The global Implantable Drug Eluting Devices Market is poised for substantial growth, projected to expand at a compound annual growth rate (CAGR) of 6.0% from 2022 to 2029. The market, valued at approximately USD 12.8 billion in 2022, is expected to reach USD 22.9 billion by 2029, driven by the growing demand for long-acting, controlled drug delivery solutions in various therapeutic areas.
Implantable drug eluting devices, which are used to deliver medication directly into the body over a prolonged period, have gained significant traction in the treatment of chronic conditions, including cardiovascular diseases, cancer, and contraceptive needs. These devices provide an effective alternative to traditional drug administration methods by offering controlled, localized, and sustained release of drugs, leading to better patient compliance and outcomes.
Contraceptive drug eluting devices, in particular, have shown promising growth, holding a substantial market share of over 39.8% in 2021. These devices offer a convenient, long-term solution for contraception, fueling their widespread adoption. The increasing focus on women’s health, along with the growing preference for non-invasive contraceptive options, is expected to drive continued demand for these products in the coming years.
Technological advancements, such as the development of biocompatible materials and improved drug release mechanisms, are further supporting market growth. As healthcare systems across the globe continue to prioritize patient-centric, efficient treatment options, the demand for implantable drug eluting devices is expected to continue rising.
Sales Analysis of Implantable Drug Eluting Devices from 2014 to 2021 Vs Market Outlook for 2022 to 2029
The market value for Implantable Drug Eluting Devices holds nearly 5.8% of the overall USD 208.0 Billion Drug Delivery Devices market in 2021.
Implantable drug eluting devices provide numerous distinctive advantages which include the exceptional prospects of site-specificity, localization, and targeted drug delivery process.
The applications of implantable drug eluting devices are indispensable when considered under the scope of cardiology, ophthalmology, birth control, opioid addiction, pain management, diabetes management, contraception, as well as cancer therapy. The targeted drug delivery systems improve the efficacy of treatment (oncology and cardiology) and assist with the reduction of side effects by preventing damage to healthy tissue.
The implantable drug eluting devices are segmented into two main types: active drug eluting devices and passive drug eluting devices.
Key Takeaways:
- The global implantable drug eluting devices market is expected to grow from USD 12.8 billion in 2022 to USD 22.9 billion by 2029, at a CAGR of 6.0%.
- Contraceptive drug eluting devices represented a significant market share of 39.8% in 2021, with growing adoption driven by the demand for long-term, non-invasive solutions.
- Advancements in drug release technology and biocompatible materials are contributing to market growth.
- The market is expected to be dominated by regions with strong healthcare infrastructure, including North America and Europe, while Asia-Pacific is emerging as a key growth region due to rising healthcare investments and access to innovative solutions.
Competitive Landscape
Corporate tie-ups amongst implantable drug eluting device manufacturers, acquisitions, expansion, product launches, agreements, and increasing clinical trials and research activities are the key strategies adopted by manufacturers to increase product sales in different geographies.
- In August 2021, Medtronic plc announced that it has entered into a definitive agreement with Intersect ENT a global medical technology leader dedicated to transforming patient care, in which Medtronic will acquire all outstanding shares of Intersect ENT.
- In March 2020, Allergan received FDA approval for DURYSTA™ (bimatoprost implant) the first and only Intracameral Biodegradable Sustained-Release implant to lower intraocular pressure in Open-Angle Glaucoma or Ocular Hypertension Patients.
Similarly, recent developments related to companies operating in the implantable drug eluting devices market have been tracked by the team at Future Market Insights, which are available in the full report.
Key Companies Profiled
Pfizer Inc.; Medtronic Inc.; Merck & Co., In; Bayer AG; JOHNSON & JOHNSON; SurModics Inc.; AstraZeneca Plc.; Boston Scientific Corporation; Titan Pharmaceuticals, Inc.; BIOTRONIK, INC.; Abbott Laboratories; Allergan, Inc.; Bausch and Lomb, Inc.; Alimera Sciences; REVA Medical, Inc.
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Key Market Segments Covered in 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
By Implementation Type:
- Intravaginal
- Intravascular
- Intraocular
- Intrathecal
- Subcutaneous
- Intrauterine
By End User:
- Hospitals
- Ambulatory Surgical Centers
- Optical Care Centers
- Cardiac Surgery Centers
- Office Based Settings
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
Author By:
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 areas such as 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)
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