Implantable Drug Delivery Devices Market Segmentation by Product (Contraceptive Implants, Spinal Implants, Brachytherapy Seeds ); by Application; and by End-Users – Global Demand Analysis and Opportunity Outlook 2030
Buy Now Report ID: 3281 | Published Date: Feb 09, 2023
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia-Pacific region is estimated to exhibit exponential growth over the forecast period, on account of the steadily increasing healthcare expenditure and rising concern & awareness for the development of advanced devices in the region. Additionally, the rising population among Asian countries such as China, India, and others has significantly increased the disease prevalence rate and patient influx in the hospitals and other healthcare service providers, which is expected to further boost the market growth in the region.
Furthermore, in 2022, the market in North America region held the highest shares in the global market, on the back of increasing investments by the private and governmental organizations to develop advanced implantable drug delivery devices owing to the increasing cases of cancer, diabetes, cardiovascular diseases, and others. Additionally, major implantable drug delivery product manufacturers in the North American market have increased the market’s growth.
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The global implantable drug delivery devices market is further classified on the basis of region as follows:
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Our in-depth analysis of the global implantable drug delivery devices market includes the following segments:
By Products
By Type
By Application
By End-User
Growth Drivers
Challenges
September 2017: Baxter International, announced that they are innovating technologically advanced medication delivery system called Sigma Spectrum, which is a large volume infusion pump.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: Emergence of novel products and increasing incidence of chronic diseases are the key factors driving market growth.
Ans: The market is anticipated to attain a moderate CAGR of ~8% over the forecast period, i.e., 2022-2030.
Ans: High cost of implantable drug delivery devices and string government regulations are estimated to hamper market growth.
Ans: The market in Asia Pacific region will provide ample growth opportunities owing to the growing population and rising incidence of chronic disorders.
Ans: The major players dominating the Implantable Drug Delivery Devices market are Boston Scientific Corporation, Merck & Co., Inc., Medtronic Plc, Allergan, Inc., Abbott Laboratories, DSM Biomedical, Varian Medical Systems, Inc., and others.
Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product, type, application, end-user, and region.
Ans: With respect to type, the non-biodegradable segment is anticipated to hold the largest market share on the back of increasing adoption of polymeric matrix-based systems in the medical field.
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