Implantable Drug-Eluting Devices Market

2019 Analysis and Review of Implantable Drug-Eluting Devices Market by Application - Cardiology, Oncology, and Contraception for 2019 - 2029

IMPLANTABLE DRUG-ELUTING DEVICES MARKET - KEY RESEARCH FINDINGS

  1. The global implantable drug-eluting devices market is expected to surpass the US$ 10 Bn mark by 2019 end. 
  2. The implantable drug-eluting devices market is anticipated to grow at a CAGR of ~ 6% during the forecast period of 2019-2029. 
  3. Implantable drug-eluting stent is expected to remain top selling device in implantable drug-eluting devices market. 
    • The demand for implantable drug-eluting stents is expected to increase during the forecast period owing to an alarming rate of prevalence of cardiovascular disorders and the subsequent growth in number of surgeries for treatment. 
  4. North America accounts for more than a third of the revenue share in the implantable drug-eluting devices market. 
    • North America is expected to remain at the forefront of implantable drug-eluting device sales owing to highly developed medical infrastructure which is further complemented by strong presence of key market players. 
  5. Technological advancements in biodegradable and non-biodegradable drug-eluting devices are projected to present lucrative growth opportunities to implantable drug-eluting devices market players. 
    • The demand for biodegradable drug-eluting stents is expected to climb in the near future, thereby shaping the growth of implantable drug-eluting devices market in the long run. The resultant reduction in rate of repeated surgical procedures will be an important market growth influencer. 
  6. Hospitals are projected to remain key the end user of implantable drug-eluting devices. 
    • Increasing number of surgical procedures at hospitals, especially for surgical treatment of coronary artery diseases, is expected to propel the demand for implantable drug-eluting devices throughout the projection period.

KEY FACTORS SHAPING IMPLANTABLE DRUG-ELUTING DEVICES MARKET

Prevalence of Chronic Disorders and Increasing Cases of Opioid Addiction

WHO reports suggest that cardiovascular diseases continue to be the major cause of deaths, worldwide, and represented 31% of deaths in 2016. Implantable drug-eluting stent is becoming more popular for the treatment of coronary heart diseases. In 2018, WHO reported that approximately 9.6 million deaths and 18.1 million new cases were related to cancer. National Institute of Health (NIH) reported rapidly increasing prevalence of opioid misuse and addiction.

Around 2 million Americans and roughly 15 million people worldwide are considered to be opioid and heroin addicted, each year. Implantable drug-eluting devices provide localized and site-specific drug delivery which is especially important in applications such as oncology, cardiology, and opioid addiction treatment.

New Product Development and Commercial Launches

Development of new implantable drug-eluting devices such as stents and pumps has been a breakthrough innovation in the treatment of obstructive coronary artery diseases, chronic diseases, and chronic pain management. The recent introduction of implantable drug-eluting stents and other implantable drug-eluting devices particularly is being touted revolutionary in the interventional cardiology, chronic pain management, and birth control.

Adoption of implantable drug-eluting devices in all percutaneous coronary interventions may provide massive potential for market growth during the forecast period. In October 2018, REVA Medical Inc. announced commercialization of its implantable drug-eluting devices, i.e. Fantom Encore Bioresorbable Scaffold as alternatives to metallic stents for the treatment of coronary artery disease.

IMPLANTABLE DRUG-ELUTING DEVICES MARKET STRUCTURE ANALYSIS

  • The worldwide implantable drug-eluting devices market is fairly competitive. Boston Scientific, Medtronic Inc., Pfizer, Merck & Co., Abbott and Bayer AG are the major key players contributing to maximum market share in terms of revenue.
  • Business expansion through franchising, expanding distributor network, acquisitions, and collaborations are policies pursued by major participants in the implantable drug-eluting devices market.

FREQUENTLY ASKED QUESTIONS ABOUT THE IMPLANTABLE DRUG-ELUTING DEVICES MARKET:

What is the valuation of the global market for implantable drug-eluting devices?

Future Market Insights estimates that the sales of implantable drug-eluting devices are expected to generate revenue of nearly US$ 10.7 billion by 2019. The market is also estimated to grow at a healthy CAGR of approximately 6% during 2019-2029.

Which implantable drug-eluting devices are commonly used among end-users?

Owing to the alarming rise in the global prevalence of cardiovascular disorders, the demand for implantable drug-eluting stents is increasing at a rapid pace.

What are the important applications of implantable drug-eluting devices that are influencing manufacturers’ strategies?

Implantable drug-eluting devices are vastly used in applications apart from cardiovascular surgeries, which include chronic pain management and birth control, for localized and site-specific drug delivery.

