Research Nester released a report titled “Implantable Drug Delivery Device Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global implantable drug delivery device market in terms of market segmentation by products, type, application, end-users, and region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global implantable drug delivery device market is projected to grow with ~8% CAGR during the forecast period, i.e., 2022-2030 on account of increasing adoption of non-biodegradable implants and rising incidence of chronic diseases globally. According to World Health Organization (WHO), in 2020, approximately 10 million individuals have died due to cancer, while approximately 17.9 million deaths occurred due to cardiovascular diseases. Additionally, the growing concerns among the regulatory bodies for the development of technologically advanced implants for drug delivery is further estimated to boost the growth of the market.
The market is segmented by products into contraceptive implants, spinal implants, brachytherapy seeds, drug-eluting stents, bio-absorbable stents, intraocular implants, infusion pumps, and others. Among these segments, the drug-eluting stents segment is anticipated to hold the largest share over the forecast period on the back of increasing adoption in the market for treating blockage in veins, and other cardiovascular diseases. These are comparatively safer than bare metal stents, which is estimated to boost the segment growth.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the cardiovascular device market in the Asia Pacific is projected to grow at the highest CAGR throughout the forecast period owing to the increasing incidence of diabetes and other chronic diseases, backed by poor lifestyle. Over 60% of the population of the Asia Pacific is suffering from diabetes, presently. Currently, the market in North America holds the largest share. This can be attributed to increasing development of new medical and healthcare devices by the major market players in the region.
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Growing Prevalence of Chronic Diseases and Increasing Aging Population to Drive Market Growth
According to the United Nations, it is estimated that among every 6 individuals, one will be 65 years or older by the year 2050, which accounted for 16% of the total world population. Moreover, the number of individuals aged above 80 years is also estimated to triple by the end of 2050.
The growing aging population globally has increased the risk of chronic diseases. As a result, there is an ever-increasing necessity for implantable drug delivery devices for various applications such as cancer treatment, pain management, and others. This is estimated to significantly boost the market growth.
However, strict government regulations, including, FDA approval for these products and high costs associated with the implantable drug delivery devices are anticipated to act as the limiting factor for the market growth.
This report also provides the existing competitive scenario of some of the key players of the global implantable drug delivery device market, which includes company profiling of Boston Scientific Corporation, Merck & Co., Inc., Medtronic Plc, Allergan, Inc., Bayer AG, Abbott Laboratories, DSM Biomedical, Varian Medical Systems, Inc., Teleflex Incorporated, Bausch and Lomb Incorporated, and others. The profiling enfolds essential information of the companies, which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the global implantable drug delivery device market that will help industry consultants, equipment manufacturers, and existing players searching for expansion opportunities, new players searching possibilities, and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”https://www.researchnester.com/sample-request-3281
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