Implantable Drug Delivery Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

Implantable Drug Delivery Devices Market By Product (Drug Infusion Pumps, Intraocular Drug Delivery Devices, Contraceptive Drug Delivery Devices, Implantable Stents, And Others), Type (Biodegradable Implants And Non- Biodegradable Implants), Application (Oncology, Cardiology, Gynecology, Auto-Immune Diseases, And Others), and geography is expected to grow at a steady CAGR forecast till 2030 owing to the rising prevalence of chronic diseases and the increasing demand of biodegradable implantable drug delivery devices

The global implantable drug delivery devices market is estimated to grow at a CAGR of 6.31% during the forecast period from 2024 to 2030. The demand for implantable drug delivery devices is being boosted by the surging demand for minimally invasive medical techniques, growing prevalence of chronic diseases and other medical threats, increase in government funding, rising awareness amongst people regarding implantable drug delivery devices, increasing demand for contraceptives along with the rising healthcare costs, increasing patient compliance for implantable drug delivery devices, the rising burden of the geriatric population prone to chronic diseases, and the increasing product launches and approval across the globe among others are thereby contributing to the overall growth of the implantable drug delivery devices market during the forecast period from 2024-2030.

Implantable Drug Delivery Devices Market Dynamics:

The implantable drug delivery devices market is witnessing a growth in product demand owing to various factors, one of the key factors being the increasing prevalence of diabetes, a type of chronic disease.

As per the International Diabetes Federation 2022, in the year 2021, approximately 537 million people were living with diabetes, globally. As per the aforementioned source, the total number of patients suffering from diabetes is projected to grow to about 643 million patients by the year 2030 and about 783 million people by 2045. Patients with diabetes frequently require multiple painful injections of insulin to manage their blood glucose levels. A newly introduced, modified titanium implant, the implant-mediated drug delivery system (IMDDS), has the advantage of sustained, needle-free drug delivery. Thus, owing to a rise in the number of patients suffering from diabetes, there will be an increase in the demand for implantable drug delivery devices for delivering insulin amongst patients affected with diabetes, leading to the overall growth of the implantable drug delivery devices market growth.

Furthermore, the rising number of patients affected with cancer will also increase the demand for implantable drug delivery devices, leading to an increase in the overall market growth of implantable drug delivery devices. According to the GLOBOCAN Statistics 2020, in the year 2020, about 19.3 million people were suffering from cancer and more than 10 million people died from cancer, worldwide. In such instances, implantable and long-lasting drug delivery systems emerge as novel and promising therapeutic approaches to address these problems. Through local administration and sustained release, these devices efficiently deliver high drug payloads in the tumor sites, improving drug bioavailability, and avoiding healthy tissue damage. Thus, the increasing prevalence of cancers will increase the demand for implantable drug-delivery devices.

Therefore, the above-mentioned factors are contributing to the growth of the implantable drug delivery devices market during the forecast period from 2024-2030.

However, stringent regulatory requirements, certain complications related to various devices, and others may restrict the implantable drug delivery devices market growth.

Implantable Drug Delivery Devices Market Segment Analysis:

Implantable Drug Delivery Devices Market by Product (Drug Infusion Pumps, Intraocular Drug Delivery Devices, Contraceptive Drug Delivery Devices, Implantable Stents, and Others), Type (Biodegradable Implants and Non-Biodegradable Implants), Application (Oncology, Cardiology, Gynecology, Auto-Immune Diseases, and Others), and Geography (North America, Europe, Asia-Pacific, and the Rest of the World)

In the product type segment of the implantable drug delivery devices market, the drug infusion pumps category is expected to amass a significant revenue share in the year 2023. This can be attributed to the wide applications and unique advantages offered by the segment.

The infusion pumps supply medications such as insulin or other hormones, antibiotics, chemotherapy drugs, and pain relievers. Infusion pumps play an important role in delivering drugs in a controlled manner for the corresponding diseases. The drug infusion pumps can be programmed to deliver exact dosages at a controlled rate during customizable time intervals.

