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, May 24, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Implantable Drug Delivery Devices Global Market Report 2022" - 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 market is expected to grow to $24.08 billion in 2026 at a compound annual growth rate (CAGR) of 7.0%.
The implantable drug delivery devices market consists of sales of implantable drug delivery devices and related services by companies that manufacture them. Implantable drug delivery devices are drug delivery systems implanted by surgery to allow site-specific drug administration at the tissue or organ where the drug is most needed.
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.
North America was the largest region in the implantable drug delivery devices market in 2021.Asia Pacific was the second-largest region in the implantable drug delivery devices market.
The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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 around 27% in 2019.
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 December 2019, around 7,000 Medtronic SynchroMed II, implantable drug infusion pumps were recalled due to the presence of foreign bodies in them.Nexplanon, a small rod contraceptive implant inserted into the skin of the upper arm to prevent pregnancy for up to three years, is facing a lawsuit, and lawyers and attorneys at National Injury Help have been investigating all such cases against those injured by Nexplanon.
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 November 2019, Dare Bioscience, a USA-based biopharmaceutical company with a special focus on women’s health, has acquired Microchips Biotech for an amount of $102 million.Through this acquisition, Microchips has become the wholly subsidiary of Dare Bioscience.
Microchips Biotech is a USA-based company developing innovative drug implants.
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.
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