Implantable Drug Delivery Devices Market Trends And Opportunities, Global Size By Forecast 2028

According to Premium Market Insights new research study on "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.

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Some Of the Major Players Influencing are Medtronic, Psivida, Bausch & Lomb Inc., Boston Scientific Corporation, Merck & Co, Allergan, Teleflex Incroporated, Arrow International, Cirtec, TissueGen, Delpor, Inc., Nanomedical Systems, InnoCore Pharmaceutical

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.

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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:

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.

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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.

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