Global Drug Device Combination Products Market Is Expected To Reach Revenue Of USD 389.7 Bn By 2033, At 9.3% CAGR: Dimension Market Research.

(MENAFN- GlobeNewsWire - Nasdaq) Advancements and Projections in the Global Drug-Device Combination Products Market: Insights, Trends, Opportunities, and Recent Developments

New York, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Overview

The Global Drug Device Combination Products market is projected to reach USD 174.4 billion in 2024 which is further anticipated to reach USD 389.7 billion by 2033 at a CAGR of 9.3%.

The drug-device combination products market is growing rapidly worldwide and is mainly motivated by developments in appropriate drug delivery systems and the increasing rate of chronic ailments. These combination products, which depict a union of a drug and a medical device, provide a better therapeutic effect and also encourage the patients to adhere to their doctor's advice. Hence, the key product segments this market offers are drug-eluting stents, infusion pumps, transdermal patches, and inhalers. The market is driven by approval, advancement in technology, and a rising need for noninvasive surgical procedures. The market is rather saturated with a high number of competitors that dedicate great attention to the development of new products and the formation of partnerships.

Click to Request Sample Report and Drive Impactful Decisions:

The US Drug-Device Combination Products Market

The US Drug-Device Combination Products Market with an estimated value of USD 59.1 billion in 2024 is projected to increase at a compound annual growth rate of 8.7% until reaching USD 125.6 billion by 2033

the US drug-device combination products market is steadily growing thanks to technological development and a continually increasing rate of chronic diseases. Current trends that drive the market are increasing demand for less invasive products and patient-tailored solutions. Recent advancements also show new FDA clearances and acquaintances to sophisticated products such as smart inhaler devices and better insulin administration systems. In addition to this, the website has a developed healthcare system as well as research and development activities boosting the growth of the market in the region. Stakeholders are planning major alliances and acquisitions to increase their market share and offerings.

Important Insights

• Market Value: This market is projected to have a value of USD 174.4 billion in 2024 and is further anticipated to reach USD 389.7 billion in 2033.
• The US Market Value: The US drug-device combination products market is projected to be valued at USD 125.6 billion in 2033 from a base value of USD 59.1 billion in 2024 at a CAGR of 8.7%.
• Product Segment Insights: The infusion pumps are projected to lead this market in product segment as they hold the highest market share in 2024.
• Application Segment Insights: Cardiovascular applications are projected to dominate this market in terms of application as they hold 31.5% of the market share in 2024.
• End User Segment Insights: Hospitals are anticipated to dominate this market as they are projected to hold 41.1% of the market share in 2024.
• Regional Insights: North America is expected to have the largest market share in this market with a share of about 40.3% in 2024.
• Global Market Value: The market is growing at a CAGR of 9.3 percent over the forecasted period.

Latest Trends

• Technological Advances: Innovative drug delivery systems, such as smart inhalers and automated insulin pumps, are some factors increasing market growth. Their help in minimizing the noncompliance rate of patients and offering advanced therapeutic results enhances the treatment more active and individualistic.
• Increasing Prevalence of Chronic Diseases: The increase in chronic diseases like diabetes, cardiovascular diseases, and respiratory disorders, among others, boost the demand for combination products. These products grant effective management solutions, decrease hospital admissions for chronic diseases, and improve the quality of life of such patients.

Drug-Device Combination Products Market: Competitive Landscape

The drug-device combination products market is consolidated like a business, focusing on innovation and strategic alliances among major players. Major players identified in the market include product offerings from Medtronic, Abbott Laboratories, and Boston Scientific. Most of the key players are looking for opportunities through inorganic means thereby increasing their presence in the market by acquiring small and domestic enterprises. The competitive landscape is therefore marked by the continuous flow of new technologies and the introduction of new combination products in search of better patient outcomes and to meet new emerging demands from the healthcare sector.

