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Drug-Device Combination Market Report 2024-2033 - Key Insights & Trends
Drug-Device Combination Market Report
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According to The Business Research Company's, The drug device combination market size has grown rapidly in recent years. It will grow from $120.37 billion in 2023 to $134.41 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to increasing medical innovation, rise in chronic diseases, patient-centric approaches, advances in biologics, challenges of monotherapy,clinical needs.
The drug device combination market size is expected to see rapid growth in the next few years. It will grow to $205.86 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to patient empowerment and engagement, healthcare digitalization, global market expansion, emergence of novel therapies, value-based healthcare. Major trends in the forecast period include therapeutic advancements, complex disease management, patient-centric care, technological innovations, regulatory support.
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Market Drivers and Trends:
An increase in casualties owing to accidents is expected to propel the growth of the drug-device combination market going forward. Accidents are unforeseen events or unplanned incidents that result in unintended harm, damage, injury, or loss, often caused by a combination of factors such as human error, negligence, environmental conditions, or mechanical failure. The use of drug-device combinations plays a crucial role in managing and preventing accidents by delivering targeted medical interventions and enhancing patient safety. For instance, in 2021, according to the data on all reportable motor vehicle collisions by Statistics Canada, a Canada-based government agency, in 2021, there were 1,768 motor vehicle fatalities in Canada, reflecting a 1.3% increase from the previous year's count of 1,746. Therefore, the increase in casualties owing to accidents is driving the drug-device combination market.
Technological advancement is a key trend in the drug-device combination market. New technologies are being introduced by major corporations in the market that works on self-adjusting plunger stopper detection technology to sustain their position in the market. For instance, in September 2021, Owen Mumford, a UK-based medical device manufacturing company, launched the Aidaptus auto-injector platform. Aidaptus is a two-stage, spring-powered, single-use auto-injector with a base unit that can hold both prefilled glass syringes measuring 1.25 ml and 2.25 ml. It is a hypodermic syringe that one can use to administer medication. It features self-adjusting plunger stopper sensing technology that automatically adjusts to the various stopper positions and fills levels in each syringe without needing additional parts.
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Major Key Players of the Market:
The 3M Company, Abbott India Ltd., Biotronik SE & Co. KG, Boston Scientific Corporation, C. R. Bard Inc., Medtronic plc, Amgen Inc., Ypsomed Holding AG, Micron Biomedical Inc., MetP Pharma AG, Sonceboz SA, Propeller Health B.D. Inc., Lepu Medical Technology (Beijing) Co. Ltd., Eitan Medical Ltd., Vaxess Technologies Inc., Subcuject Aps, Allergan plc, Terumo Corporation, Stryker Corporation, Becton Dickinson and Company, Novartis AG, Zimmer Biomet Holdings Inc., MediPrint Ophthalmics, Arrow International Inc., Alcon Inc., W. L. Gore & Associates Inc., Cook Medical LLC, Pinnacle Biologics Inc., GlaxoSmithKline plc, Mylan N.V.
Drug Device Combination Market 2024 Key Insights:
• The drug device combination market size is expected to see rapid growth in the next few years. It will grow to $205.86 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%.
• Rising Prevalence Of Chronic Diseases Fuels Growth In Drug-Device Combination Market
• Technological Advances Drive Growth In Drug-Device Combination Market
• North America was the largest region in the drug-device combination market share in 2023
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