Published By : 07 Jul 2016 | Published By : QYRESEARCH
Drug device combination products are therapeutic products that comprise a medical device, and an active pharmaceutical ingredient. Both of these are physically or chemically combined to function as a single product. The rising geriatric population and the increasing prevalence of various diseases such as cancer, diabetes, cardiovascular disorders, and obesity have necessitated the advent and propelled the demand for drug device combination products.
According to a research report by Transparency Market Research (TMR), which is a market intelligence firm, the global drug device combination products market will rise from US$66 bn in 2012 to US$115 bn by 2019, expanding at a CAGR of 7.9% between 2013 and 2019.
North America Leads Drug Device Combination Products Market
On the basis of geography, the global drug device combination products market is segmented into Asia Pacific, Europe, North America, and the Rest of the World. By revenue, North America leads the global drug device combination products market. Asia Pacific will witness significant growth and may even turn out to be the most attractive market in future. This growth will likely happen owing to the rising cases of obesity and diabetes among the people in the region.
Malfunctioning of Drug Device Combination Products Incurs Huge Losses to Manufacturers
The development of any drug device combination product requires extensive research, resources and expenses. As such, complaints of customers regarding faulty devices can incur huge losses to manufacturers.
Another major challenge, which the drug device combination products market faces, is the risk of infections and side effects associated with the use of these devices. Since the device is inserted in the body directly, it has high potential of being infected with bacteria or fungus. This restricts the adoption of drug device combination products by many patients.