What are the latest trends in the global market for implantable drug eluting devices?

Leading manufacturers are introducing biodegradable and non-biodegradable categories of implantable drug eluting devices to cater to expand their profitable sales in the global market.

Which region will create most lucrative opportunities for manufacturers, distributors, and other stakeholders in the market?

Future Market Insights finds that North America accounts for more than one-third revenue share of the global market for implantable drug eluting devices. With increasing technological advancements in the region’s healthcare industry, stakeholders are expected to witness high growth opportunities in North America.

Stents Leading the Way, Contraceptive Drug-Eluting Devices Buckling up

Coronary artery disease (CAD), the most prevalent heart disorder, predominantly accounts for a significant rate of adoption of coronary stents such as drug-eluting stents (DES). While implantable drug-eluting devices market is set for promising growth prospects, DES are expected to retain their top-selling title, followed by contraceptive drug-eluting devices. Given the number of drug-eluting stents that have received FDA approvals in the past couple of years, it is expected that stents will lead their way in global implantable drug-eluting devices market.

Contraceptive drug-eluting devices currently account for 2/5th share in the global market revenue and would continue to see significant sales in the near future. Increasing adoption of newer means of contraception and improved awareness about availability and effectivity of contraceptive drug-eluting devices are collectively contributing to their significant sales in global market.

Notable Adoption in Cardiology, South Asia at the Forefront

South Asia makes up for around a fourth of global population and represents a sizeable patient pool. Given the remarkable adoption of implantable drug-eluting devices within South Asia, particularly for applications in cardiovascular disease treatment, the region will be at the forefront in implantable drug-eluting devices market over the period of projection.

Highly susceptible to risk factors associated with cardiovascular diseases, South Asian population has been proven to have a tendency to store body fat in abdomen, liver, and muscles. This clearly complements notable penetration of implantable drug-eluting devices in cardiology which roughly equates 55%.

Key Players Turning to Bioresorbable Drug-Eluting Devices

Providing outcome-based healthcare has been the key objective which is further substantiated by the fast that 15% of the worldwide healthcare expenditure will be devoted to value-centric models. Conventional metallic stents are permanent implants and thus, restrict vessel movement that further limit the future treatment options. Bioresorbable drug eluting devices have emerged as the fourth revolution in interventional cardiology owing to potential advantages.

Players, including REVA Medical Inc., and Biotronik Inc., are introducing bioresorbable drug eluting devices for the treatment of coronary artery disease, and other vascular applications. Despite frequent developments in this space, there is still enough room for further innovations in implantable drug-eluting systems. Innovators are striving to tick all the boxes to ensure better safety, greater efficacy, and affordability while developing new implantable drug-eluting devices.

How Growth will Unfold

Healthcare networks across the globe, particularly in developed countries, confront the mutual hurdles of aging demographics, and rising incidents of prolonged chronic diseases. While North America maintains its supremacy in the implantable drug eluting devices market landscape, Europe will closely follow. Cardiovascular diseases (CVD), including coronary heart disease, hypertension, and stroke, continue to be the leading cause of mortality in the U.S., Europe, and Asian region.

About half of the U.S. adults suffer from some sort of cardiovascular disease, followed by cancer. North America and Europe lead the pack in healthcare investments, while Asia Pacific, majorly represented by China, India, and Japan, is showing highest yearly growth rate. As such, prominent players in implantable drug-eluting devices market, driven by increasing prevalence of chronic diseases and ample funding, are knocking the right windows of opportunities in their target regions.

IMPLANTABLE DRUG-ELUTING DEVICES MARKET TAXONOMY

The global implantable drug-eluting devices market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.

Technology

  • Active Drug-Eluting Device
  • Passive Drug-Eluting Device
    • Biodegradable implants
    • Non-biodegradable implants

Product

  • Implantable Drug Infusion Pumps
  • Intraocular Drug-Eluting Devices
  • Contraceptive Drug-Eluting Devices
  • Buprenorphine Implant
  • Drug-Eluting Stents
  • Others

Application

  • Diabetes Macular Edema
  • Birth Control/Contraception
  • Opioid Addiction
  • Cardiovascular
  • Ophthalmology
  • Oncology
  • Pain Management

Implantation

  • Intravaginal
  • Intravascular
  • Intraocular
  • Intrathecal
  • Subcutaneous
  • Intrauterine

End User

  • Hospitals
  • Ambulatory Surgical Centers
  • Optical Care Centers
  • Cardiac Surgery Centers
  • Office-based settings
  • Others

Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East and Africa (MEA)

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Implantable Drug Eluting Devices Market