The development of combination products leads to better management of chronic disorders, reduces the levels of pain, minimizes hospital stays, and provides better healthcare cost efficiency. In addition, technological advancements in combination products such as prefilled syringes and soft mist inhalers, also boost the market growth.
According to a new report published by Allied Market Research, titled, Drug-Device Combination Products Market, by Product, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2018-2025," the market was valued at $81,374 million in 2017, and is projected to reach $139,193 million in 2025, registering a CAGR of 6.9% from 2018 to 2025.
The drug-device combination products are defined as a medical device and a pharmaceutical drug that are used in combination for the treatment of various chronic disorders. The medical device is used to deliver the drug at the site of action in a patient's body. The active pharmaceutical ingredient is mostly mixed chemically or physically, and the resulting solution is used. These combination products are used to treat as well as diagnose clinical conditions.
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North America accounted for a major share in the global drug-device combination products in 2017 and is expected to maintain this trend throughout the forecast period. This is attributed to rise in prevalence of chronic disorders, increase in awareness among patients about cost-effective combination devices, and availability of advanced healthcare facilities in the North American countries. However, Asia-Pacific is expected to grow at the fastest rate, owing to numerous growth opportunities in terms of unmet medical needs for the treatment of burns & surgical wounds and surge in prevalence of chronic diseases such as diabetes mellitus.
Increase in incidence rate of chronic diseases, such as diabetes mellitus, cancer, wounds, and respiratory problems, and rise in global geriatric population are expected to fuel the growth of the global drug-device combination products market. In addition, innovation in combination products such as introduction of prefilled syringes and transdermal patch drive the market growth.
Moreover, development of cost-effective combination devices and rise in awareness among patients regarding home healthcare products are expected to boost the market growth. However, unnoticed complications by the use of these devices and stringent governmental regulations hamper the market growth. Conversely, high market potential in the untapped emerging economies and rise in healthcare infrastructure are expected to provide potential growth opportunities during the forecast period.
Among the products, the transdermal delivery systems segment generated the highest revenue in the global market, owing to the ability of these devices to help heal various disorders. Also, these systems exhibit vast area of applications, which in turn boosts the market growth. The prefilled syringes segment is projected to grow at the highest CAGR. Prefilled syringes are used to deliver medications with improved accuracy, affordability, efficacy, convenience, sterility, safety, and accessibility, which boosts the market growth during the forecast period.
By application, the antimicrobial applications segment is projected to grow with the highest CAGR, due to rise in prevalence of chronic wounds such as diabetic foot ulcers, which in turn increases the demand for effective wound dressings. Considering applications, the respiratory problems segment holds the major share in the market, due to high availability and adoption of inhalers and nebulizers.
Based on the end-user segment, hospital & clinic occupied a major share of the market, as they provide better diagnosis and treatment of chronic disorders. The ambulatory surgical center segment is expected to exhibit high growth rate during the forecast period.
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