indian government's 'Make in India' campaign is also encouraging local manufacturing of such specialty products to not just meet domestic needs butAlso, for exports. This is attracting significant investments into R&D and manufacturing facilities in India making it one of the fastest growing sectors and regions in this market over the forecast period.

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