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.
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.
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