The implantable drug delivery devices 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 release drugs to the bloodstream, continuously offering various advantages to the patients, such as preventing patients from being hospitalized to receive intravenous infusions. These devices are of two types, namely, biodegradable implants and non-biodegradable implants. They can be used for site-specific drug delivery, which is important in applications, such as cardiology and oncology.
The growth of the implantable drug delivery devices market is majorly attributed to the availability of technologically advanced drug delivery devices, increasing demand for implantable coronary drug-eluting stents, and extensive research on drug delivery technologies. Moreover, the rising awareness about quality and availability also fuels overall demand. Growing adoption of drug-device combination products due to their user-friendly characteristic with higher efficacy is also expected to fuel the implantable drug delivery devices market during the forecast period. However, stringent regulations and risks associated with implanted devices are hampering the growth of the market.
The "Global Implantable drug delivery devices market Analysis to 2028" report aims to provide an overview of the implantable drug delivery devices market with detailed market segmentation based on product type, technology, and application. The report provides key market statistics based on the performances of leading players. It also offers an analysis of key trends and opportunities in the market.
The global implantable drug delivery devices market is segmented into product type, technology, and application. Based on product, the market is segmented into contraceptive implants, spinal implants, brachytherapy seeds, drug-eluting stents, bio-absorbable stents, intraocular stents, and infusion pumps. Based on technology, the market Is segmented into biodegradable implants and non-biodegradable implants. Based on application, the market is fragmented into ophthalmology, oncology, cardiovascular, birth control, opioid use disorder, and others.
The global implantable drug delivery devices market is segmented into 5 major regions: North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. The report covers analyses and forecasts of 18 countries worldwide along with trends and opportunities prevailing in the region.
From the regional perspective, North America dominated the implantable drug delivery devices market with ~37% market share in 2021. The market growth in the region is majorly attributed to the large targeted patient pool and extensive R&D activities undertaken by leading players. In addition, the high clinical urgency to adopt these devices because of the growing disease burden in the region is also driving the market growth.
The below figure showcase the revenue growth trend in the North America implantable drug delivery devices market:
Source: The Insight Partners Analysis
The report analyzes factors, such as drivers, restraints, opportunities, and future trends, which impact the implantable drug delivery devices market. It also provides an exhaustive Porter's five forces analysis of the factors influencing the market.
IMPACT OF COVID-19 PANDEMIC
For a short period, the COVID-19 pandemic disturbed the implantable drug delivery devices market. Healthcare professionals' main priorities are the coronavirus diagnosis and care of their patients. Since the beginning of the pandemic, millions of patients worldwide had their care delayed as hospitals canceled non-urgent operations. A very large number of operations were canceled or postponed owing to disruption caused by COVID-19. The governments mitigated this major patient burden by developing recovery plans and implementing strategies to restore surgical activity safely. Due to postponed elective procedures, the market for implantable drug delivery devices is anticipated to decline. Also, the market was significantly impacted by supply chain restrictions and postponed elective surgery. Therefore, it is expected that the implantable drug delivery devices market will witness slow growth in the near future.
The report covers key developments in the implantable drug delivery devices market. Various companies are focusing on organic growth strategies, such as product launches, product approvals, patents, and events. Inorganic growth strategies, such as acquisitions, partnerships, and collaborations, have encouraged the expansion of businesses and customer bases of market players. Players operating in the implantable drug delivery devices market are anticipated to experience lucrative growth opportunities in the coming years with the rising demand for these devices.
The report also includes key companies' profiles and their SWOT analysis and market strategies. In addition, it focuses on leading industry players with information, such as company profiles, components and services offered, financial information for the last three years, and key development in the past five years.
- Bausch & Lomb Inc.
- Boston Scientific Corporation
- Merck & Co, Allergan
- Teleflex Incroporated
- Arrow International
- Delpor, Inc.
- Nanomedical Systems
- InnoCore Pharmaceutical
The Insight Partner's dedicated research and analysis team comprises experienced professionals with advanced statistical expertise and offers various customization options in this study.
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Product Type, Technology, and Application
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
The List of Companies
3. Bausch & Lomb Inc.
4. Boston Scientific Corporation
5. Arrow International
8. Delpor, Inc.
9. Nanomedical Systems
10. InnoCore Pharmaceutical
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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