Some of the prominent market players:

• Abbott
• Terumo Medical Corporation
• Stryker
• Viatris Inc.
• Medtronic
• Boston Scientific Corporation
• Novartis AG
• Becton, Dickinson and Company.
• Teleflex Incorporated
• W. L. Gore & Associates, Inc.
• Sensely, Inc.
• Other Key Players

Transform your business approach with strategic insights from our report. Get in touch to request our brochure today! :

Drug-Device Combination Products Market Scope

Report Highlights	Details
Market Size (2024)	USD 174.4 Bn
Forecast Value (2033)	USD 389.7 Bn
CAGR (2024-2033)	9.3%
North America Revenue Share	40.3%
The US Market Size (2024)	USD 59.1 Bn
Historical Data	2018 - 2023
Forecast Data	2024 - 2033
Base Year	2023
Estimate Year	2024
Segments Covered	By Product, By Application, By End User
Regional Coverage	North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

Growth Drivers

• Growth of the global aging population and associated rise in chronic conditions result in advanced drug-device combination products. Modern drug-device combination products offer improved efficiency and user convenience, positively impacting the elderly population.
• Easy regulatory pathways along with supportive policies of respective governments are facilitating faster approvals to newer combination products. When products are launched new, these features encourage market players to innovate and launch new products into the markets.

Restraints

• The costs involved in research and development activities related to combination products are remarkably much higher, which poses one of the biggest barriers to entering the market. A huge number of small and medium-sized enterprises are scarcely able to stay in business with these kinds of financial requirements.
• The complex and vague scenario of regulations for combination products complicates the situation, as companies have to adhere to strictly filed guidelines of multiple regulatory bodies. This often leads to delays in product approvals and, consequently, in market entry.

Growth Opportunities

• Few such untapped markets are currently emerging in the emerging markets located in the regions of Asia-Pacific and Latin America and have a high growth potential. Market expansion in these regions is derived from an increase in healthcare expenditure, improvement in healthcare infrastructure, and increasing awareness of advanced treatment options.
• The rising trend toward an increasing number of such, drugs, devices, or combination products that target a certain patient need or treatment approach; for example, drugs that allow custom doses, or targeted drug delivery devices that can be tailored to patients' specific needs.

Elevate Your Business Strategy: Access Key Insights with Our Report - Get It Today!

Market Analysis

Cardiovascular applications are anticipated to dominate this market as it holds 31.5% of the market share in 2024 as drug-device combination products are limiting the prevalence of debilitating illnesses among individuals today. Areas such as heart failure, arrhythmias, hypertension management, and coronary artery diseases are some major fields where combination products such as drug-eluting stents and advanced infusion pumps are heavily used. Combination products within the cardiovascular segment shall provide highly effective but minimally interventional treatment options which shall help to increase significantly the number of patient returns as well as decrease hospitalization times. What gives this segment the ruling position is the fact that this product results in the continuous innovation of cardiovascular combination products, with strong R&D activities and huge investments in this regard.

Drug-Device Combination Products Market Segmentation

By Product

• Infusion Pumps
  • Volumetric Pumps
  • Disposables Pumps
  • Syringes
  • Ambulatory Pumps
  • Implantable Pumps
  • Insulin Pumps
• Orthopedic Combination Products
  • Bone Graft Implants
  • Antibiotic Bone Cement
• Transdermal Patches
  • Nicotine Patches
  • Hormone Patches
  • Pain Relief Patches
  • Cardiovascular Patches
• Drug Eluting Stents
  • Coronary Stents
  • Peripheral Vascular Stents
• Inhalers
  • Dry Powder
  • Nebulizers
  • Metered Dose
  • Wound Care Products
• Antimicrobial Catheters
  • Urological
  • Cardiovascular
  • Others
• Other Products

By Application

• Cardiovascular
  • Hypertension Management
  • Heart Failure
  • Coronary Artery Disease
  • Arrhythmias
• Diabetes
  • Blood Glucose Monitoring
  • Insulin Delivery
  • Continuous Glucose Monitoring (CGM)
• Cancer Treatment
  • Chemotherapy Delivery
  • Photodynamic Therapy
  • Targeted Drug Delivery
• Respiratory Diseases
  • Asthma Management
  • Chronic Obstructive Pulmonary Disease (COPD)
  • Cystic Fibrosis
• Other Application

