by The global drug device combination product market is estimated to be valued at US$127.8 billion in 2022 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Drug device combination products refer to medical devices that combine a drug component with a medical device component. These products offer several advantages such as improved patient compliance, enhanced efficacy, and targeted drug delivery. The increasing prevalence of chronic diseases, growing geriatric population, and advancements in healthcare technology are driving the demand for drug device combination products. These products address the need for integrated therapeutic solutions, minimizing the need for separate drug administration and medical device usage. Key market players include AbbVie Inc., Terumo Corporation, GlaxoSmithKline PLC, Novartis AG, Medtronic PLC, Abbott Laboratories, Boston Scientific Corp., W L Gore and Associates Inc., Stryker Corporation, and Becton, Dickinson and Company.
Market Key Trends:
One key trend in the drug device combination product market is the rising adoption of personalized medicine. Personalized medicine aims to tailor the medical treatment to the individual characteristics of each patient, considering their genetic makeup, lifestyle, and environment. Drug device combination products play a crucial role in personalized medicine by enabling targeted drug delivery and individualized therapeutic solutions. This trend is driven by advancements in genetic testing, molecular diagnostics, and data analytics, which allow for a more precise understanding of patient needs and treatment outcomes. As healthcare systems strive to provide more efficient and effective treatments, the demand for personalized medicine and drug device combination products is expected to grow significantly in the coming years.
Porter’s Analysis
Threat of new entrants: The drug device combination product market is highly regulated and requires significant investments in research and development, manufacturing capabilities, and obtaining regulatory approvals. Thus, the threat of new entrants is low.
Bargaining power of buyers: The buyers in the drug device combination product market, such as hospitals and clinics, have significant bargaining power due to the availability of alternative products and the high competition among the key players. This gives them the ability to negotiate for lower prices, better terms, and superior product quality.
Bargaining power of suppliers: The suppliers of raw materials and components in the drug device combination product market have moderate bargaining power. This is primarily due to the presence of multiple suppliers and the ability of the key players to switch between suppliers based on cost and quality considerations.
Threat of new substitutes: The threat of new substitutes in the drug device combination product market is relatively low. This is because drug device combination products provide unique therapeutic benefits that cannot be easily replicated by other treatment options.
Competitive rivalry: The drug device combination product market is highly competitive, with several key players vying for market share. The competition is primarily based on factors such as product quality, efficacy, safety, pricing, and innovation.
Key Takeaways
The global Drug Device Combination Product Market Scope is expected to witness high growth, exhibiting a CAGR of 8.9% over the forecast period from 2023 to 2030. This growth can be attributed to the increasing prevalence of chronic diseases, advancements in medical technology, and the need for improved patient outcomes.
In terms of regional analysis, North America is anticipated to be the fastest-growing and dominating region in the drug device combination product market. This can be attributed to the presence of a well-established healthcare infrastructure, high healthcare expenditure, and a large patient population.
Key players operating in the drug device combination product market include AbbVie Inc. (Allergan), Terumo Corporation, GlaxoSmithKline PLC, Novartis AG, Medtronic PLC, Abbott Laboratories, Boston Scientific Corp., W L Gore and Associates Inc., Stryker Corporation, and Becton, Dickinson and Company. These key players are focusing on product development, strategic collaborations, and mergers and acquisitions to strengthen their market position and expand their product offerings.
In conclusion, the drug device combination product market is expected to experience significant growth in the coming years. The market is characterized by intense competition, with key players striving to innovate and meet the increasing demand for effective and safe therapeutic solutions. The dominance of North America and the presence of established players further contribute to the market’s growth prospects.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
