The market is primarily driven by the growing prevalence of chronic diseases such as diabetes, respiratory diseases and cancer. Furthermore, the growing geriatric population and technological advances in drug delivery systems is projected to boost market growth over the forecast period. Moreover, expanding applications of drug device combination products, new developments over the period are expected to bolster the market growth.
However, stringent regulatory policies, product recalls and complications associated with some of the drug device combinations are expected to hamper the market. On the other hand, growing healthcare infrastructure, advances in drug delivery technologies are expected to aid the market growth over the period.
Key Market Trends Transdermal Patches are Expected to Grow at Notable Rates
- Transdermal patches are the medicated adhesive patch that is placed on the skin to deliver a specific dose of the drug. Transdermal patches are used in many applications such as pain relief, neurological and others. - Drug-eluting stents segment of the market is projected to have a significant growth rate owing to growing cardiovascular diseases coupled with the ageing population. Moreover, the development of new products and recent product launches are expected to boost the segment share. - According to the World Health Organization, cardiovascular diseases cause 17.9 million deaths each year. According to the International Diabetes Federation (IDF), in 2017, about 425 million people worldwide were living with diabetes. - The increasing adaptation of prefilled insulin pens coupled with the advent of innovative drug combination products expected to boost the market growth over the forecast period.
North America is Projected to Have Significant Market Share
North America is projected to have a significant market share among the regions owing to the adaptation of drug-device combination products coupled with well-established healthcare infrastructure in the region. In addition, new product launches, high R&D investments and the growing prevalence of chronic diseases is expected to boost the regional growth. Moreover, Due to the rising incidence of diseases such as diabetes, neurological pain and cancer in emerging countries of Asia-Pacific are expected to boost the Asia Pacific regional share. Furthermore, companies’ interest in expanding into developing economies of Asia coupled with the presence of a large pool of diseased population expected to fuel Asia Pacific market growth rate.
Competitive Landscape The drug device combination market is moderately fragmented with many market players. Market players focusing on new product developments, collaborations and regional expansion to expand their market share.
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