SEATTLE--(BUSINESS WIRE)--According to Coherent Market Insights, the global implantable drug delivery devices market is estimated to be valued at US$ 12,015.2 million in 2020 and is expected to exhibit a CAGR of 7.7 % during the forecast period (2020-2027).
Key trends in the market include increasing prevalence of non-communicable diseases and adoption of growth strategies such products approval and launches, acquisition and collaboration, and others.
Market players are focused on business expansion globally in order to strengthen their product portfolio in the potential market, which is expected to boost the global implantable drug delivery devices market growth over the forecast period. For instance, in 2019, Sahajanand Medical Technologies Pvt. Ltd., an Indian stent manufacturing company, received CE MARK certification from the European regulatory authorities for the marketing of their product, Supraflex Cruz, a cardiac drug-eluting stent, commercially across Europe and India.
Key players are engaged in receiving approvals and certifications from the regulatory authorities in order to market their products in the global market, which is expected to drive growth of the global implantable drug delivery devices market. For instance, in 2018, REVA Medical, Inc. received CE MARK certification for the Fantom Encore bioresorbable scaffold, which is the sirolimus-eluting bioresorbable scaffold developed as an alternative to metallic stents for the treatment of coronary artery disease.
Increasing prevalence of non-communicable diseases is expected to spur the market growth. For instance, according to World Health Organization, 2019, approximately 71% people died globally because of non-communicable diseases. Furthermore, each year, 15 million people die from a non-communicable diseases between the ages of 30 and 69 years. Cardiovascular diseases account for most of the non-communicable disease deaths or 17.9 million people annually, followed by cancers (9.0 million), respiratory diseases (3.9 million), and diabetes (1.6 million). Moreover, tobacco use, physical inactivity, harmful use of alcohol, and unhealthy diets also increase the risk of dying from a NCD.
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Key Market Takeaways:
The global implantable drug delivery devices market is expected to exhibit a CAGR of 7.7 % during the forecast period (2020-2027), owing to rising product launches by market players during the forecast period. For instance, in 2017, Medtronic Plc launched Resolute Onyx, a cardiac drug-eluting stent in the U.S. market, post the U.S Food and Drug Administration (U.S FDA) approval. Resolute Onyx drug-eluting stent is available in two sizes 4.5 mm and 5 mm, which expands the treatment options for patients with extra-large blood vessels.
North America region is expected to hold a dominant position in the global implantable drug delivery devices market over the forecast period. This is owing to increasing adoption of inorganic growth strategies by the market players. For instance, in 2019, Daré Bioscience, Inc acquired Microchips Biotech, Inc., which has led to the addition of Microchips’ wireless implant drug delivery technology for the treatment of osteoporosis to the product portfolio of Dare Bioscience Inc.
Key players operating in the global implantable drug delivery devices market include Boston Scientific Corporation, Abbott Laboratories, Medtronic, Merck & Co., Bausch & Lomb Inc., Allergan, Inc., Bayer Healthcare, Alimera Sciences, Eyepoint Pharmaceuticals, DSM Biomedical, Delpor Inc., Teleflex Incorporated, and 3M Company.
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Global Implantable Drug Delivery Devices Market, By Product Type:
- Drug infusion pumps
- Intraocular drug delivery devices
- Contraceptive drug delivery devices
Global Implantable Drug Delivery Devices Market, By Technology:
- Biodegradable Implants
- Non-biodegradable Implants
Global Implantable Drug Delivery Devices Market, By Application:
- Birth control/Contraception
Global Implantable Drug Delivery Devices Market, By Region:
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of Latin America
- Rest of Middle East
- South Africa
- Central Africa
- North Africa
- North America
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. Our client base includes players from across various business verticals in over 57 countries worldwide.