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Implantable Drug Delivery Devices market 2030
Implantable Drug Delivery Devices Market by Material (Silicon and Others), Product Type Implantable Drug Eluting Stents
WILMINGTON, DELAWARE, UNITED STATES, June 6, 2024 /EINPresswire / -- 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.
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.
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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.
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.
Growing Need for Devices That Are Minimally Invasive
Because of all the advantages, minimally invasive medical procedures are becoming the preferred option for both patients and healthcare professionals. Compared to traditional surgical treatments, these procedures usually entail less discomfort, faster recovery times, and a lower chance of problems. This approach is well suited for implantable drug delivery devices, which may be placed with little surgical assistance and offer long-term therapeutic effects without requiring regular doctor visits. One major factor propelling the market's expansion is consumers' increasing demand for minimally invasive procedures.
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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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