Overview and Scope
Implantable drug delivery devices are drug delivery systems implanted under the skin that transmit drugs into the bloodstream from a reservoir. These devices facilitate site-specific drug delivery and require smaller doses, thereby minimizing side effects.
Sizing and Forecast
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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The implantable drug delivery devices market covered in this report is segmented –
1) By Product: Contraceptive Implants, Spinal Implants, Brachytherapy Seeds, Drug-Eluting Stents, Bio-absorbable Stents, Intraocular Stents, Infusion Pumps, Other Applications
2) By Technology: Diffusion, Osmotic, Magnetic, Other Technologies
3) By Application: Contraception, Ophthalmology, Cardiovascular, Diabetes, Oncology, Autoimmune Diseases, Other Applications
North America was the largest region in the implantable drug delivery devices market in 2023. Asia-Pacific was the second-largest region in the implantable drug delivery devices market report. The regions covered in the implantable drug delivery devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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Major Driver Impacting Market Growth
The rise in the incidence of target diseases such as diabetic retinopathy, cancer, cardiovascular diseases, and other chronic diseases is expected to drive the implantable drug delivery devices market. 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.
Key Industry Players
Major companies operating in the implantable drug delivery devices market include 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
The implantable drug delivery devices market report table of contents includes:
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
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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
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