The global implantable drug delivery devices market size is expected to reach USD 31.8 billion by 2026 registering at a 7.5% CAGR during the forecast period 2019 to 2026. Growing incidence of chronic diseases, coupled with rising demand for minimally invasive treatment options, is driving the market for implantable drug delivery devices.
Implantable drug delivery devices are the medical devices, which enable site specific drug administration. It also helps in minimizing the doses of drug in order to reduce potential side effects. These devices facilitate sustained release of a therapeutic agent. These implantable devices are gaining edge over conventional oral or parenteral dosage forms due to site specific and sustained release therapeutic action of implantable devices, which further minimize the side-effects associated with the drug.
The major factors driving the growth of this market are growing incidences of target disease such as diabetic retinopathy, prostate cancer, cardiovascular diseases and chroni diseases. Rising cases of unwanted pregnancies and growing aging population also supplement the growth of this market. However, cost associated with the use of these devices has restricted the market growth.
Bayer Healthcare, Boston Scientific Corporation, Allergan Inc., Medtronic Inc., Merck, Bausch and Lomb, Inc. and Abbott laboratories are some of the major players in this market. Product launch, merger & acquisition and research & development are the competitive strategies adopted by these key players. In 2013, Bayer Healthcare launched a noval hormonal intrauterine device (IUD) Skyla. The same product is launched in Europe with the brand name Jaydess, which is used for the prevention of pregnancy for up to three years.
Further key findings from the report suggest:
Market is segmented based on product type, technology, application and geography.
MARKET BY PRODUCT TYPE
MARKET BY TECHNOLOGY
MARKET BY APPLICATION
MARKET BY GEOGRAPHY