Drug Device Combination Market is expected to reach USD 177.7 billion by 2024

The drug device combination market is expected to reach USD 177.7 billion by 2024, according to a new study by Grand View Research, Inc. The drug device combination market is primarily driven by exponential growth in the production of advanced drug delivery devices coupled with the growing chronic disease burden, which is anticipated to be one of the primary factors to accelerate the overall demand of the market throughout the forecast period. The unprecedented adoption rate of these products is also believed to be a consequence of its inherent benefits over the traditional pharmacological alternatives to deliver therapeutics, which in turn influences pharmaceutical, biotechnology, and medical device companies to work toward further developing these products for subsequent commercialization.

As a consequence of the high patient and physician demand, it is observed that regulatory agencies have developed specific competencies and regulations for combination product manufacturers. The regulatory healthcare agencies across the globe, notably the Pharmaceuticals Medical Devices Agency, Japan and the U.S. FDA, require manufacturers to gain deep insights pertaining to specific patient requirements in numerous countries to ensure accurate and timely market access to the drug device combination products. In addition, these regulatory bodies ensure the development of sophisticated combination products for enhanced drug delivery with a high safety level. Such heightening sophistication in the overall manufacturing process is believed to accentuate the demand for combination products and encourage high participation by the pharmaceutical and medical device companies.

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http://www.grandviewresearch.com/industry-analysis/drug-device-combination-market

Further key findings from the study suggest:

• Segment with transdermal patches held the dominant share of over 35.0% in the product segment in 2015. The substantial share can be attributed to the consistent technological advancements that present this drug delivery mode with benefits over conventional treatment methods. 
• Inclusion of third-generation iontophoresis and microneedle technology, matrix-controlled transdermal systems, and thermo effectors in transdermal patches are some of technological innovations contributing toward the segment share
• Inhalers are anticipated to grow at a profitable rate throughout the forecast period owing to the rising prevalence of asthma and COPD coupled with the surging awareness of innovative therapies including controlled or programmable drug dosing
• Thenebulizers are expected to grow at a lucrative rate during the forecast period owing to easy drug administration with active pharmaceutical ingredients delivered in the form of fine mist. This facilitates direct delivery of therapeutics to the lungs, which proves to be the most convenient way of providing medication to infants and toddlers, thereby propelling the demand for nebulizers during the forecast period.
• In 2015, North America dominated the regional drug device combination vertical with a share of over 42.0%. The dominant share is a consequence of high investment in the R&D sector of advanced drug delivery technologies, the resultant technological advances in this space, and the subsequent high adoption of innovative combination products owing to convincing therapeutic outcomes.
• Asia Pacific is expected to witness growth at an exponential CAGR during the forecast period. The exponential growth rate is attributed to the increasing healthcare spending, improving infrastructure quality pertaining to drug development and discovery, increasing outsourcing manufacturing activities, and the adoption of compact and low cost techniques.
• The key players are consistently employing new product development and collaborative strategies to attain a higher share and gain a competitive advantage in the sector. For instance, in August 2016, W.L. Gore & Associates, Inc. announced the FDA approval of its dual-component stent, GORE TIGRIS vascular stent with a fluoropolymer/nitinol design.
• The aforementioned product launch was carried out to expand options for the treatment of peripheral artery disease, which allows easy insertion and better clinical outcomes, even in a challenging anatomy