The implantable drug delivery devices market is expected to grow from US$ 10.34 billion in 2021 to US$ 16.87 billion by 2028. It is expected to grow at a CAGR of 7.4% from 2022 to 2028.
Implantable drug-delivery devices release drugs to the bloodstream, continuously offering various advantages to the patients, such as preventing patients from being hospitalized to receive intravenous infusions. These devices are of two types, namely, biodegradable implants and non-biodegradable implants. They can be used for site-specific drug delivery, which is important in applications, such as cardiology and oncology.
MARKET DYNAMICS
The growth of the implantable drug delivery devices market is majorly attributed to the availability of technologically advanced drug delivery devices, increasing demand for implantable coronary drug-eluting stents, and extensive research on drug delivery technologies. Moreover, the rising awareness about quality and availability also fuels overall demand. Growing adoption of drug-device combination products due to their user-friendly characteristic with higher efficacy is also expected to fuel the implantable drug delivery devices market during the forecast period. However, stringent regulations and risks associated with implanted devices are hampering the growth of the market.
MARKET SCOPE
The "Global Implantable drug delivery devices market Analysis to 2028" report aims to provide an overview of the implantable drug delivery devices market with detailed market segmentation based on product type, technology, and application. The report provides key market statistics based on the performances of leading players. It also offers an analysis of key trends and opportunities in the market.
Strategic Insights
MARKET SEGMENTATION
The global implantable drug delivery devices market is segmented into product type, technology, and application. Based on product, the market is segmented into contraceptive implants, spinal implants, brachytherapy seeds, drug-eluting stents, bio-absorbable stents, intraocular stents, and infusion pumps. Based on technology, the market Is segmented into biodegradable implants and non-biodegradable implants. Based on application, the market is fragmented into ophthalmology, oncology, cardiovascular, birth control, opioid use disorder, and others.
REGIONAL FRAMEWORK
The global implantable drug delivery devices market is segmented into 5 major regions: North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. The report covers analyses and forecasts of 18 countries worldwide along with trends and opportunities prevailing in the region.
From the regional perspective, North America dominated the implantable drug delivery devices market with ~37% market share in 2021. The market growth in the region is majorly attributed to the large targeted patient pool and extensive R&D activities undertaken by leading players. In addition, the high clinical urgency to adopt these devices because of the growing disease burden in the region is also driving the market growth.
The below figure showcase the revenue growth trend in the North America implantable drug delivery devices market:
Source: The Insight Partners Analysis
The report analyzes factors, such as drivers, restraints, opportunities, and future trends, which impact the implantable drug delivery devices market. It also provides an exhaustive Porter's five forces analysis of the factors influencing the market.
IMPACT OF COVID-19 PANDEMIC
For a short period, the COVID-19 pandemic disturbed the implantable drug delivery devices market. Healthcare professionals' main priorities are the coronavirus diagnosis and care of their patients. Since the beginning of the pandemic, millions of patients worldwide had their care delayed as hospitals canceled non-urgent operations. A very large number of operations were canceled or postponed owing to disruption caused by COVID-19. The governments mitigated this major patient burden by developing recovery plans and implementing strategies to restore surgical activity safely. Due to postponed elective procedures, the market for implantable drug delivery devices is anticipated to decline. Also, the market was significantly impacted by supply chain restrictions and postponed elective surgery. Therefore, it is expected that the implantable drug delivery devices market will witness slow growth in the near future.
MARKET PLAYERS
The report covers key developments in the implantable drug delivery devices market. Various companies are focusing on organic growth strategies, such as product launches, product approvals, patents, and events. Inorganic growth strategies, such as acquisitions, partnerships, and collaborations, have encouraged the expansion of businesses and customer bases of market players. Players operating in the implantable drug delivery devices market are anticipated to experience lucrative growth opportunities in the coming years with the rising demand for these devices.
The report also includes key companies' profiles and their SWOT analysis and market strategies. In addition, it focuses on leading industry players with information, such as company profiles, components and services offered, financial information for the last three years, and key development in the past five years.
The list of a few companies engaged in the implantable drug delivery devices market is mentioned below:
- Medtronic
- Psivida
- Bausch & Lomb Inc.
- Boston Scientific Corporation
- Merck & Co, Allergan
- Teleflex Incroporated
- Arrow International
- Cirtec
- TissueGen
- Delpor, Inc.
- Nanomedical Systems
- InnoCore Pharmaceutical
The Insight Partner's dedicated research and analysis team comprises experienced professionals with advanced statistical expertise and offers various customization options in this study.