Implantable Drug Delivery Devices Market Exhibits Robust Growth

The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033

LONDON, GREATER LONDON, UK, January 19, 2024 /EINPresswire.com/ — The implantable drug delivery devices market has exhibited robust growth, expanding from $19.66 billion in 2023 to an anticipated $21.21 billion in 2024, boasting a Compound Annual Growth Rate (CAGR) of 7.8%. Looking ahead, the market is poised for continued strength, with a projected growth to $28.91 billion in 2028, showcasing a CAGR of 8.1%.

Driving Factors For Implantable Drug Delivery Devices
The implantable drug delivery devices market’s trajectory is significantly influenced by the rise in the incidence of target diseases such as diabetic retinopathy, cancer, cardiovascular diseases, and other chronic conditions. The World Health Organization (WHO) reported a 3% increase in the burden of drug-resistant tuberculosis (DR-TB) between 2020 and 2021, indicating a notable rise in cases. The site-specific drug administration nature of implantable drug devices addresses the treatment of target diseases, thereby driving market growth.

Rising Chronic Disease Burden Fueling Growth In The Market
The growing incidence of chronic diseases is a key catalyst propelling the implantable drug delivery devices market forward. These long-lasting medical conditions persist over an extended period, contributing to the increasing demand for implantable devices providing long-term, controlled medication administration. Notably, chronic diseases account for a significant portion of global fatalities, emphasizing the crucial role of implantable drug delivery devices in improving patient compliance and treatment effectiveness.

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Major Companies and Collaborations
Major players in the market, including AbbVie Inc., Bayer HealthCare, and Medtronic Inc., contribute to the market’s vibrancy. Collaboration is a significant trend, with companies like Opharmic Technology and CeramTec joining forces to develop an ultrasonic, non-invasive ocular drug delivery device. This strategic partnership aims to revolutionize the treatment of various eye conditions by eliminating the need for invasive procedures.

Innovation In Implantable Drug Delivery
Innovations in 3D printing materials for supporting implantable drug delivery devices are gaining prominence. The combination of 3D-printed implants and biodegradable rate-controlling membranes offers sustained delivery of hydrophobic drugs, presenting a promising avenue for customized and precise drug delivery systems.

Regional Insights and Market Segments
North America emerged as the largest region in the implantable drug delivery devices market in 2023, with Asia-Pacific following closely as the second-largest region.

The implantable drug delivery devices market covered in this report is segmented –
1) By Product: Contraceptive Implants, Spinal Implants, Brachytherapy Seeds, Drug-Eluting Stents, Bio-absorbable Stents, Intraocular Stents, Infusion Pumps, Other Applications
2) By Technology: Diffusion, Osmotic, Magnetic, Other Technologies
3) By Application: Contraception, Ophthalmology, Cardiovascular, Diabetes, Oncology, Autoimmune Diseases, Other Applications

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Implantable Drug Delivery Devices Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Implantable Drug Delivery Devices Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on implantable drug delivery devices market size, implantable drug delivery devices market drivers and trends, implantable drug delivery devices market major players, implantable drug delivery devices market competitors’ revenues, implantable drug delivery devices market positioning, and implantable drug delivery devices market growth across geographies. The implantable drug delivery devices market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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