April 22, 2024

Drug Device Combination Products Market Driven by Innovation in Technology

These combination products combine drugs with devices such as inhalers, injectables, and infusion pumps to improve drug delivery. They provide enhanced efficacy, safety, and convenience to users.

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 drug device combination products market include 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, and Versalis (Eni S.p.A.). Key players are focusing on product innovation and development of advanced technologies to improve the effectiveness of combination products.

The growing prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases is driving the demand for drug delivery devices. Combination products help improve patient compliance by combining drugs and devices and providing point-of-care treatment delivery. Various medical device companies are also collaborating with pharmaceutical manufacturers to develop advanced combination products.

The global market for drug device combination products is expanding due to increasing demand from emerging countries in Asia Pacific, Latin America, and Africa. Key players are focusing their efforts on expanding their presence in high growth markets through acquisitions and collaborations with local players.

Market Drivers

The drug device combination products market is driven by continuous innovation in drug delivery technologies. New technologies such as prefilled syringes, auto-injectors, and inhalers are being developed to provide more efficient delivery of drugs. Combination of drugs with sophisticated delivery devices helps achieve controlled, targeted and sustained release of medications. This enhances the efficacy of treatment and compliance for chronic conditions. Use of combination devices helps avoid multiple dosing and improves convenience for patients.

Geopolitical Situation’s Impact on Market Growth

The Global Drug Device Combination Products Market Size  is facing a few challenges due to ongoing geopolitical instabilities across regions. The tensions between Ukraine-Russia, China-Taiwan have disrupted supply chains impacting raw material procurement for manufacturers. Additionally, export restrictions imposed by countries during conflicts make it difficult to meet international demand. The capital investments in new facilities and operations have also been postponed by major players as an uncertain global environment raises business risks. To address such challenges, companies will need diverse sourcing strategies and flexibility in manufacturing footprints. They should focus on establishing a stable supplier network across multiple regions to mitigate supply risks. Drug Device Combination Products players also require contingency plans to shift production during difficult market conditions. Collaborating with regional authorities to streamline trade policies can help restore growth momentum.

Concentration of Market by Geographical Regions

The North America region accounts for the largest share in value terms for the Drug Device Combination Products market currently. This is attributed to high demand for combination products from major therapeutic sectors like oncology and diabetes. The presence of leading research institutes and healthcare infrastructure has encouraged continuous innovations. Countries like the US and Canada have favorable regulations and funding avenues to fast-track the development and commercialization of novel combination therapies. Stringent quality standards ensure patient safety further boosting market sales. Asia Pacific is emerging as the fastest growing regional market due to a rising patient population, growing medical expenditures, and increasing collaborations between global companies and local manufacturers.

Fastest Growing Region for the Market

The Asia Pacific region is poised to witness the fastest growth in the Drug Device Combination Products market during the forecast period. This growth can be attributed to rising healthcare investments by governments across developing nations like India and China. There is a growing prevalence of chronic disorders coupled with improving access to advanced therapies. Regulatory reforms aim to accelerate market approval timelines. Asia Pacific also provides cost advantages for outsourcing manufacturing. The presence of a skilled workforce and adoption of new technologies by regional players will help Asia Pacific emerge as an important manufacturing and sales hub. Overall, the developing healthcare infrastructure, increasing medical standards, growing middle-class population seeking quality care makes Asia Pacific an attractive market for Drug Device Combination Products

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it