Global Implantable Drug Delivery Devices Market to Exceed $21.7 Billion by 2027

According to Coherent Market Insights, the global implantable drug delivery devices market is estimated to be valued at $12.01 billion in 2020 and is expected to exhibit a compound annual growth rate (CAGR) of 7.7 percent during the forecast period (2020-2027).
 
Key trends in the market include increasing prevalence of non-communicable diseases and adoption of growth strategies such products approval and launches, acquisition and collaboration, and others.
 
Market players are focused on business expansion globally in order to strengthen their product portfolio in the potential market, which is expected to boost the global implantable drug delivery devices market growth over the forecast period. For instance, in 2019, Sahajanand Medical Technologies Pvt. Ltd., an Indian stent manufacturing company, received CE MARK certification from the European regulatory authorities for the marketing of their product, Supraflex Cruz, a cardiac drug-eluting stent, commercially across Europe and India.
 
Key players are engaged in receiving approvals and certifications from the regulatory authorities in order to market their products in the global market, which is expected to drive growth of the global implantable drug delivery devices market. For instance, in 2018, REVA Medical Inc. received CE MARK certification for the Fantom Encore bioresorbable scaffold, which is the sirolimus-eluting bioresorbable scaffold developed as an alternative to metallic stents for the treatment of coronary artery disease.
 
Increasing prevalence of non-communicable diseases is expected to spur the market growth. According to World Health Organization, 2019, approximately 71 percent people died globally because of non-communicable diseases. Furthermore, each year, 15 million people die from a non-communicable diseases between the ages of 30 and 69 years. Cardiovascular diseases account for most of the non-communicable disease deaths or 17.9 million people annually, followed by cancers (9.0 million), respiratory diseases (3.9 million), and diabetes (1.6 million). Moreover, tobacco use, physical inactivity, harmful use of alcohol, and unhealthy diets also increase the risk of dying from a NCD.
 
The global implantable drug delivery devices market is expected to exhibit a CAGR of 7.7 percent during the forecast period (2020-2027), owing to rising product launches by market players during the forecast period. For instance, in 2017, Medtronic plc launched Resolute Onyx, a cardiac drug-eluting stent in the U.S. market, post the U.S Food and Drug Administration (FDA) approval. Resolute Onyx drug-eluting stent is available in two sizes, 4.5 mm and 5 mm, which expands the treatment options for patients with extra-large blood vessels.
 
North America region is expected to hold a dominant position in the global implantable drug delivery devices market over the forecast period. This is owing to increasing adoption of inorganic growth strategies by the market players. For instance, in 2019, Daré Bioscience Inc. acquired Microchips Biotech Inc., which has led to the addition of Microchips’ wireless implant drug delivery technology for the treatment of osteoporosis to the product portfolio of Dare Bioscience Inc.
 
Key players operating in the global implantable drug delivery devices market include Boston Scientific Corporation, Abbott Laboratories, Medtronic, Merck & Co., Bausch & Lomb Inc., Allergan Inc., Bayer Healthcare, Alimera Sciences, Eyepoint Pharmaceuticals, DSM Biomedical, Delpor Inc., Teleflex Incorporated, and 3M Company.