Implantable Drug Delivery Systems Market - Forecasts from 2019 to 2024

The implantable drug delivery market is estimated to witness a CAGR of 8.36% to reach US$17.872 billion in 2024 from US$11.039 billion in 2018. The implantable drug delivery systems are placed under the skin to release drugs and fluids directly into the bloodstream without the repeated insertion of needles. The implantable therapeutic systems are mainly approached for the long term, continuous drug administration and controlled release of the medication. The system is well suited for the drug delivery requirements of insulin, steroids, chemotherapeutic drugs, heparin, etc. This system is more steady, effective, safe and reliable than other drug delivery system.

The market is expected to show significant growth during the forecast period owing to the rising awareness among the population regarding the availability of high quality and safer products. Reduced side effects and on-site delivery provided by Implantable Drug Delivery systems will also boost the growth of the market. However, the need for microsurgery to implant the system and stringent regulatory requirements for the implantable drug delivery systems might restrain the growth of the market during the given time frame. Geographically,

North America is expected to hold a significant market share owing to the increasing investments in R&D. Asia-Pacific is also anticipated to be a prominent market on account of the rising healthcare industry.

Drivers

Growing preference for minimally invasive procedures.

Rising prevalence of chronic diseases.

Restraints

Strict government regulations.

Industry Update

In April 2019, Boston Scientific Corporation received U.S. Food and Drug Administration (FDA) approval for the LOTUS Edge Aortic Valve System.

In July 2018, Boston Scientific Corporation acquired Claret Medical Inc.,

The major players profiled in the Implantable Drug Delivery Systems market include Microchips Biotech, Inc., DSM, TissueGen, SFC Fluidics, Inc., Medtronic, 3M’s Health Care, Boston Scientific Corporation, Bausch and Lomb, PSivida, and Delpor Inc.

Segmentation

The implantable drug delivery systems market has been analyzed through the following segments:

By Type
Non-Degradable Systems
Biodegradable systems

By Mechanism
Diffusion
Magnetic
Chemical
Osmotic
Others

By Application
Oncology
Cardiovascular
Auto Immune disease
Others

By Geography
North America
USA
Canada
Mexico

South America
Brazil
Argentina
Others

Europe
Germany
France
United Kingdom
Spain
Others

Middle East and Africa
Saudi Arabia
Israel
Others

Asia Pacific
China
Japan
South Korea
India
Others