Major players in the implantable drug delivery devices market are Allergan Inc, Bayer HealthCare, Medtronic Inc, Nucletron, Boston Scientific Corporation, Abbott Laboratories, Bausch and Lomb Inc, Merck, Genetech Inc, and Psivida.

New York, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Implantable Drug Delivery Devices Global Market Report 2023" - https://www.reportlinker.com/p06280901/?utm_source=GNW


The global implantable drug delivery devices market is expected to grow from $17.20 billion in 2021 to $18.35 billion in 2022 at a compound annual growth rate (CAGR) of 6.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The implantable drug delivery devices market is expected to grow to $24.08 billion in 2026 at a CAGR of 7.0%.

The implantable drug delivery devices market consists of sales of contraceptive implants, spinal implants, brachytherapy seeds, drug-eluting stents, bio-absorbable stents, intraocular stents, infusion pumps, and others.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

Implantable drug delivery devices are drug delivery systems implanted under the skin that transmit drugs into the bloodstream from a reservoir. These devices facilitate site specific drug delivery and require smaller doses thereby minimizing side effects.

North America was the largest region in the implantable drug delivery devices market in 2022.Asia Pacific was the second-largest region in the implantable drug delivery devices market.

The regions covered in the implantable drug delivery devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The main product of implantable drug delivery devices is contraceptive implants, spinal implants, brachytherapy seeds, drug-eluting stents, bioabsorbable stents, intraocular stents, infusion pumps, and others.Spinal implants are devices that are used by surgeons while performing surgery to treat deformity, stabilize and strengthen the spine, and facilitate fusion.

The technologies involved are diffusion, osmotic, magnetic, and others. The various applications involved are contraception, ophthalmology, cardiovascular, diabetes, oncology, autoimmune diseases, and others.

The rise in the incidence of target diseases such as diabetic retinopathy, cancer, cardiovascular diseases, and other chronic diseases is expected to drive the implantable drug delivery devices market.According to the International Diabetes Federation (IDF), the global prevalence of diabetic retinopathy was one in three in 2020 .

Implantable drug delivery devices are used for site-specific drug administration where the drug is most needed, such as Gliadel® wafer as an implant used in the treatment of brain tumors, Lupron depot for the treatment of prostate cancer. Hence, the site-specific drug administration nature of implantable drug devices, which help in the treatment of target diseases, is driving the implantable drug delivery devices market.

The rising number of product recalls and lawsuits associated with implantable drug delivery devices is expected to hinder the market.In the past few years, there had been an increase in product recalls and lawsuits connected with these devices.

For instance, in June 2022, Medtronic plc recalled Cobalt XT, Cobalt, and Crome Implantable Cardioverter Defibrillators (ICDs) and Cardiac Resynchronization Therapy Defibrillators (CRT-Ds) for the reasons of reports of devices with a short circuit protection (SCP) alert resulting in reduced-energy electric shock delivery, instead of delivering a second phase of high voltage therapy.This may result in failure of device and irregular heartbeat which can lead to more serious issues.

Therefore, the rising number of product recalls and lawsuits concerning implantable drug delivery devices is expected to hinder the growth of the market.

Companies and researchers are focusing on developing 3D implantable drug delivery devices. 3D printed titanium transcutaneous ports are implanted behind the patient’s ear, allowing healthcare professionals to access the catheters. For instance, in February 2020, Renishaw and Herantis Pharma announced the award-winning device, which received positive results in phase 2 trials, that consists of up to four catheters implanted in the relevant brain areas. Researchers at King Abdullah University of Science and Technology have introduced a miniaturized drug delivery system suitable for in-vivo biomedical applications. The system consists of an electrolytic pump, which operates a micro bellows membrane as an actuator for delivery through microneedles. A two-photon 3D printing technique was used to make a reservoir equipped with a microneedle.

In February 2022, Second Sight Medical Products, a California-based prosthetic devices manufacturer merged with Nano Precision Medical.Together the companies would work to develop drug delivery medical implants.

Nano Precision Medical is a US-based developer of NanoPortal drug implant technology.

The countries covered in the implantable drug delivery devices market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The implantable drug delivery devices market research report is one of a series of new reports that provides implantable drug delivery devices market statistics, including implantable drug delivery devices industry global market size, regional shares, competitors with a implantable drug delivery devices market share, detailed implantable drug delivery devices market segments, market trends and opportunities, and any further data you may need to thrive in the implantable drug delivery devices industry. This implantable drug delivery devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06280901/?utm_source=GNW

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

__________________________

CONTACT: Clare: clare@reportlinker.com US: (339)-368-6001 Intl: +1 339-368-6001