Implantable Drug Delivery Devices Market is expected to reach US$ 16.87 billion by 2028

Published Date: 29 Sep 2022

Rising Disease Burden and Introduction of Novel Implantable Drug Delivery Devices Supports Market Growth

According to our latest market study, titled "Implantable Drug Delivery Devices market Forecast to 2028 – COVID-19 Impact and Global Analysis – by product type, technology, application, and geography," the market is expected to grow from US$ 10.34 billion in 2021 to US$ 16.87 billion by 2028. It is expected to grow at a CAGR of 7.4% from 2022 to 2028.

Implantable Drug Delivery Devices market

Report : Implantable Drug Delivery Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Contraceptive Implants, Spinal Implants, Brachytherapy Seeds, Drug-Eluting Stents, Bio-absorbable Stents, Intraocular Stents, and Infusion Pumps), Technology (Biodegradable Implants and Non-biodegradable Implants), and Application (Ophthalmology, Oncology, Cardiovascular, Birth control, Opioid-Use Disorder, and Others)

Source: The Insight Partners Analysis

The market for implantable drug delivery devices is expected to rise as the prevalence of chronic diseases increases globally. Implantable drug delivery devices offer novel patient treatments for patients with chronic conditions. Moreover, the uptake of insulin infusion pumps has been aided by the rising incidence of diabetes and growing healthcare spending. Increased R&D activities on gastrointestinal disease, cancer, neurological disorder, and others, along with technological advancement, are creating lucrative opportunities for the market. Therefore, the increasing incidence of chronic disease and the continued introduction of novel products are likely to act as major driving factors during the forecast period.

Based on product, the implantable drug delivery devices market is segmented into contraceptive implants, spinal implants, brachytherapy seeds, drug-eluting stents, bio-absorbable stents, intraocular stents, and infusion pumps. In 2021, the drug-eluting stents segment accounted for the largest market share due to the increasing uptake of these implants in coronary artery diseases.

Based on technology, the market is segmented into biodegradable implants and non-biodegradable implants. In 2021, the non-biodegradable implants segment accounted for a larger market share due to the rising usage of non-biodegradable implants in hormone regulation, contraception, pain management, cancer therapy, and CNS health.

Based on application, the market is segmented into ophthalmology, oncology, cardiovascular, birth control, opioid use disorder, and others. In 2021, the cardiovascular segment accounted for the largest market share and is expected to dominate during the forecast period. The rising number of patients with cardiovascular disorders, increasing the clinical urgency to adopt cutting-edge devices, is aiding this segment’s growth.

North America dominates the implantable drug delivery devices market with ~37% market share in 2021. The market growth in the region is majorly attributed to the increasing disease burden, large targeted patient pool, and extensive research and development activities taking place in the region. Furthermore, increasing product launches is expected to boost the growth of the North America implantable drug delivery devices market over the forecast period.

Medtronic; Psivida; Bausch & Lomb Inc.; Boston Scientific Corporation; Merck & Co; Allergan; Teleflex Incorporated; Arrow International; Cirtec; TissueGen; Delpor, Inc.; Nanomedical Systems; and InnoCore Pharmaceutical are a few key players profiled during the course of the study of the implantable drug delivery devices market. Several other major companies were also analyzed in this study to get a holistic view of the market and its ecosystem.

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