The Global Implantable Drug Delivery Devices Market, by Product Type (Drug Infusion Pumps, Intraocular Drug Delivery Devices, Contraceptive Drug Delivery Devices, and Stents) by Technology (Biodegradable Implants and Non-biodegradable Implants), by Application (Ophthalmology, Cardiovascular, Birth Control/Contraception, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa), is estimated to be valued at US$ 12,015.2 million in 2020 and is projected to exhibit a CAGR of 7.7% over the forecast period (2020 – 2027).
Implantable Drug Delivery Devices Market – Impact of Coronavirus (COVID – 19) Pandemic
According to the Centers for Disease Control and Prevention (CDC), on April 3, 2020, the patients suffering from cardiovascular diseases, diabetic retinopathy, and old age are at higher risk of being affected by the coronavirus infection. For such patients, implantable drug delivery devices will be one of the best options, as it will not be exposed to the outside environment as well as due to long term drug delivery, the patients will have less hospital visits, thus reducing the risk of coronavirus infection. Thus, COVID – 19 pandemic is expected to boost the global implantable drug delivery devices market growth over the forecast period.
Companies are engaged in research and development activities for manufacturing new products, which is expected to boost the global implantable drug delivery devices market growth over the forecast period. For instance, on May 26, 2020, Genentech, Inc., a subsidiary of F. Hoffmann-La Roche AG, announced positive results of the phase III study for the Port Delivery System with ranibizumab. Port Delivery System with ranibizumab is a permanently refillable eye implant and is used for the treatment of patients suffering from neovascular or age-related macular degeneration.
Increasing product launches is expected to spur the global implantable drug delivery devices market growth over the forecast period. For instance, in 2016, OrbusNeich launched a dual therapy stent, Combo Plus, which has an antibody biological coating that captures endothelial progenitor cells. This initiates the formation of an endothelial layer while a coating of bioabsorbable polymer elutes sirolimus to inhibit neointimal hyperplasia. This dual stent promotes vessel healing in patients with complex coronary artery disease.
Browse 34 Market Data Tables and 24 Figures spread through 144 Pages and in-depth TOC on Implantable Drug Delivery Devices Market, by Product Type (Drug Infusion Pumps, Intraocular Drug Delivery Devices, Contraceptive Drug Delivery Devices, and Stents), by Technology (Biodegradable Implants and Non-biodegradable Implants), by Application (Ophthalmology, Cardiovascular, Birth control/Contraception, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) - Global Forecast to 2027
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Companies are focused on developing software with the help of artificial intelligence, in order to monitor the working of the implantable drug delivery devices in the patient’s body. For instance, on January 23, 2020, Medtronic Plc. launched Efficio, a cloud-based software for the monitoring of the SynchroMed system. Moreover, in 2016, Baxter International Inc. launched its infusion pump programming software, Sigma Spectrum Safety Management System. The Sigma Spectrum Safety Management System is useful in minimizing infusion pump programming risks. It also helps in maintaining electronic medical record systems. Use of such software increases the ease of monitoring implantable drug delivery devices, which is expected to boost the global market growth.
Key Takeaways of the Implantable Drug Delivery Devices Market:
- The global implantable drug delivery devices market is expected to exhibit a CAGR of 7.7% over the forecast period (2020 – 2027), owing to growth in potential markets, especially in Asia Pacific and Latin America. North America accounted for major market share.
- Increasing product launches is expected to spur the global implantable drug delivery devices market growth over the forecast period. For instance, in 2018, Terumo Corporation launched Ultimaster Tansei drug eluting coronary stent in Europe.
- Some of the major players operating in the implantable drug delivery devices market include Boston Scientific Corporation, Abbott Laboratories, Medtronic Plc., 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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