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Implantable Drug Delivery Devices Market trends, Top Companies, Share, Growth And Forecast 2033
Implantable Drug Delivery Devices Market
The Business Research Company's Implantable Drug Delivery Devices Global Market Report 2024 identifies the rise in the incidence of target diseases as the major driver for the implantable drug delivery devices market's growth in the forecast period. In October 2022, according to the World Health Organization (WHO), a Switzerland-based intergovernmental organization, the burden of drug-resistant tuberculosis (DR-TB) increased by 3% between 2020 and 2021, with 450,000 new cases of rifampicin-resistant TB (RR-TB) in 2021. This is the first time in many years that an increase has been reported in the number of people falling ill with TB and drug-resistant TB. Hence, the site-specific drug administration nature of implantable drug devices, which help in the treatment of target diseases, is driving the implantable drug delivery devices market.
The implantable drug delivery devices market size has grown strongly in recent years. It will grow from $19.66 billion in 2023 to $21.21 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to aging population, chronic disease prevalence, consumer awareness, growing focus on preventive healthcare, increasing demand for personalized medicine.
The implantable drug delivery devices market size is expected to see strong growth in the next few years. It will grow to $28.91 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to customized drug delivery, growing demand for minimally invasive surgeries, rising healthcare expenditure, global healthcare expansion, regenerative medicine, genomic medicine. Major trends in the forecast period include technological innovations, advancements in biotechnology, micro-implants, ai-powered dosage adjustment, telemedicine synergy, advanced biocompatible materials, advancements in drug delivery technology.
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Major competitors in the implantable drug delivery devices market are AbbVie Inc., Bayer HealthCare, Medtronic Inc., Nucletron, Boston Scientific Corporation, Abbott Laboratories, Bausch and Lomb Inc., Merck & Co. Inc., Genentech Inc., EyePoint Pharmaceuticals Inc., DSM Biomedical, Delpor Inc., Teleflex Incorporated, 3M Company, Biotronik Inc., Alcon Inc., Terumo Corporation, Endologix Inc., TransEnterix Inc., China Grand Pharmaceutical and Healthcare Holdings, Innocoll Biotherapeutics, Atossa Therapeutics Inc., Intersect ENT, Microchips Biotech, Theradaptive Inc., CollPlant, Intarcia Therapeutics, Glaukos Corporation
A key trend in the implantable drug delivery devices market includes technological advancement. Major companies operating in the implantable drug delivery devices market are adopting a strategic partnership approach to develop an ultrasonic, non-invasive ocular drug delivery device. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in May 2022, Opharmic Technology, a Hong Kong-based medtech company, partnered with CeramTec, a Germany-based chemical industry company. With this partnership, they aim to develop innovative technology for delivering drugs to the eyes without the need for invasive procedures, potentially revolutionizing the treatment of various eye conditions. The device aims to replace intravitreal injections and deliver therapeutics to the eye through the sclera through ultrasound-induced microstreaming, allowing drug molecules to diffuse into target eye tissue.
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The implantable drug delivery devices market is segmented -
• By Product: Contraceptive Implants, Spinal Implants, Brachytherapy Seeds, Drug-Eluting Stents, Bio-absorbable Stents, Intraocular Stents, Infusion Pumps, Other Applications
• By Technology: Diffusion, Osmotic, Magnetic, Other Technologies
• By Application: Contraception, Ophthalmology, Cardiovascular, Diabetes, Oncology, Autoimmune Diseases, Other Applications
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the implantable drug delivery devices market.
The Business Research Company's "Global Implantable Drug Delivery Devices Market Report 2024" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Implantable Drug Delivery Devices Market Include:
1. Executive Summary
2. Implantable Drug Delivery Devices Market Characteristics
3. Implantable Drug Delivery Devices Market Trends And Strategies
4. Implantable Drug Delivery Devices Market - Macro Economic Scenario
5. Global Implantable Drug Delivery Devices Market Size and Growth
……
31. Global Implantable Drug Delivery Devices Market Competitive Benchmarking
32. Global Implantable Drug Delivery Devices Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Implantable Drug Delivery Devices Market
34. Implantable Drug Delivery Devices Market Future Outlook and Potential Analysis
35. Appendix
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