Drug Device Combination Products Market Size

Drug Device Combination Products Market Analysis

The Drug Device Combination Products Market size is estimated at USD 132.99 billion in 2024, and is expected to reach USD 176.29 billion by 2029, growing at a CAGR of 5.80% during the forecast period (2024-2029).

At the outbreak of the COVID-19 pandemic, most pharmaceutical companies and governments are working toward offering efficient medical treatment to COVID-19 patients, and drug delivery devices are expected to play a vital role in this context. For instance, according to the article 'EU regulatory roundup: Combination products, Eudamed, COVID-19 IVDs,' published in April 2021, Europe issued new guidelines related to drug-device combination products used for COVID-19 testing where it explains quality requirements that manufacturers must address in their marketing authorization reports. Such guidelines help in the development of improved drug-device combination products for COVID-19 testing, driving market growth during the pandemic. Furthermore, post-pandemic, drug-device combination products are expected to show significant growth due to the rise in the adoption of innovative products for the effective delivery of the drug, ease of use of these products, and ease of availability after the pandemic restrictions, among others.

The market is primarily driven by the growing prevalence of chronic diseases such as diabetes, respiratory diseases, and cancer and the adoption of novel drug delivery systems for these diseases. For instance, according to the IDF 2021, approximately 537 million adults are living with diabetes, and the number of people adults living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. Such a rise in metabolic diseases is expected to drive market growth due to the rise in the adoption of drug delivery combination products in uniform drug delivery.

Moreover, expanding applications of drug-device combination products and the launch of new products over the period are expected to bolster market growth. For instance, in November 2021, Becton, Dickinson, and Company launched BD UltraSafe Plus 2.25 mL Passive Needle Guard in drug-device combination products. When combined with a prefillable syringe, the BD UltraSafe Plus 2.25 mL system enables the subcutaneous delivery of biologic solutions of different viscosities up to 30 cP and fill volumes up to 2 mL.

In addition, growing healthcare infrastructure and advances in drug delivery technologies are expected to aid the market growth over the period. However, stringent regulatory policies, product recalls, and complications associated with some of the drug-device combinations are expected to hamper the market.