By End-User

• Hospitals
• Ambulatory Surgical Centers
• Home Care Setting
• Other End User

Request Your Exclusive Sample Report

Regional Analysis

North America is projected to dominate this market as it hold 40.3% of the market share in 2024 and it is well-equipped with infrastructure in healthcare and higher healthcare expenditure with the presence of key market players. The better regulatory framework provided ensures clarity through the guidelines for rapid commercialization of innovative combination products. The high prevalence rate of chronic diseases and the growing demand for minimally invasive treatment lead to the growth in the market. Increasing research and development activities with huge investments in the region further enhance the leading position in the world market.

By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

Recent Developments in the Drug Device Combination Products Market

• July 2024: Johnson & Johnson launched a new drug-eluting stent with enhanced drug delivery technology for improved patient outcomes in coronary artery disease.
• June 2024: Medtronic announced the FDA approval of its latest smart insulin pump, designed to offer real-time glucose monitoring and automated insulin delivery.
• May 2024: Abbott Laboratories introduced a next-generation transdermal patch for pain management, incorporating advanced materials for better drug absorption and patient comfort.
• April 2024: Boston Scientific Corporation completed the acquisition of a leading orthopedic combination products company, expanding its product portfolio in bone graft implants and antibiotic bone cement.
• March 2024: Becton, Dickinson, and Company received CE marking for its new antimicrobial catheter, designed to reduce infection rates in urological and cardiovascular applications.
• February 2024: Collaboration between Pfizer and a biotech startup to develop a novel photodynamic therapy device for targeted cancer treatment.
• January 2024: FDA approved a new inhaler by GlaxoSmithKline for COPD management, featuring an innovative drug formulation and delivery mechanism.

Discover additional reports tailored to your industry needs

• The Degenerative Disc Disease Treatment Market is expected to grow from USD 34.0 billion in 2024 to USD 66.2 billion by 2033 , at a CAGR of 7.7%.
• The Automatic Pill Dispenser Machine Market is projected to expand from USD 4.5 billion in 2024 to USD 9.3 billion by 2033, with a CAGR of 8.5%.
• The Urgent Care Apps Marke is set to grow from USD 3.3 billion in 2024 to USD 80.3 billion by 2033, at a CAGR of 42.5%.
• The Automated Data Processing Market is expected to grow from USD 1.93 billion in 2024 to USD 9.71 billion by 2033, with a CAGR of 19.7%.
• The Cholesterol Testing Market is projected to expand from USD 109.8 billion in 2024 to USD 247.5 billion by 2033, at a CAGR of 9.4%.
• The Acute Kidney Injury Treatment Market is expected to grow from USD 1.94 billion in 2024 to USD 3.82 billion by 2033, with a CAGR of 7.8%.
• The Blood Sensor Market is set to grow from USD 12.6 billion in 2024 to USD 28.4 billion by 2033, at a CAGR of 9.4%.
• The Veterinary Monitoring Equipment Market is projected to expand from USD 2.53 billion in 2024 to USD 5.91 billion by 2033, with a CAGR of 9.9%.

About Dimension Market Research (DMR):

Dimension Market Research (DMR) is a market research and consulting firm based in India & US, with its headquarters located in the USA (New York). The company believes in providing the best and most valuable data to its customers using the best resources analysts work, to create unmatchable insights into the industries, and markets while offering in-depth results of over 30 industries, and all major regions across the world. We also believe that our clients don't always want what they see, so we provide customized reports as well, as per their specific requirements to create the best possible outcomes for them and enhance their business through our data and insights in every possible way.

CONTACT: Contact Data Website - Email- ... Call us- +1 732 369 9777, +91 88267 74855

MENAFN07102024004107003653ID1108754067