- Surge in prevalence of chronic conditions, increase in demand for minimally invasive devices, and unwanted pregnancies propel the growth of the global implantable drug delivery devices market.
PORTLAND, Ore., Nov. 11, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Implantable Drug Delivery Devices Market by Material (Silicon and Others), 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) and End User (Hospitals, Ambulatory Surgery Center, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2027." According to the report, the global implantable drug delivery devices industry garnered $10.09 billion in 2019, and is projected to generate $13.21 billion by 2027, manifesting a CAGR of 8.0% from 2020 to 2027.
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Prime determinants of growth
Surge in prevalence of chronic conditions, increase in demand for minimally invasive devices, and unwanted pregnancies propel the growth of the global implantable drug delivery devices market. However, stringent government policies & regulations and probability of failure restrain the market growth. Contrarily, collaborative approach adopted by leading players presents new opportunities in the next few years.
- Manufacturing of implantable drug delivery devices has been stopped due to closure of factories with lockdown in many countries. Moreover, raw material supply has been disrupted.
- Owing to close down of labs and research institutes, R&D activities have been stopped to curb the spread of coronavirus. Implantation activities of drug delivery devices have been carried out only in extreme cases. Else, all other activities have been postponed.
- With governments lifting off lockdown restrictions in many countries, the distribution, manufacturing, and R&D activities have begun.
The implantable contraceptive drug delivery devices segment to grow the fastest
By product type, the implantable contraceptive drug delivery devices segment is projected to portray the highest CAGR of 9.9% from 2020 to 2027, owing to surge in prevalence of unwanted pregnancy in recent years. However, the implantable drug-eluting stents segment accounted for the largest market share, contributing for nearly two-thirds of the total share of the global implantable drug delivery devices market in 2019, and will maintain its lead status throughout the forecast period. This is due to increase in adoption of implantable products for treating coronary artery disease.
The hospitals segment to provide lucrative opportunities
Based on end user, the hospitals segment accounted for the highest market share in 2019, holding more than half of the global implantable drug delivery devices market, and is expected to maintain its dominant position during the forecast period. Moreover, this segment is estimated to witness the highest CAGR of 8.9% from 2020 to 2027. This is attributed to multi-specialty or multi healing services provided in efficient and cost-effective manner. The report also offers a detailed analysis of segments including ambulatory surgery centers and clinics and others.
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North America to maintain its highest contribution throughout the forecast period
By region, North America held the largest market share in 2019, contributing to more than two-fifths of the total share of the global implantable drug delivery devices market, and will maintain its highest contribution throughout the forecast period. This is attributed to increase in prevalence of diseases across the region that raised demand for high clinical urgency and numerous developments. However, Asia-Pacific is expected to register the highest CAGR of 9.1% during the forecast period. This is due to rise in healthcare expenditure and awareness regarding benefits.
Leading market players
- Abbott Laboratories
- Bayer AG
- AbbVie Inc.
- Teleflex Incorporated
- Biotronik, Inc.
- Bausch Health Companies Inc.
- Medtronic Plc
- Merck & co., Inc.
- Boston Scientific Corporation
- Terumo Corporation
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering impact of Covid-19 over this market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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