Further, according to National Cancer Institute, in 2020, the rate of new cases of cancer (cancer incidence) was 442.4 per 100,000 men and women per year and the most common cancers were breast cancer, lung and bronchus cancer, prostate cancer, colon and rectum cancer, melanoma of the skin, bladder cancer, non-Hodgkin lymphoma, kidney and renal pelvis cancer, endometrial cancer, leukemia, pancreatic cancer, thyroid cancer, and liver cancer.

Hepatic Artery Infusion (HAI) Pump, is a type of implantable infusion pump to treat metastatic colon cancer (cancer that has spread from the colon to the liver) and intrahepatic cholangiocarcinoma via administering chemotherapy doses through HAI pumps that are combined to treat specific cancer. Therefore, the rising cases of cancers across the globe can boost the market for implantable infusion pump devices.

In addition, rising product launches and approvals will also propel the demand for implantable drug infusion pumps. For instance, in February 2020, Flowonix Medical, Inc., announced that the United States Food and Drug Administration (FDA) approved the Prometra II Programmable Pump System, an implantable infusion pump that can be used with intrathecal baclofen. Flowonix introduced the Prometra II 40mL pump to the US market in November 2019, providing patients and clinicians a choice between 20 mL and 40 mL capacities when choosing an intrathecal pump delivery device. The new indication expands significantly the market for the Prometra device by enabling its use in the treatment of spasticity.

Thus, the above-mentioned factors are likely to propel the demand for drug infusion pumps, thereby contributing to the growth of the implantable drug delivery devices market during the forecast period from 2024-2030.

North America is expected to dominate the overall Implantable Drug Delivery Devices Market:

Among all the regions, North America is estimated to account for the largest share of the implantable drug delivery devices market in the year 2023. This domination is owing to the rising prevalence of chronic diseases, rising geriatric population base prone to chronic diseases, rapid adoption of technologically advanced products, rising demand for minimally invasive techniques, increasing launch of advanced products by market players, strong presence of key market players, high disposable income, and high awareness about sustained and controlled drug delivery systems, among others will propel the market of implantable drug delivery devices in North America.

According to the Cancer Statistics by the National Cancer Institute, in 2020 an estimated 1,806,590 new cases of cancer have been diagnosed in the United States and 606,520 people have died from the disease. Prostrate lung cancers, colorectal cancers, and lung cancers have been 43% of all cancers diagnosed amongst men in the year 2020.

According to the Centers for Disease Control and Prevention (CDC) 2022, in the year 2021, around 37.3 million people were suffering from diabetes, which accounted for about 11.3% of the US population. As per the same source, in the year 2021, around 28.7 million people, accounting for about 28.5 million adults were diagnosed with diabetes in the United States.

As per the latest data presented by Asthma and Allergy Foundation America, in 2020, there were more than 25 million Americans that were having asthma which is 7.7 percent of adults and 8.4 percent of children. Asthma has been increasing since the early 1980s in all ages, sexes, and racial groups.

The above sources clearly state that the prevalence of chronic diseases is increasing in the region, which will ultimately increase the demand for implantable drug delivery devices in the region which are frequently used by patients to either treat or manage the diseases by attainting sustainable and controlled drug delivery.

Moreover, recent product approval by the US regulatory body Food and Drug Administration is also expected to bolster the market for implantable drug delivery devices in the region. For instance, in May 2020, Medtronic received pre-market approval from the US FDA for SynchroMed II Implantable Infusion Pump and Implantable System for Remodulin.

Also, in October 2021, Genentech received approval from the FDA for Susvimo, previously called the Port Delivery System (PDS), with ranibizumab, the wet or neovascular age-related macular degeneration treatment.

Thus, all the above-mentioned factors will lead to an increase in the North America implantable drug delivery devices market growth during the forecasting period of 2024-2030.

