According to a new report published by Allied Market Research, titled, “Implantable Drug Delivery Devices Market by material, product type, end user, and region: Opportunity Analysis and Industry Forecast, 2019-2027,”
The global implantable drug delivery devices market was valued at $10,091.9 million in 2019, and is projected to reach $13,211.8 million by 2027 at a CAGR of 8.0% from 2020 to 2027.
Implantable drug delivery devices system have become a new kind of drug delivery system, which is directly implanted in the human body to optimize therapeutic properties. This system is more steady, effective, safe, and reliable than other drug delivery systems. Implantable drug delivery system does not have limitations associated with intravenous and topical drug delivery as it is a controlled drug delivery system. This system consists of a single unit drug, which is designed to deliver therapeutic drugs for a prolonged period.
This pandemic has disrupted growth in many economies across various domains. This pandemic is expected to present growth opportunities for Implantable Drug Delivery Devices market in near future. People over the age of 60 years and people suffering from underlying medical conditions like cardiovascular disease, hypertension, diabetes, chronic respiratory disease, and cancer are more prone to the coronavirus infection than the younger population. Furthermore, to protect the population from coronavirus infection, people should stay away from all the containment zones including hospitals. This can be possible by implanting drug delivery devices in the patients, which will add an advantage of not personally visiting the hospital for their follow-ups or treatment procedures, as the implantable drug delivery devices offer long term drug delivery. Therefore, the COVID 19 pandemic is expected to drive the implantable drug delivery devices market growth over the forecast period.
Rise in prevalence of chronic diseases across the globe, increase in demand for minimally invasive drug delivery devices, and unwanted pregnancies over a period are the major factors that boost the market growth. However, possibility of implanted device failures, and stringent government regulations impede the market growth. Conversely, collaboration activities among leading market players are expected to provide lucrative growth opportunities for the market.
By product type, the implantable drug eluting stents segment accounted for the largest share in 2019. Rise in adoption of implantable products such as drug-eluting stents in coronary artery disease is expected to drive the implantable drug eluting stents market during the forecast period. However, the implantable contraceptive drug delivery devices segment is expected to grow at the highest CAGR of 9.9% from 2020 to 2027.
North America accounted for the largest share of revenue in 2019, and is anticipated to maintain its dominance from 2020 to 2027, owing to increase in diseases burden across the region, which has also resulted in high clinical urgency to adopt these devices, and numerous developments related to implantable drug delivery devices. However, Asia-Pacific is expected to register highest CAGR during the forecast period, owing to surge in healthcare expenditure as well as awareness levels with respect to benefits of implantable drug delivery devices.
The implantable drug delivery devices market is segmented into material, product type, end user, and region. By material, the market is divided into silicon and others. On the basis of product type, implantable drug eluting stents, implantable contraceptive drug delivery devices, implantable intraocular drug delivery devices, implantable brachytherapy seeds devices, and implantable drug delivery pump devices. By end user, it is classified into hospitals, ambulatory surgery centers, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings Of The Study
- By product type, the Implantable drug eluting stents segment accounted for the largest market share in 2019.
- By end user, hospitals segment is expected to grow at the highest CAGR during the forecast period
- North America held the major share of the implantable drug delivery devices market at CAGR of 7.5%.
The report provides some of the key players operating in the market include Abbott Laboratories, AbbVie Inc, Bayer AG, Bausch Health Companies Inc., Biotronik, Inc., Boston Scientific Corporation, Medtronic Plc, Merck & co., Inc., Teleflex Incorporated, and Terumo Corporation.