by The drug device combination products market is driven by technological advancements in medical devices. drug device combination products are medicinal products that include both a drug and a medical device and are often used for delivery of pharmaceutical compounds. These products combine drugs and delivery devices to provide optimized drug therapies. Some examples include drug-eluting stents, drug-coated sutures, and asthma inhalers that contain bronchodilators. The benefits of drug device combination products include improved patient compliance as multiple dosage forms are combined into one product, targeted drug delivery to areas of the body, and consistent dosing of pharmaceutical agents.
The global drug device combination products market is estimated to be valued at US$ 150.23 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the drug device combination products market size is the growing demand for smart drug delivery systems. Smart drug delivery systems utilize technologies like microchips, nanotechnology, 3D printing and smart sensors to improve drug delivery efficiency and safety. These systems can sense physiological parameters and release drugs based on pre-programmed instructions. For example, insulin pumps with glucose monitors help regulate insulin release based on blood sugar levels. Such smart drug delivery systems provide automated, targeted drug administration leading to better clinical outcomes. This increases patient preference and uptake of combination products equipped with smart delivery technologies.
Porter’s Analysis
Threat of new entrants: The biopharma industry has high capital requirements and stringent regulations which create barriers for new companies.
Bargaining power of buyers: Buyers have moderate bargaining power as Drug Device Combination Products have applications in critical areas like healthcare. However, buyers can negotiate on price and contract terms.
Bargaining power of suppliers: A few major players dominate the supply chain which gives them strong bargaining power over buyers in terms of price and quality standards.
Threat of new substitutes: New combinations and treatments in drug delivery systems pose threats of substitutes. Tech innovations help reduce this threat through product differentiation.
Competitive rivalry: Being a specialized market, competition is concentrated among major players. Companies compete on innovation, quality, and patient outcomes to gain market share.
Key Takeaways
The global Drug Device Combination Products market is expected to witness high growth. North America region currently dominates the market due to presence of major players and advanced healthcare infrastructure. Growing demand for personalized medicine and home healthcare is boosting the regional market growth. The global drug device combination products market is estimated to be valued at US$ 150.23 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
Asia Pacific region is expected to grow at fastest pace during the forecast period. Increasing healthcare expenditure, rise of medical tourism, and expanding base of pharma companies are propelling the APAC Drug Device Combination Products market.
Key players operating in the Drug Device Combination Products market are IBM Corp. (TRIRIGA), Figbytes Inc., Schneider Electric, Gensuite LLC, SAP SE, Envizi, ICONICS, Inc., Ecova, Inc. Urjanet, Verisae, Inc., Thinkstep, UL EHS Sustainability, Enablon, Sphera, CA Technologies, and Accuvio. Major players are focusing on innovations in drug delivery systems and collaboration with regional market players to strengthen their market position.
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