The global drug device combination market is expected to reach $17.7 billion by 2024, according to a new report from Grand View Research.
The report points to minimally invasive alternatives like transdermal patches as high-impact growth drivers in the industry.
As researchers develop these products, regulatory agencies have taken notice and the report notes that there is an increasing regulatory presence enforcing defined protocols for premarket authorizations.
This will support manufacturers in the development and approval process, authors write. Specifically, the report cites the FDA’s lean management approach to streamline and systematically review products.
North America has the largest drug device combination regional market, with a 42% share in 2015. “Rising chronic disease burden in this region is believed to be one of the key potential growth factors responsible for the high clinical urgency to incorporate these products,” according to the report.
The Asia Pacific region is expected to grow, with increasing healthcare spending and a heightened awareness among physicians that particular drug device combination products could help their patients.
Technological innovations, such as programmable external devices and microdose infusions, are driving growth in the industry. The report anticipates that patients will continue to prefer self-administration techniques that keep them from costly visits to the hospital. Inhalers are expected to grow profitably over the forecast period, especially as COPD and asthma incidences continue to rise. The Internet of Things will play an important role in product development, as manufacturers move to make connected devices.
Key players in the industry include Medtronic (NYSE: MDT) and Boston Scientific (NYSE: BSX), according to the report. Extensive expansion strategies, innovative product development, and M&A were some of the vital characteristics that the report highlighted.
Grand View Research pointed to Medtronic’s MiniMed 630G insulin pump that it launched in the US in August 2016 as an example, since the product serves a large patient population with chronic needs.