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. The growing incidence of chronic diseases, coupled with rising demand for minimally invasive treatment options, is driving the market for implantable drug delivery devices.
Recent
advancements in medication administration technologies are expected to fuel
market growth over the forecast period. An increase in the 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, the advent of biodegradable implants enables the targeted delivery of
chemotherapeutics to tumor cells without damaging normal cells. Drug releasing
implants are also helpful in the treatment of inoperable tumors such as that of
the liver, brain, and lungs, due to their location and size. These devices help
in reducing tumor size, which enables the surgical removal of tumors. The
aforementioned benefits of these devices are expected to impel their adoption
over the forecast period.
Manufacturers
are focused on developing novel drug delivery devices to gain maximum market
share, which has resulted in the 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 the long-term delivery of therapeutics.
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Implantable Drug
Delivery Devices Market Report Highlights
- 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 the 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 a significant
increase in adoption as it offers better patient outcomes and
acceptability
- By application,
cardiovascular accounted for a substantial share in 2016 due to the
increasing adoption of drug-eluting and bio-absorbable stents for the
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 the 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.
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Implantable Drug
Delivery Devices Market Segmentation
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
Implantable Drug
Delivery Devices Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- The U.S.
- Canada
- Europe
- The U.K.
- Germany
- Asia Pacific
- Japan
- China
- India
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- South Africa
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.
For more info visit @ https://www.grandviewresearch.com
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