Drug-device Combination Products Market Outlook 2028

• The global drug-device combination products market was valued at US$ 120 Bn in 2020
• It is estimated to expand at a CAGR of 7.3% from 2021 to 2028
• The global drug-device combination products market is expected to reach the value of US$ 221 Bn by the end of 2028

Analysts’ Viewpoint on Drug-device Combination Products Market Scenario

High incidence rates of chronic pain causing diseases are key drivers for the global drug-device combination products market. Initiatives by governments and NGOs to promote drug delivery implants, rising number of interventional cardiologists, and increasing demand for minimally invasive surgeries are some of the other factors propelling the growth of the drug-device combination products market. The introduction of biodegradable drug delivery technologies will serve as future growth opportunities for various drug-device combination products. However, product recalls act as a major growth restraint for the market due to incidences such as adverse side effects to patients. These products form a challenge to FDA, due to their classification overlapping regulated products and thus, complicating their approval process.

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Increase in Prevalence of Chronic Diseases to Drive Global Market

The rising incidence of chronic diseases such as chronic diseases and disorders, including cancer, diabetic retinopathy, cardiovascular diseases, colorectal cancer, asthma, and obesity, cardiac conditions, multiple sclerosis, etc. is a major factor expected to drive the global drug-device combination products market. Millions of people are suffering from chronic diseases across the globe. The rising geriatric population across the globe is also an important factor contributing to the market growth.

The major product types in the market include drug eluting stents, infusion pumps, photosensitizers, orthopedic combination products, wound care combination products, inhalers, transdermal patches, and others, which include intraocular implants and drug eluting beads. Growth of home-based healthcare industry and technological advancements such as development of prefilled syringes also contribute to market growth.

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Transdermal Patches to Create Lucrative Opportunities for Manufacturers

The global drug-device combination products market has been classified into drug eluting stents, infusion pumps, photosensitizers, orthopedic combination products, wound care combination products, inhalers, transdermal patches, and others. Transdermal patches are projected to be the most popular products in the upcoming years. This is due to increase in demand for self-administered drugs for diseases that require long-term treatment. Rising geriatric population across the globe is also creating value-grab opportunities for the companies operating in the drug device combination products market.

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Insulin must be administered intravenously to diabetic patients on a regular basis. Repeated use of injections to deliver insulin causes pain and increases the risk of infection transmission. Hence, alternative drug delivery modes are expected to gain popularity. Drug-device combination products offer several advantages, which include reduced adverse side effects, improved patient compliance, controlled release administration of drug, and provide targeted drug delivery.

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Launch and Approval of Novel Drug-device Combination Products Boost Market Growth

Drug-device combination products are defined as individual products comprising two regulated components, an active pharmaceutical ingredient and medical device that are chemically or physically combined to produce a single product. The drugs present in the device are either impregnated or surface coated. Such products can be designed for local as well as systemic administration of drug to the patient. Key players in the global drug-device combination products market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global market during the forecast period. Recently, combination products are emerging as innovative medical products due to their contribution in advancing medical care and are, thus, projected to have a major impact in the upcoming years.

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