Market Analysis
The global drug device combination market size is predicted
to grow USD 293.81 billion by 2030 at a whopping 7.2% CAGR over the assessment
period 2023-2030. Drug-device combination products relate a drug with that of a
medical device to bridge various regulatory frameworks (device or drug). This
can be a single product having several components such as drug-eluting stents,
transdermal patches or products that are separately packed yet intended for use
exclusively with a definite counterpart. Drug-device combination products offer
an array of advantages namely targeted drug delivery, improved patient
compliance, controlled drug administration and minimal side effects. Owing to
its increased sophistication and different advantages, drug device combination
products are widely adopted all across the medical sector.
There are
plentiful factors that is boosting the growth of the drug device combination market. These factors as per the Market
Research Future (MRFR) report include increasing incidences of urology,
prostate cancer, diabetic neuropathy, colorectal cancer, respiratory problems
and cardiovascular diseases, growing healthcare expenditure, increasing awareness
of market products, growing geriatric population, technological advancements in
the drug-device combination product, increase in homebased healthcare market,
high market potential, and increase in healthcare expenditure. On the contrary,
side effects, existence of low-income countries, soaring price of products,
strict government rules for the approval of these devices and errors and
post-complications leading to various product recalls are factors that may
deter drug device combination market growth.
Key Players
Drug device combination market players profiled in the industry
include Zimmer Holding, Inc, Wright Medical Group, Inc., Stryker Corporation,
St. Jude Medical Inc, Smith & Nephew Plc, Covidien Ltd, Cook Critical Care,
Inc., C.R. BARD, Inc., Boston Scientific Corporation, Biotronik, Biometrix
Medical, Biomet Orthopedics, Inc, AlloSource, Abbott Laboratories, 3M, and
others.
Market Segmentation
MRFR
report provides an extensive segmental analysis of the drug device combination market on the basis of product,
application and end-users.
Based on
product, it is segmented into advanced wound care products, catheter and
others. Catheter is again segmented into wound drainage catheter,
thermodilution catheters, oximetry catheters, cardiovascular catheters,
urological catheters, antimicrobial catheter and others. Advanced wound care
products are again segmented into photodynamic therapy, drug eluting stents,
antibiotic bone cements, bone graft substitutes and antibiotic wound care. Bone
graft substitutes is again segmented into cell-based bone graft substitutes,
allograft-based bone graft substitutes, ceramic based bone graft substitute and
others.
Based on
application, the drug device combination market
is segmented into ophthalmic treatment, wound care, antimicrobial applications,
bone treatment, peripheral arterial disease, non-cardiovascular treatments,
tachycardia management, coronary angioplasty and others.
Based on end-users, it is segmented into academic and
research organization, ambulatory centers, hospitals and clinics and others.
Regional Analysis
By
region, the drug device combination market insights covers growth opportunities and latest
trends across the Americas, Europe, Asia Pacific and Middle East and Africa. Of
these, the Americas will sway the market over the assessment period owing to
increasing incidence of cardiovascular diseases, presence of key market
players, developed healthcare sector in Canada and the US, high healthcare expenditure
and suitable reimbursement policies. In the European region, the drug device combination market will have the second
major share due to huge patient pool, presence of developed economies,
increasing awareness about the device and presence of healthcare infrastructure
that is well-developed. In the APAC region, the drug device combination market
is expected to grow at the fastest pace owing to growing support from the
government for foreign investments, growing healthcare sector and growing penetration
of market players here. On the other hand, the drug device combination market
in the Middle East and Africa will have minimal share in the market owing to
low per capita income and presence of poor economies. The Middle East is
anticipated to have a major share in the drug device combination market owing
to presence of developed economies such as Dubai, Saudi Arabia, United Arab
Emirates and others and increasing funds made by the government in the
healthcare sector.
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