The market for drug-device combination products is witnessing significant advancements, driven by strategic investments and collaborations. Several recent developments and growth factors highlight the evolving landscape of this sector.
Market Size and Growth Projections
The drug-device combination products market size was estimated at US$ 150.3 billion in 2023 and is projected to grow to US$ 337.81 billion by 2034, rising at a compound annual growth rate (CAGR) of 7.64% from 2024 to 2034. This growth is fueled by the rising incidences of chronic disorders, increasing demand for personalized medicines, and favorable government policies that support market expansion.
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Key Market Trends
- PCI Pharma Services’ $365 Million Investment: In September 2024, PCI Pharma Services announced a substantial investment exceeding $365 million. This funding is directed towards the development of infrastructure to support the clinical and commercial-scale final assembly and packaging of drug-device combination products. This strategic move underlines the importance of robust infrastructure in meeting the rising demand for these products.
- Freudenberg Medical’s Expansion Plans: In June 2024, Freudenberg Medical, a global Contract Development and Manufacturing Organization (CDMO) for the medical device and biopharma industry, revealed its plans to expand its drug-device combination products business. The company is allocating over $50 million to establish a new Hemotaq AG production facility in Aachen, Germany, signaling a commitment to scaling up production capabilities.
- Sustainability Initiatives by Kindeva Drug Delivery and Orbia Advance Corporation: In December 2023, Kindeva Drug Delivery collaborated with Orbia Advance Corporation to convert existing marketed pressurized Metered Dose Inhaler (pMDI) products to Koura’s sustainable medical propellant, HFA 152a, branded as Zephex 152a. This transition emphasizes the industry’s shift toward environmentally-conscious solutions.
Key Growth Factors
- Rising Incidences of Chronic Disorders: The increasing prevalence of chronic conditions, including cancer, neurological disorders, and autoimmune diseases, drives the demand for innovative drug-device combination products. These solutions offer enhanced treatment options and patient outcomes.
- Advancements in Research and Development: Continuous investments in research and development have led to the creation of novel drug-device combination products. These innovations not only expand the product portfolio but also cater to the unmet needs in healthcare.
- Supportive Regulatory Frameworks: Regulatory agencies worldwide provide clear guidelines for the approval of drug-device combination products, ensuring their safety and efficacy. These frameworks play a crucial role in accelerating product development and market entry.
- Collaborations Among Industry Players: Strategic partnerships and collaborations among pharmaceutical companies, medical device manufacturers, and other stakeholders are facilitating the production and distribution of advanced drug-device combination products. These alliances enable resource sharing and foster innovation.
Our Table of Content (TOC) covers key healthcare market segments, materials, technologies and trends—helping you navigate market shifts and make informed decisions: https://www.towardshealthcare.com/table-of-content/drug-device-combination-products-market-sizing
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