With the rise in incidences of cardiovascular diseases, diabetic retinopathy, asthma, prostate cancer, pain causing anomalies, the unhealthy weight gain, colorectal cancer and a swiftly budding geriatric population, the demand for drug-device combination products has augmented. Due to their effectiveness in the field of advanced medical care, combination products nowadays are well thought-out to be extraordinarily innovative medical products.
You must be wondering what exactly Drug-device combination products are. Combination products principally are diagnostic and therapeutic products that combine the two regulated components, the drugs and the biological products or devices. The medical device and an active pharmaceutical ingredient are either chemically or physically joined to produce one product.
Drug-Device combination product types
Drugs that are filled inside the device are either impregnated or surface-coated. These help in safer and more successful treatments due to careful and precise drug targeting individualized therapy and local administration. Depending upon the geography and types, the global drug-device combination products market is divided into several segments. Let us go into the details of these segments. On the basis of types, the drug-device products are classified into drug eluting stents, transdermal patches, infusion pumps, photosensitizes, orthopedic combination products etc. Coronary stents and peripheral vascular stents are the two sub categories which come under the drug eluting stents. Orthopedic combination products comprise bone graft implants and antibiotic bone cement. Types of infusion pumps that are seen are implantable infusion pumps and ambulatory infusion pumps. The different kinds of inhalers taking over the global drug-device combination products market are metered dose inhalers, dry powder inhalers and nebulizers.
Most recent technologies like implants with drugs that encourage pain relief, faster healing and lesser morbidity are expected to drive the global drug-device combination products market in the forthcoming years. Drug-device combination products have also introduced a new dynamic in medical product development, corporate interaction and regulatory approval. Over the past decade, regulatory agencies have developed specific competences and regulations because of the escalating integration of drugs and devices observed in the latest generation of combination products. Manufacturers are needed to understand completely the precise requirements in each country in order to make certain well-timed and accurate market access of new combination products. The development of combination products for ultimate results requires a very specific pattern of connection between manufacturers and regulatory agencies.
The enhanced dominance of the products brought in the market has accentuated the need to develop drugs and devices collaboratively by using resources from both industries, fostering the need of technology licensing and business partnering. According to a new report published by Allied Market Research, the global drug-device combination products market was valued at $81,374 million in 2017 and is projected to reach $139,193 million by 2025 at a CAGR of 6.9% from 2018 to 2025. With passage of time drug-device combination products are likely to become more complicated. The next-generation devices are helping with the delivery of therapies and their administration.