Drug device combination products aim to combine pharmaceutical and medical device technologies to develop innovative treatment methods with advantages of both the domains. These combinations allow for targeted drug delivery with sustained release mechanisms and convenient self-administration by patients. Pen injectors, auto injectors, nebulizers, inhalers and infusion pumps are some of the major medical device technologies combined with pharmaceutical formulations to produce combination products with superior clinical efficacy.
The 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 2031.
Key Takeaways
Key players operating in the Drug Device Combination Products are 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, Versalis (Eni S.p.A.).
Growing population suffering from Drug Device Combination Products Market Trends Advanced drug delivery mechanisms offered by these products help improve patient compliance and clinical outcomes. Key companies are also expanding their manufacturing facilities across regions to cater to the rising global demand.
Market key trends
One of the major trends in the drug device combination products market is the growing development of auto injectors for targeted delivery of biologics. Auto injectors allow for self-administration of drugs without requiring handing skills and are increasingly being utilized for delivery of large molecule biologics and peptides which are unstable and have short shelf lives. Advancements in material engineering is allowing development of combination products with miniaturized and integrated delivery systems facilitating on-the-go administration in emergency situations.
Porter’s Analysis
Threat of new entrants: New players Drug Device Combination Products Market Size And Trends face high capital requirements especially for R&D activities required to meet stringent regulations thereby limiting new entrants.
Bargaining power of buyers: Few large buyers have bargaining power due to their ability to easily source products from existing players or develop alternatives.
Bargaining power of suppliers: The presence of a large number of suppliers reduces individual supplier power over pricing and terms.
Threat of new substitutes: New drug delivery technologies pose substitution threat to existing drug and device combination products.
Competitive rivalry: Intense completion exists among established players to develop combo products for new indications and gain market share.
Geographical regions
North America holds the largest share of the drug device combination products market in terms of value owing to highest adoption of advanced products and presence of major players in the region.
Asia Pacific is expected to grow at the fastest pace during the forecast period attributed to rising healthcare spending, increasing disease prevalence and growing medical devices industry in emerging countries such as China and India.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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