From 2022 to 2029, the Global Implantable Drug Eluting Device Industry is anticipated to grow significantly at a 6.0% CAGR, with a market value of about US$ 12.8 Bn in 2022. According to Future Market Insights forecasts, the global market for contraceptive drug-eluting devices will account for a sizeable share of over 39.8% in 2021.
Implantable drug-eluting devices are playing a key role in the management and treatment of various chronic disorders, particularly cardiovascular diseases. Advancements in micro and nanotechnology are aiding key manufacturers to design novel implantable drug-eluting devices.
Moreover, controlled and site-specific attributes of implantable drug-eluting devices, further complemented by compatibility with the targeted drug delivery, are relieving the burden of complex dosing schedules and systemic toxicity of conventional drug delivery systems. The Global Implantable Drug Eluting Devices Industry is projected to surpass the US$ 10 billion mark by the end of 2022. Market leaders in the implantable drug-eluting devices landscape are maintaining their focus on refining manufacturing processes.
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Remote-Controlled Chips and Programmable Devices – Future of Targeted Drug Delivery
Increasing clinical trials and research & development of remote-controlled and programmable drug-eluting devices
Massachusetts Institute of Technology (MIT) researchers have developed a remote-controlled contraceptive hormone (levonorgestrel) delivery chip implant, which can turn the device on and off.
Implantable drug-eluting devices allow minimum effective doses and support oral opioid weaning
Implantable drug-eluting devices such as SynchroMed II intrathecal drug delivery system with a controlled workflow system, play an effective role in reducing or eliminating the use of oral opioids.
Antiretroviral (ARV) drug implant is expected to emerge as a promising approach for HIV treatment and prevention
In July 2022, Merck & Co. started the development of slow-release antiretroviral (ARV) drug implants as a promising approach for HIV treatment.
The growth of the Global Implantable Drug Eluting Devices Industry can be prominently attributed to the associated cost-effective technology and novel medication administration techniques. Fewer side effects while these devices are utilized in the management of chronic diseases as well as in contraception have been the strongest attribute accounting for a steadily expanding market for implantable drug-eluting devices. Says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Know More About Global Implantable Drug Eluting Devices Industry Report
The Global Implantable Drug Eluting Devices Industry, new study from Future Market Insights, opines on the evolution of the implantable drug-eluting devices market from 2014 – 2021 and presents demand projections from 2022 – 2029 based on product type (implantable drug infusion pumps, intraocular drug-eluting devices, contraceptive drug-eluting devices, buprenorphine implant, and drug-eluting stents), technology (active drug-eluting devices and passive drug-eluting devices) applications (diabetes macular edema, birth control/contraception, opioid addiction, cardiovascular, ophthalmology, oncology, pain management, others) implantation type (intravaginal, intravascular, intraocular, intrathecal, subcutaneous, intrauterine) end users (hospitals, ambulatory surgical centers, optical care centers, cardiac surgery centers, office-based setting, and others) in seven prominent regions.
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Medical-Pharma Collaborating to Balance Demand and Supply
A comprehensive view of the Global Implantable Drug Eluting Devices Industry has led our analysts to conclude that, the market is expected to grow at an impressive rate. This market growth is mainly attributed to increasing innovations and developments in implantable drug-eluting devices for the management and treatment of breast cancer, schizophrenia, Parkinson’s disease, and photosensitivity diseases. Besides, FMI analyst suggests that markets in North America and Europe are expected to hold major value shares in the global implantable drug-eluting devices landscape. To cater to the rising demand for implantable drug-eluting devices, medical device companies are collaborating with pharmaceutical companies to develop efficient drug-delivery devices.
Increasing use of syringe-based subcutaneous implantable drug-eluting devices is anticipated to minimize the number of invasive surgical procedures. The introduction of implantable drug-eluting devices or rare conditions such as central precocious puberty (CPP) will emerge as an important factor shaping the market for implantable drug-eluting devices.
Key Market Segments Covered in Global Implantable Drug Eluting Devices Industry Research
By Product:
- Implantable Drug Infusion Pumps
- Intraocular Drug-Eluting Devices
- Contraceptive Drug-Eluting Devices
- Buprenorphine Implant
- Drug-Eluting Stents
- Others
By Technology:
- Active Drug Eluting Device
- Passive Drug Eluting Device
- Biodegradable Implants
- Non-Biodegradable Implants
By Application:
- Diabetic Macular Edema
- Birth Control/Contraception
- Opioid Addiction
- Cardiovascular
- Ophthalmology
- Oncology
- Pain Management
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Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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