The global implantable drug delivery device market is projected to reach a value of US$ 12,015.2 million by 2020 growing at a CAGR of 7.7 % during the forecast period from 2020 to 2027.
Implantable devices for drug delivery are employed to dispense medications and fluids without the need for frequent needle insertions, thus eliminating the necessity for hospitalization for intravenous infusion. These devices are suitable for administering various drugs, and in recent years, there has been a growing integration between drug therapies and implantable devices. Examples of such devices include osmotic pumps and implantable rods that dispense drugs to specific locations in the body, such as beneath the skin or intra-vaginally.
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Impact of the COVID – 19 Pandemic:
The World Heart Federation in 2020 stated that individuals who are over the age of 60 and those with pre-existing medical conditions such as cancer, chronic respiratory disease, diabetes, hypertension, and cardiovascular disease are at a higher risk of contracting COVID-19 compared to younger individuals. Additionally, the World Health Organization reported on April 2, 2020, that in Europe, more than 95% of individuals who contracted the coronavirus were aged 60 and above, while over 50% of infections occurred in individuals aged 80 and above.
To safeguard the susceptible population against COVID-19, it’s advisable for individuals to avoid visiting containment zones, including hospitals. One way to achieve this is by using implantable drug delivery devices that can provide long-term drug delivery, thereby eliminating the need for frequent hospital visits for follow-ups or treatments. As a result, the global market for implantable drug delivery devices is anticipated to experience growth during the forecast period due to the impact of the pandemic.
The market growth is anticipated to be driven by the rise in adoption and adherence of implantable drug delivery devices by patients.
The utilization of implantable drug delivery devices provides several benefits compared to conventional methods of oral or parenteral dosage forms. These advantages include shielding against gastrointestinal tract degradation and greater absorption through the stomach or intestine walls. Additionally, achieving the desired therapeutic effect necessitates a substantial quantity of drug reaching the target. Moreover, biodegradable systems have gained popularity over non-biodegradable ones because the inert polymer utilized in the device fabrication is eventually assimilated and expelled by the body, removing the need for surgical removal of the implant after therapy. These factors are predicted to boost market growth in the foreseeable future and increase patient compliance and acceptance compared to traditional drug administration methods.
The market for implantable drug delivery devices is anticipated to grow due to the rising worldwide incidence of non-communicable diseases.
In 2017, the World Health Organization (WHO) released a report stating that chronic diseases are the leading cause of disabilities worldwide. It is estimated that by 2020, these diseases will account for 60% of the global burden. Additionally, it is expected that 73% of all deaths in 2020 will be attributed to chronic diseases. The four most prominent chronic diseases are cardiovascular disease, cancer, pulmonary disease, and type 2 diabetes.
Implantable drug delivery devices present distinct solutions for patients with chronic diseases. An example of such a device is the Prometra II 40 mL Programmable Pump, which was approved by the U.S. FDA in 2019 and is manufactured by Flowonix Medical, Inc. This pump is designed for intrathecal infusion and can deliver either Infumorph (a preservative-free morphine sulfate sterile solution) or preservative-free sterile 0.9% saline solution (Sodium Chloride Injection, USP) to alleviate pain in cancer patients.
The global market growth of implantable drug delivery devices is anticipated to be hindered by product recalls. An example of this occurred in 2019 when Medtronic Plc’s SynchroMed II systems were recalled by the U.S. FDA due to reported deaths in patients who had been implanted with the system. This was caused by software and mechanical faults, which resulted in the administration of an incorrect amount of the drug, exceeding or falling short of the pre-set value.
Implantable drug delivery devices come with a high price tag. A prime example is the Supprelin LA implant, utilized for treating central precocious puberty by being placed beneath the skin. On February 24, 2020, this implant was reported to cost around US$ 37,300. It gradually releases 65 micrograms of histrelin acetate each day.
Some of the leading companies, including Medtronic Plc., Bayer Healthcare, Merck & Co., Teleflex Incorporated, Eyepoint Pharmaceuticals, Boston Scientific Corporation, Bausch & Lomb Inc., Abbott Laboratories, Allergan, Inc., DSM Biomedical, 3M Company, Delpor Inc., Alimera Sciences, are operating in the global implantable drug delivery devices market.
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Due to a surge in research and development efforts in North America, it is anticipated that the implantable drug delivery devices market will be dominated by this region. An illustration of this is the Phase I clinical trial conducted in 2019 by Merck Sharp & Dohme Corporation to assess the safety and efficacy of Islatravir (MK – 8591) implant in HIV – 1 patients, which demonstrated that the implant could prevent the spread of HIV for over a year.
The global market for implantable drug delivery devices is anticipated to experience growth during the forecast period due to an increase in product launches. One such example is Abbott Laboratories’ XIENCE everolimus-eluting coronary stent system, launched in 2017. This stent has several improved features, such as a thinner profile, increased flexibility, longer lengths, and smaller diameters, and it helps patients with coronary artery disease recover their health and live a healthier life.
Reason to Buy this Report:
➜ Analysis of the impact of technological advancements on the market and the emerging trends shaping the industry in the coming years.
➜ Examination of the regulatory and policy changes affecting the Implantable Drug Delivery Devices market and the implications of these changes for market participants.
➜ Overview of the competitive landscape in the market, including profiles of the key players, their market share, and strategies for growth.
➜ Identification of the major challenges facing the market, such as supply chain disruptions, environmental concerns, and changing consumer preferences, and analysis of how these challenges will affect market growth.
➜ Evaluation of the potential of new products and applications in the market and analysis of the investment opportunities for market participants.
Table of Contents with Major Points:
- Key Findings
- Definitions and Assumptions
- Definition of Implantable Drug Delivery Devices Market
- Market Dynamics
- Trends and Developments
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Implantable Drug Delivery Devices Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Data Sources
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