Implantable Drug Delivery Devices Market Key Players:

Some of the key market players operating in the implantable drug delivery devices market include Delpor, Inc., Medtronic, ABBVIE INC., Boston Scientific Corporation, Bausch & Lomb Incorporated, Alcon, BIOTRONIK, Terumo Corporation, Bayer AG, Teleflex Incorporated, Abbott, Merck & Co., Inc., ORGANON, Flowonix Medical, Inc., Fresenius Kabi AG, and others.

Recent Developmental Activities in the Implantable Drug Delivery Devices Market:

In August 2022, Baxter International received 510(k) clearance from the United States FDA for its new Novum IQ syringe infusion pump with Dose IQ safety software, representing Baxter's latest developments for infusion therapy.

In August 2022, Medtronic launched the drug-eluting coronary stent, the Onyx Frontier drug-eluting stent (DES), following CE Mark's approval. The Onyx Frontier DES offers an innovative delivery system and builds upon the acute performance and clinical data from the Resolute Onyx drug-eluting stent.

In February 2021, United Therapeutics Corporation commercially launched the Remunity Pump for Remodulin for patients with pulmonary arterial hypertension. Community is a small, discreet pump that delivers Remodulin in prefilled cassettes delivered directly to patients, offering significant improvements.

Key Takeaways from the Implantable Drug Delivery Devices Market Report Study

Market size analysis for current implantable drug delivery devices market size (2023), and market forecast for 5 years (2024-2030)

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global implantable drug delivery devices market.

Various opportunities available for the other competitor in the implantable drug delivery devices market space.

What are the top-performing segments in 2023? How these segments will perform in 2030?

Which are the top-performing regions and countries in the current implantable drug delivery devices market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for implantable drug delivery devices market growth in the coming future?

Target Audience who can be benefited from this Implantable Drug Delivery Devices Market Report Study

Implantable drug delivery devices products providers

Research organizations and consulting companies

Implantable drug delivery devices-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in implantable drug delivery devices

Various End-users who want to know more about the implantable drug delivery devices market and the latest technological developments in the implantable drug delivery devices market.

Frequently Asked Questions for the Implantable Drug Delivery Devices Market:

1. What are implantable drug delivery devices?

Implantable drug delivery devices are devices that deliver the optimum amount of drug at a specific site after its implantation in the body. They minimize doses of the drug to reduce potential side effects. Also, they facilitate the sustained release of a therapeutic agent. These devices administer drugs and fluids without the repeated insertion of needles.

2. What is the market for global implantable drug delivery devices?

The global implantable drug delivery devices market is estimated to grow at a CAGR of 6.31% during the forecast period from 2024 to 2030.

3. What are the drivers for the global implantable drug delivery devices market?

The demand for implantable drug delivery devices is primarily being heightened by the growing geriatric population prone to chronic diseases, the rising number of patient pool suffering from chronic diseases, surging demand for minimally invasive surgeries, consistent intervention by government health organizations to ensure high patient safety standards, rising advancements in medication administration techniques, and increasing device launches and approvals, among others, thereby contribute to the overall growth of the implantable drug delivery devices market during the forecast period from 2024-2030.

4. Who are the key players operating in the global implantable drug delivery devices market?

Some of the key market players operating in the implantable drug delivery devices market include Delpor, Inc., Medtronic, ABBVIE INC., Boston Scientific Corporation, Bausch & Lomb Incorporated, Alcon, BIOTRONIK, Terumo Corporation, Bayer AG, Teleflex Incorporated, Abbott, Merck & Co., Inc., ORGANON, Flowonix Medical, Inc., Fresenius Kabi AG, and others.

5. Which region has the highest share in the implantable drug delivery devices market?

North America is expected to dominate the overall implantable drug delivery devices market during the forecast period from 2024-2030. Factors such as the growing prevalence of chronic disorders such as diabetes, cardiovascular diseases, auto-immune diseases, and cancers, among others, and the increasing geriatric population prone to chronic diseases will positively impact the North American implantable drug delivery devices market. Furthermore, high disposable income, sophisticated healthcare infrastructure, favorable regulatory approval for new devices, increasing demand for minimally invasive techniques, well-developed healthcare sector, and increasing investments for R&D, among others also helped the market growth in this region.