The global implantable drug eluting devices market is poised for significant growth, expected to expand at a compound annual growth rate (CAGR) of 6.0% from 2022 to 2029. The market was valued at approximately USD 12.8 billion as of 2022, highlighting a robust demand for innovative medical solutions that enhance therapeutic efficacy.
According to projections from Future Market Insights, contraceptive drug eluting devices accounted for a substantial market share of over 39.8% in 2021, underscoring their importance within the broader landscape of implantable drug delivery systems. These devices are increasingly recognized for their ability to provide sustained release of medication, improving patient adherence and outcomes.
Key factors driving growth in the implantable drug eluting devices market include:
- Rising Demand for Long-Acting Contraceptive Solutions: The growing awareness and acceptance of long-acting contraceptive methods are contributing to the increased adoption of drug eluting devices, particularly in reproductive health.
- Technological Advancements: Innovations in drug eluting technologies, including improved formulation and delivery mechanisms, are enhancing the effectiveness and safety of these devices, attracting healthcare providers and patients alike.
- Growing Prevalence of Chronic Diseases: The rising incidence of chronic diseases, such as cardiovascular conditions and cancer, is propelling the need for effective drug delivery systems that provide targeted therapy and minimize side effects.
- Expanding Healthcare Infrastructure: The development of healthcare infrastructure in emerging economies is facilitating access to advanced medical technologies, further boosting the adoption of implantable drug eluting devices.
As the market continues to evolve, industry stakeholders are encouraged to invest in research and development to create innovative solutions that address the diverse needs of patients and healthcare providers.
Among the various product categories, contraceptive drug eluting devices have demonstrated significant market presence, holding a substantial share of over 39.8% in 2021. These devices provide a reliable and effective means of contraception, contributing to their growing adoption worldwide.
A significant contributor to this growth is the substantial market share held by contraceptive drug eluting devices, which represented over 39.8% of the market in 2021. This highlights the growing adoption of implantable devices for contraceptive purposes, driven by their effectiveness and convenience in long-term birth control.
In a noteworthy trend, manufacturers leading the industry are harnessing advancements in micro and nanotechnology to craft innovative implantable drug-eluting devices, steering the industry towards unprecedented growth. These cutting-edge devices exhibit controlled and site-specific attributes, along with compatibility for targeted drug delivery. This unique combination not only simplifies intricate dosing schedules but also mitigates the systemic toxicity associated with conventional drug delivery systems.
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, a 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.
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. Medical device companies are collaborating with pharmaceutical companies to develop efficient drug-delivery devices to cater to the rising demand for implantable drug-eluting 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.
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Key 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
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 clients face 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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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