In a recent published report, Kenneth Research has updated the market report for Implantable Drug Delivery Devices Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Implantable Drug Delivery Devices Market products.
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Kenneth Research has recently added a report titled Implantable Drug Delivery Devices Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021 2030. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth.
According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
Implantable Drug Delivery Devices Market Introduction:
The implantable drug delivery is the procedure that facilitates the drug to be released in the bloodstream. To deliver the drug, numerous devices are being offered in the market, depending upon the kind of cure the device is manufactured for. For instance, by utilizing implantable drug delivery infusion pump, the insulin is delivered in the human body to cure diabetes.
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Moreover, contraceptive drug delivery devices including intrauterine devices are being utilized to control the birth. These devices are actively programmable with access ports to resupply the medications when needed. Owing to such factors, implantable drug delivery devices market is anticipated to have significant growth over the forecast period.
The growth is attributed to the rising prevalence of chronic diseases including cardiovascular, diabetes, obesity and cancer, etc., coupled with increasing involvement of government bodies such as U.S. Food and Drug Administration and European Union towards the use of safer products along with recommended quality of the implant devices, is also fueling the demand for implantable drug delivery devices in the market.
Implantable Drug Delivery Devices Market: Dynamics
The implantable drug delivery devices market is largely driven by the simplified targeted therapy that avoids patients from being hospitalized and from intravenous infusions. Furthermore, the advancement in the implantable drug delivery devices to microscale implantable drug delivery devices (IDDSs) have gained traction over the past few years. This miniaturization of the technology is highly advanced in delivering the drug, thereby providing better control over the disease via its accurate, less painful and long-life expectancy features.
Patients suffering from osteoporosis have been much relieved owing to the development for microscale IDDS’s that has come out to be effective in the treatment of disease and enhancing the quality of life. This innovative technology has potential to cure further diseases such as neurological disorders, contraception, movement disorders particularly hip and knee movements among others. Therefore, the technology enhancement is anticipated to be a major booster to the market.
Furthermore, these devices responsibly take a reduced amount of time in recovery and closure of wounds during the surgery over the traditional methods such as conventional oral (through mouth) and parenteral dosage form (injections into systemic circulation). Therefore, surging up the market.
The major factors restraining the implantable drug delivery devices market comprises of the high costs involved in manufacturing the implantable devices coupled with the possible device failures which could hamper the growth of the implantable drug delivery device market.
For instance, in 2016, Medtronic developed devices named SynchroMed II and SynchroMed EL implantable drug infusion pump. These pumps are utilized among the patients suffering from metastatic cancer, and chronic pain. The device incurred a software problem which lead to Medtronic to recall and update the software of the product, under the guideline of U.S. FDA.
Implantable Drug Delivery Devices Market: By Product Type
Contraceptive drug delivery devices’ segment is anticipated to have a prime share in the implantable drug delivery devices market over the forecast period owing to the decent rise in demand for hormone regulation and contraception by the adoption of non-biodegradable implants over the recent years, thus, offering a generous market growth. For instance, contraceptive rings are being placed in the vagina for the birth control by women.
Moreover, bio absorption stents are anticipated to rise enormously over the projected period. The growth is majorly attributed owing to the rise in cardiovascular diseases including coronary artery diseases (CAD) among the patients. As per the statistics by American Heart Association, in 2018, 92.1 million (approx.) adult people in the U.S. suffer from some kind of cardiovascular disorder, which is expected to result in 2300 deaths a day. Due to this, the utilization of the bio absorption stents is expected to rise, thus helping the market to grow further.
Implantable Drug Delivery Devices Market: By Material Type
On the basis of material, the implantable drug delivery devices market is segmented into biodegradable and non-biodegradable. Biodegradable implantable devices market is anticipated to witness high growth over the forecast period. L-lactide is an absorbable material used in the manufacturing of bio-absorbable stents. They have the capability to dissolve naturally in the human body, and is attributed towards the market growth.
For instance, Abbott developed the Absorb GT1 Bioresorbable Vascular Scaffold System (BVS) which was approved by the U.S. Food and Drug Administration in 2016. This implantable device can deliver the drug named everolimus which limits the growth of the tissue scars, and also has the capability to dissolve in the human body in about 3 years.
Implantable Drug Delivery Devices Market: By Application:
The implantable drug delivery devices market for cardiovascular applications is anticipated to be dominant during the forecast period. According to the American College of Cardiology, cardiovascular diseases (CVD) are responsible for the death of nearly 8,00,000 people in the U.S. alone. Majority deaths in the U.S. are caused by cardiovascular disease including coronary heart diseases, followed by heart failure and stroke. Therefore, the rise in the cardiovascular diseases would give space for the growth of absorbable stents, which is further expected to contribute a decent revenue share in the market.
Implantable Drug Delivery Devices Market: Regional Analysis
North America is anticipated to have a dominant share in the market during the forecast period with the U.S. maintaining its dominance owing to its world’s largest and established pharmaceutical market. Moreover, the nation is highly focused and known to be world leader in the biopharmaceutical research. As per the statistics by the Bureau of Labor Statistics, U.S. in 2010, approximately US$ 67.4 billion was invested in the research and development in pharmaceutical sector. Some of the leading players investing hugely in the research & development include Pfizer, Inc, Johnson & Johnson, Inc, Antares Pharma and Dickinson and others.
The treatment of prostate cancer is quite painful, and this pain can be reduced by the use of intrathecal drug delivery pumps, thus, providing a significant growth to the implantable drug delivery devices. Rising prostate cancer cases among men in the U.S. is another reason attributed to the growth of U.S. implantable drug delivery devices market. According to the stats by National Cancer Institute, the estimated new cases of prostate cancer in 2018 is about 15,646 cases, out of which 1,413 deaths are estimated.
Asia Pacific is predicted to have a substantial growth over the forecast period, which is highly attributed by the steep growth in the healthcare industry majorly in China and India. According to China Chamber of Commerce for Import and Export of Medicines and Health Products, China became the second largest pharmaceutical market in 2014. According to CCCMHPIE, China healthcare industry output value reached to US$ 420.0 billion in 2015, increasing from US$ 380.0 billion in 2014. This will further give some good opportunities for the growth of China implantable drug delivery devices market.
Moreover, the presence of some major pharmaceutical companies in the Asia Pacific region will further open up opportunities for the growth of Asia Pacific implantable drug delivery devices market. Some of the predominant players present in this region include Baxter International, Glaxo Smith Kline and Boehringer Ingelheim GmbH among others.
The key vendors in the implantable drug delivery devices market include Medtronic Inc, Cydex, Inc, Alkermes, Inc, Abbott Laboratories, Bayer Healthcare, Psivida Corp, Allergan, Inc. and Boston Scientific Corporation among several others.
Major players in this market are working on the development of new devices to overcome the failure cases, broaden the device application and to enhance the device’s efficiency. For instance, in 2018, Medtronic announced the approval received from U.S. FDA on implantable drug delivery system and cardiac catheter technology for the patients suffering from pulmonary arterial hypertension
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