Demand for Implantable Drug Delivery Devices and Impact of COVID-19……..



The global implantable drug delivery devices market size is expected to reach USD 31.6 billion by 2025, according to a new report by Grand View Research, Inc., registering a 7.5% CAGR during the forecast period. Growing incidence of chronic diseases, coupled with rising demand for minimally invasive treatment options, is driving the market for implantable drug delivery devices.
With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.
Recent advancements in medication administration technologies are expected to fuel market growth over the forecast period. Increase in adoption of micro-scale implantable devices is one of the key factors fueling growth. These products find application in monitoring improvement in body functions, imaging, and medication administration. They facilitate localized treatment with controlled drug administration and enable targeted delivery of therapeutics to tissues.
These devices help overcome limitations of intravenous, oral, and topical administration routes, thus broadening the growth prospects of the market. In addition, advent of biodegradable implants enables targeted delivery of chemotherapeutics to tumor cells without damaging normal cells. Drug releasing implants are also helpful in treatment of inoperable tumors such as that of liver, brain, and lungs, due to their location and size. These devices help in reducing tumor size, which enables surgical removal of tumors. The aforementioned benefits of these devices are expected to impel their adoption over the forecast period.
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Manufacturers are focused on developing novel drug delivery devices to gain maximum market share, which has resulted in launch of various technologically advanced products in the market. For instance, in February 2017, Delpor, Inc., a biotechnology company in U.S., announced the launch of an implantable device for long-term delivery of therapeutics.
Further key findings from the report suggest:
·         By product, drug-eluting stents held a dominant share in the market in 2016, owing to their growing adoption in hormone regulation, contraception, pain management, and cancer therapy. Bio-absorbable stents, on the other hand, are anticipated to grow at a lucrative rate owing to increase in incidence of peripheral and coronary artery diseases
·         On the basis of type, the non-biodegradable segment held the largest share in 2016, as a consequence of easy availability of these products and their established efficacy
·         Diffusion held a dominant share in the market on the basis of technology, owing to significant increase in adoption as it offers better patient outcomes and acceptability
·         By application, cardiovascular accounted for a substantial share in 2016 due to increasing adoption of drug-eluting and bio-absorbable stents for management of cardiovascular diseases. Autoimmune diseases, on the other hand, are expected to exhibit the fastest CAGR owing to rising prevalence of multiple sclerosis and rheumatoid arthritis
·         While North America held a substantial share in 2016 owing to rising prevalence of chronic diseases, unhealthy lifestyles, and high stress levels among the population, Asia Pacific is anticipated to achieve significant CAGR through 2025. This is owing to improving healthcare systems, rising healthcare expenditure, and growing awareness.
The global implantable drug delivery devices market size was estimated at USD 16.6 billion in 2016 and is anticipated to exhibit a lucrative CAGR of 7.5% over the coming years. Rise in incidence of chronic conditions, such as cancer and diabetes, is creating need for efficient medication delivery. According to Cancer Research UK, cancer results in highest number of deaths globally, which has raised the clinical urgency to adopt advanced alternatives, such as implantable drug delivery devices.
Consistent intervention by government health organizations to ensure high patient safety standards is one of the major factors contributing toward growth. Rising awareness about availability of high quality and safer products also aids in impelling overall demand. Growing preference for drug-device combination products owing to higher efficacy also serves as a key contributing factor.
Consistent efforts by the European Union and U.S. FDA to establish guidelines and policies to address challenges associated with implants and facilitate proper and consistent regulation are widening growth prospects for the market. For instance, the U.S. FDA has established the Office of Combination Products (OCP) to ensure high safety standards.
Recent advancements in medication administration techniques are expected to fuel growth potential over the coming years. Increasing popularity of microscale implantable devices with multiple applications, such as therapy and diagnosis, is one of the key factors attributed to the growth attained over the past years. These devices help monitor body functions and facilitate imaging and therapy as well as stimulate tissues or organs in movement disorders. Development of Implantable Drug Delivery Systems (IDDS) has facilitated targeted therapy with controlled medication delivery, which is anticipated to broaden the growth prospects of the market.
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https://www.grandviewresearch.com/press-release/global-implantable-drug-delivery-devices-market
Grand View Research has segmented the global implantable drug delivery devices market on the basis of product, type, technology, application, and region:
Implantable Drug Delivery Devices Product Outlook (Revenue, USD Million, 2014 - 2025)
·         Contraceptive Implants
·         Spinal Implants
·         Brachytherapy Seeds
·         Drug-eluting Stents
·         Bioabsorbable Stents
·         Intraocular Stents
·         Infusion Pumps
·         Others
Implantable Drug Delivery Devices Type Outlook (Revenue, USD Million, 2014 - 2025)
·         Biodegradable
·         Non-biodegradable
Implantable Drug Delivery Devices Technology Outlook (Revenue, USD Million, 2014 - 2025)
·         Diffusion
·         Osmotic
·         Magnetic
·         Others
Implantable Drug Delivery Devices Application Outlook (Revenue, USD Million, 2014 - 2025)
·         Contraception
·         Ophthalmology
·         Cardiovascular
·         Diabetes
·         Oncology
·         Autoimmune Diseases
·         Others
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.



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