Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The global implantable drug delivery devices market, by product type (Drug infusion pumps, Intraocular drug delivery devices, Contraceptive drug delivery devices and Stents (Drug-eluting stents and Bioabsorbable Stents), by technology (Biodegradable Implants and Non-Bio degradable Implants), by application (Ophthalmology, Cardiovascular, Birth Control/Contraception, and Others) and by region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa), was evaluated at US$ 12,015.2 million in 2020 and is foreseen to grow significantly over the forecast period (2017-2025), demonstrating a magnificent CAGR of 7.7%.
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The rising geriatric population and higher incidence of diseases like cardiovascular diseases and diabetic retinopathy are among the major growth drivers for the global implantable drug delivery devices market growth. Implantable drug delivery devices enable site-specific administrations and allow for the sustained release of a therapeutic agent, administering the required drug dose. In 2014, Alimera Sciences, Inc. received the U.S. FDA approval for Iluvien, which is indicated for the treatment of diabetic macular edema. Iluvien implants are tiny cylindrical tubes that are inserted into the backside of an eye.
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Manufacturers across the globe have come up with numerous innovations in this field over the last decade. One such product innovation is the bio-absorbable stents, which were developed keeping in mind the growing patient pool around the world. The bio-absorbable stents have gained major traction worldwide, as they significantly help tackle the drawback of metal drug-eluting stents. For instance, n 2017, Reva Medical Inc., received the CE mark approval in Europe Fantom, which is a sirolimus-eluting bio-absorbable coronary scaffold.
Diabetic macular edema is a one of the most common health problems among diabetic patients, and its consistently increasing cases is resulting from the growing prevalence of diabetes. According to the National Diabetes Statistics, an estimated 30.3 million people were diagnosed with diabetes in the U.S. in 2015. Therefore, manufacturers are diligently working on the research and development of biodegradable implantable drug delivery devices. In 2014, Allergan received the U.S. FDA approval for Ozurdex (a dexamethasone intravitreal implant) for the treatment of diabetic macular edema. Ozurdex is sustained-release biodegradable steroid implant.
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Key Takeaways:
- Asia Pacific, North America, and Latin America are identified as the potential markets for implantable drug delivery devices.
- The emergence of biodegradable implants is likely to majorly drive the global implantable drug delivery devices market growth.
- The cardiovascular application segment holds a major market share, with potential growth in the near future, due to the introduction of bio-absorbable stents in 2012.
- The renowned players operating in the global implantable drug delivery devices market are Boston Scientific Corporation, Bayer Healthcare, Medtronic, Allergan Plc, Abbott Laboratories, Bausch and Lomb Inc., Elixir Medical Corporation, Riva Medical Inc., Merck & Co., Inc., and Alimera Sciences.
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