Implantable Drug Delivery Devices Market

SKU: DMMD4605 | Last Updated On: Jan 23 2023 | Available Formats

>Implantable Drug Delivery Devices Market Expected to reach a high CAGR 7.9% By 2023- 2030:

Implantable Drug Delivery Devices Market is Segmented By Product Type (Contraceptive Implants, Spinal Implants, Infusion Pumps, Intraocular Stents, Bio-absorbable Stents, Drug-Eluting Stents, Brachytherapy Seeds, Others), By Technology (Biodegradable Drug Delivery Technology, Non-Biodegradable Drug Delivery Technology), By Application (Contraception, Cardiovascular, Ophthalmology, Diabetes, Oncology, Autoimmune Diseases, Others), By End-User (Hospitals, Ambulatory Surgery Centers, Others), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023- 2030.

Implantable drug delivery devices market size was valued US$ XX million in 2020 and is estimated to reach US$ XX million by 2029, growing at a CAGR of 7.9% during the forecast period (2023- 2030). Implantable drug delivery systems (IDDSs) are bioengineering devices surgically implanted inside the patient's tissues to escape first-pass metabolism and lessen systemic toxicity of the medicine by eluting the therapeutic payload near the target tissues.

Implantable Drug Delivery Devices Market

Metrics

Details

Market CAGR

7.9%

Segments Covered

By Product Type, By Technology, By Application, By End-User, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

Market Dynamics

A novel treatment system for neurological medical emergencies is expected to drive market growth.

Personalized biomedical devices have a lot of potentials when it comes to solving clinical problems in emergency scenarios. Despite this potential, a device for treating fatal seizures in the field with pharmaceutical approaches has yet to be created. Using a soft implantable drug delivery device(SID) for a novel treatment method for neurological medical crises such as status epilepticus, a lethal epileptic condition that requires prompt treatment (SID). Wireless voltage induction allows the SID to communicate with wearable devices to monitor electroencephalography signals and trigger subcutaneous medication release. Bulky stiff components like sensors, batteries, and electrical circuits can be shifted from the SID to wearables thanks to wireless integration, allowing the SID to attain mechanical softness and downsizing. Thus, brain damages are reduced, and survival rates are increased due to which the market is expected to drive in the forecast period.

Restraint:

Device and surgery expenses are high, and adoption is minimal. For instance, SynchroMed II and SynchroMed EL are implantable medication infusion pumps created by Medtronic. Patients with metastatic cancer and chronic pain benefit from these pumps. The device had a software issue, prompting Medtronic to recall and update the product's firmware under FDA guidelines. Thus, these are some of the factors that the market is expected to hamper in the forecast period.

Industry Analysis

COVID-19 Impact Analysis

The COVID-19 pandemic has moderately impacted healthcare systems and the market. COVID‐19 affects the cardiovascular system, resulting in myocardial injury, intravascular thrombosis, arrhythmias, and sudden cardiac death. Reports have suggested a temporal association between COVID‐19 activity and cardiac arrests in the community and in‐hospital settings. Although a higher burden of ventricular arrhythmic events has been observed among hospitalized patients with COVID‐19, the mechanisms underlying the surge of out‐of‐hospital cardiac arrests remain unclear. Individuals with an implantable cardioverter‐defibrillator (ICD) are at increased risk for arrhythmic sudden cardiac arrest. Given the ability of these devices in providing continuous cardiac monitoring and therapy.

Additionally, the pandemic is interrupting the supply chain, and many companies will vary to other geographic regions in the future to ensure that products remain available and protect their supply chain. Thus, the COVID-19 pandemic has affected the market. However, the situation is expected to improve gradually in the forecast period.

Segment Analysis

Biodegradable Drug Delivery Technology segment is expected to hold the largest market share in implantable drug delivery devices market.

The biodegradable drug delivery technology segment accounted for the largest market share in 2020. The advantages of biodegradable drug delivery technology include easy manufacture, absorption, and excretion of inter-polymers utilized in biodegradable devices, eliminating the need for surgical removal, which is required with non-biodegradable items. Additional benefits include increased acceptance, patient compliance, and better outcomes, which are expected to drive demand even higher. For instance, Ocular implants are increasingly made of biodegradable materials. These methods make it easier to administer medications with a long half-life and a high systemic dose, increasing the amount of drug that reaches the ocular tissues. Biodegradable implants include Lacrisert, Surodex, and Ozurdex, to name a few. Biodegradable polymers are also employed as medication carriers to help with localized and long-term drug delivery. Thus, the market segment is expected to hold the largest market share in the forecast period.

Geographical Analysis

North America region holds the largest market share in the global implantable drug delivery devices market

In 2020, North America accounted for the highest revenue share. The increasing prevalence of chronic conditions, rising geriatric population, many technological and medical developments that have expanded the sorts of implantable devices are factors the market is expected to boost in the forecast period. Moreover, millions of people in the United States have implantable devices in their bodies, such as artificial hips or cardiac pacemakers. For instance, experts estimate that 7.2 million people in the United States have joint implants. Additionally, Pacemakers have become more accurate and effective due to technological breakthroughs. The following are some of the most recent developments, including Wireless pacemaker models that allow for greater connectivity and monitoring, Comprehensive data produced by the pacemaker that can be analyzed and used for monitoring the patient’s condition and early intervention if a problem is detected, pacemakers that let the heart function on its own and intervene only when it is necessary to normalize a slow or irregular heart rhythm and improved battery life in pacemakers are some of the factors due to which the North American region is expected to hold the largest market share in the forecast period.

Competitive Landscape

Major key players in the implantable drug delivery devices market are Abbott Laboratories, AbbVie Inc., Delpor Inc., Medtronic, Bausch & Lomb, Cognos Therapeutics, Inc., Bayer, Zimmer Biomet , Elixir Medical Corporation and DSM Biomedical.

Medtronic plc:

Overview:

Medtronic plc is an American-Irish registered medical device company primarily operating in the United States. It has an operational and executive headquarters in Fridley, Minnesota, in the US. Moreover, it develops and manufactures devices and therapies to treat more than 30 chronic diseases, including heart failure, Parkinson's disease, urinary incontinence, Down syndrome, obesity, chronic pain, spinal disorders and diabetes. It is operated in 140 countries and employs over 104,950 people.

Product Portfolio:

SYNCHROMED II INTRATHECAL PUMP: SynchroMed II Intrathecal Pump Intrathecal Drug Infusion System for Chronic Pain Management. The SynchroMed II programmable, implantable pump delivers the drug to the intrathecal space via an implanted catheter.

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