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Drug Device Combination Products Market Size

Report ID: GMI9674
Published Date: May 2024
Report Format: PDF

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Drug Device Combination Products Market Size

Drug Device Combination Products Market was valued at around USD 134 billion in 2023 and is projected to observe around 7.8% CAGR from 2024 to 2032. Drug-device combination products are therapeutic or diagnostic products that combine a drug, biological, or biotechnological substance with a medical device. These products are designed to deliver drugs or biological substances to patients through various routes of administration, such as oral, transdermal, inhalation, or implantation, using specialized medical devices.

Drug Device Combination Products Market

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Continuous advancements in both drug and medical device technologies drive innovation in drug-device combination products. New materials, manufacturing processes, and delivery mechanisms enable the development of more efficient, precise, and patient-friendly products. The increasing prevalence of chronic diseases such as diabetes, cardiovascular diseases, respiratory disorders, and cancer drives the demand for innovative treatment options, including drug-device combination products. These products provide effective and targeted therapies for managing chronic conditions.

Drug Device Combination Products Market Report Attributes
Report Attribute	Details
Base Year:	2023
Drug Device Combination Products Market Size in 2023:	USD 134 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	7.8%
2032 Value Projection:	USD 261.1 Billion
Historical Data for:	2021 – 2023
No. of Pages:	230
Tables, Charts & Figures:	270
Segments covered:	Product, Application, End-use, and Region
Growth Drivers:	Increasing demand for minimally invasive drug delivery devices Technological advancements Increasing prevalence of chronic diseases
Pitfalls & Challenges:	High cost associated with drug device combination products Technical challenges in drug delivery

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Furthermore, regulatory agencies such as the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) have established guidelines and pathways for the approval and marketing of drug-device combination products. Clear regulatory pathways and support for innovation encourage investment and development in this sector.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The market size of drug device combination products was reached USD 134 billion in 2023 and is expected to register 7.8% CAGR from 2024 to 2032, owing to the continuous advancements in both drug and medical device technologies driving innovation in drug-device combination products worldwide.

Drug device combination products market from the transdermal delivery systems segment is expected to reach USD 63.2 billion by 2032 due to offering a convenient and non-invasive route of drug administration, which can improve patient compliance.

The U.S. drug device combination products industry is estimated to cross USD 81 billion by 2032 due to technological advancements, regulatory compliance, patient safety concerns, and operational efficiency needs in the region.

Boston Scientific Corporation, GlaxoSmithKline plc, Johnson & Johnson, Kaleo, Inc., Medtronic plc, Novartis AG, SINOMED, Smith & Nephew plc, Teleflex Incorporated, and Teva Pharmaceutical Industries Ltd., are some of the major drug device combination products companies worldwide.