Market Size of Implantable Drug Delivery Devices Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
CAGR | 6.50 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Implantable Drug Delivery Devices Market Analysis
The implantable drug delivery devices market is projected to register a CAGR of 6.5% during the forecast period.
The COVID-19 pandemic had a significant impact on the growth of the market due to a reduction in patients' visits to hospitals and clinics as a preventative step to avoid contracting the virus. The decreased volume of surgical procedures due to the strict regulations imposed during the peak stages of the pandemic impacted the demand for implantable drug delivery devices. The pandemic-related regulations affected the supply chain of implantable drug delivery devices, thereby affecting the market's growth. However, the relaxation of strict guidelines on various surgical procedures involving the implantation of drug-delivery devices during the post-pandemic is expected to drive the growth of the market over the forecast period.
The implantable drug delivery devices market is anticipated to grow due to the increasing prevalence of target diseases such as diabetic retinopathy, cancer, cardiovascular disorders, and other chronic diseases. As per an NCBI article published in November 2021, the prevalence of diabetic retinopathy (DR) among persons with diabetes was 16.9%, the majority of sight-threatening DR (STDR) was 3.6%, and the bulk of mild retinopathy was 11.8%. Thus, the increasing cases of diabetic retinopathy are expected to demand more use of implantable drug delivery devices for the treatment, which is expected to drive the market's growth. As per an MHAF article published in June 2022, HIV prevention tools are inserted, injected, infused, or implanted in a person's body from once a month to once a year to provide sustained protection from acquiring HIV. These implants are small devices implanted in the body and release an anti-HIV drug at a controlled rate for continuous protection from HIV over time. Thus, the increasing AIDS infections are also expected to promote the usage and growth of implantable drug-delivery devices.
The increase in chronic diseases is also expected to drive the growth of the market over the forecast period. As per the 2021 report of the International Agency for Research on Cancer which estimated the incidence and mortality of 36 cancer in 185 countries, globally, there were an estimated 19.3 million new cases of cancer diagnosed in 2020 all over the world. The same source also mentioned that over 10.1 million cases were reported in males and 9.3 million in females from the total diagnosed cancer cases. Such a rise in chronic diseases is expected to contribute to the growing demand for implantable drug-delivery devices, thereby driving the growth of the market over the forecast period.
However, factors such as the high cost of devices and surgery costs and the low rate of adoption are hindering the growth of the implantable drug delivery devices market.
Implantable Drug Delivery Devices Industry Segmentation
As per the scope of the report, implantable drug delivery devices are devices used to administer drugs and fluids to the body without repeated use of needles. Drug delivery is administering a pharmaceutical substance to achieve therapeutic effects in humans or animals. Over the past decade, there has been increasing convergence between drug therapies and implantable devices, which include devices such as osmotic pumps and implantable rods, which deliver drugs to specific targeted areas (anticancer agents, hormones, and vaccines).
The implantable drug delivery devices market is segmented by product (drug infusion pumps, intraocular drug delivery devices, contraceptive drug delivery devices, stents, and others), technology (biodegradable implants and non-biodegradable implants), application (oncology, cardiovascular, autoimmune diseases, obstetrics and gynecology, and other applications), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.
By Product Type | |
Drug Infusion Pumps | |
Intraocular Drug Delivery Devices | |
Contraceptive Drug Delivery Devices | |
Stents | |
Other Product Types |
By Technology | |
Biodegradable Implants | |
Non-biodegradable Implants |
By Application | |
Oncology | |
Cardiovascular | |
Autoimmune Diseases | |
Obstetrics and Gynecology | |
Other Applications |
By Geography | ||||||||
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Implantable Drug Delivery Devices Market Size Summary
The implantable drug delivery devices market is poised for significant growth, driven by the increasing prevalence of chronic diseases such as diabetic retinopathy, cancer, and cardiovascular disorders. The market experienced a temporary setback during the COVID-19 pandemic due to reduced patient visits and surgical procedures, which impacted demand and disrupted supply chains. However, the easing of pandemic-related restrictions is expected to bolster market expansion. The rising incidence of diseases requiring long-term treatment solutions, such as HIV and cancer, is anticipated to further propel the demand for these devices. Despite challenges like high costs and low adoption rates, technological advancements and innovative product launches are creating lucrative opportunities for market growth.
North America is projected to hold a substantial share of the implantable drug delivery devices market, supported by the region's high prevalence of chronic diseases and the rapid adoption of advanced medical technologies. The demand for minimally invasive procedures and the presence of major market players contribute to this growth. The market is moderately fragmented, with key players like DSM Biomedical, Delpor Inc., Medtronic, Teleflex Incorporated, and 3M Company leading the charge. Recent product approvals and launches, such as Medtronic's drug-eluting coronary stent and United Therapeutics Corporation's Remunity Pump, underscore the dynamic nature of the market. These developments, coupled with the increasing need for efficient treatment solutions, are expected to drive the market's expansion over the forecast period.
Implantable Drug Delivery Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Demand for Minimally Invasive Procedures
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1.2.2 Emergence of Novel Products
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1.2.3 Increasing Prevalence of Chronic Diseases
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1.3 Market Restraints
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1.3.1 High Cost of Devices
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1.3.2 Stringent Regulatory Requirements
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1.4 Porter's Five Force Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Product Type
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2.1.1 Drug Infusion Pumps
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2.1.2 Intraocular Drug Delivery Devices
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2.1.3 Contraceptive Drug Delivery Devices
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2.1.4 Stents
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2.1.5 Other Product Types
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2.2 By Technology
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2.2.1 Biodegradable Implants
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2.2.2 Non-biodegradable Implants
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2.3 By Application
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2.3.1 Oncology
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2.3.2 Cardiovascular
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2.3.3 Autoimmune Diseases
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2.3.4 Obstetrics and Gynecology
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2.3.5 Other Applications
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2.4 By Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 South Korea
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 Middle East and Africa
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2.4.4.1 GCC
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2.4.4.2 South Africa
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2.4.4.3 Rest of Middle East and Africa
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2.4.5 South America
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2.4.5.1 Brazil
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2.4.5.2 Argentina
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2.4.5.3 Rest of South America
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Implantable Drug Delivery Devices Market Size FAQs
What is the current Implantable Drug Delivery Devices Market size?
The Implantable Drug Delivery Devices Market is projected to register a CAGR of 6.5% during the forecast period (2024-2029)
Who are the key players in Implantable Drug Delivery Devices Market?
DSM Biomedical, Delpor Inc., Medtronic, Teleflex Incorporated and 3M Company are the major companies operating in the Implantable Drug Delivery Devices Market.