Yahoo Finance Drug Device Combination Market Size Worth USD 251.90 Billion by 2030 at 7.2% CAGR - Report by Market Research Future (MRFR)
Drug Device Combination Market Trends and Insights by Product (catheter, antimicrobial applications, advanced wound care products), Application (coronary angioplasty, tachycardia management), End user (hospitals & clinics), Competitive Market Growth, Size, Share and Forecast to 2030
New York, USA, May 26, 2022 (GLOBE NEWSWIRE) -- Drug Device Combination Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Drug Device Combination Market Information by Product, Application, End User and Region - Forecast till 2030", the market is expected to reach USD 251.90 Billion by 2030 at 7.2% CAGR.
Market Synopsis
Drug device combination devices are widely used to treat disorders such as cardiovascular diseases. The global burden of cardiovascular disease, urological disease, and others has increased in recent years. Medical devices that comprise a device and active pharmaceutical components that are chemically or physically combined as a "single-entity" are known as drug-device combination products. Due to precise medication delivery, local administration, and personalized treatment, these solutions result in safer, more effective management and treatment of various illnesses. The most common are drug-eluting stents, transdermal delivery systems, infusion pumps, inhalers, prefilled syringes, and other drug-device combo items. These cutting-edge products are being used to control and treat many chronic illnesses, including cancer, respiratory problems, cardiovascular problems, wound repair, and diabetes.
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Report Scope:
Report Attribute | Details |
Market Size | USD 251.90 Billion |
CAGR | 7.2% |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2020 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Product, Application, End user |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Market Drivers | Growing healthcare expenditure and rising awareness for the disease |
Increasing R&D expenses by the key players |
Drug Device Combination Market Competitive Landscape:
The central contenders in the drug device combination market are
C.R. BARD, Inc.
Cook Critical Care, Inc.
3M
Stryker Corporation
Wright Medical Group, Inc.
Zimmer Holding, Inc
Abbott Laboratories
AlloSource
Biomet Orthopedics, Inc.
Biometrix Medical
Biotronik
Boston Scientific Corporation
Covidien Ltd,
Smith & Nephew Plc
St. Jude Medical Inc
Drug Device Combination Market USP Covered:
Market Drivers
The global medication device combination market is driven by rising healthcare spending, increased disease awareness, and increased R&D expenditures by crucial companies. Players in the global drug-device combination products market are projected to benefit from the development of cloud-based data management software in combination products. The rise in occurrence of chronic diseases such as cancer, diabetes, and breathing issues, as well as an increase in casualties due to accidents and trauma, a rise in the aged population, growth in the home-based healthcare market, and technical advances such as the development of prefilled syringes, are driving the global drug-device combination products market.
The accompanying benefits of lower pain intensity, better patient results, shorter hospital stays, and total healthcare cost-efficiency have all contributed to the increased acceptance of these devices. Synergistic effects that facilitate multi-target treatment, reduced tolerance levels, dose regimen simplicity, and enhanced symptomatic and pharmacokinetics are among the other benefits. These advantages are projected to drive the need for these devices and provide several potential prospects for the industry.
Drug Device Combination Market Restraints:
Conversely, the market is likely to benefit from increased healthcare infrastructure and significant market potential in underdeveloped emerging economies. Infection risk is increased by drug-device combo products, which is predicted to slow market growth. Stent infection is uncommon; however, it is associated with a high morbidity and mortality rate. Rising product recalls are likely to limit the worldwide drug-device combination products market's growth during the forecast period. Due to their antiproliferative actions, drug-eluting stents (DES) have a higher chance of infection than bare-metal stents (BMS). However, the market expansion is limited by high product prices, negative impacts, and the existence of low-income countries in emerging economies.
Drug Device Combination Market COVID 19 Analysis
The COVID-19 epidemic has had a significant impact on the private healthcare industry. During the forecast period, the worldwide drug-device combination products market is hampered by the COVID-19 pandemic. The COVID-19 epidemic and subsequent lockdowns in numerous countries around the world have impacted enterprises of all types. Furthermore, due to the COVID-19 pandemic, participants in the worldwide drug-device combination products market are experiencing severe challenges on multiple fronts. The supply of raw materials for producing medication formulations is complex because of transportation facility inconsistencies. Also, goods distributors are encountering erratic demand from retailers due to an expanding patient population dealing with COVID-19 and other life-threatening conditions.
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Drug Device Combination Market Segmentation
Based On Product
The catheter segment is estimated to gain traction in the forecast period.
Based On Application
The coronary angioplasty segment will gain significant momentum in the upcoming period.
Based On End User
In the projected term, the hospitals & clinics sector is expected to capture the largest share of the entire market. Clinics are also projected to dominate the worldwide drug-device combination market because they can detect disease and provide effective extended treatment with the help of doctors in underdeveloped countries.
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Drug Device Combination Market Regional Insights
Due to the sheer rising number of cardiovascular disorders and key market players in the region, the Americas controlled the drug device combination market. Furthermore, favorable reimbursement rules, large healthcare expenditures, and a developed healthcare industry in the United States and Canada contribute to the market's growth. Due to well-established healthcare infrastructure, increased awareness of devices within the region, and advanced economies, Europe was expected to rank second in the global medication device combination throughout the forecast period. Furthermore, the drug device combination market benefits from a vast patient pool.
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The Asia-Pacific area was predicted to be the quickest expanding. This is attributable to increased market penetration by regional market participants, a developing healthcare sector, and increased government backing for international investments. The Middle East and Africa, on the other hand, had the smallest share of the global drug device combination market due to underdeveloped economies and low per capita income, particularly in Africa. The Middle Eastern region is expected to be a significant market for the Middle East and Africa.
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