Implantable Drug-Eluting Devices Market Set for Promising Growth Outlook
While the prevalence of chronic illnesses continues to ascend at a rapid pace, there will be a subsequent rise in global expenditure on healthcare in the near future. The healthcare spending that has been growing at a moderate rate of 4% since 2015 will possibly reach ~US$ 9 Tn by 2020. World Health Organization (WHO) reports suggest that by 2020, about half of the healthcare spending is expected to be devoted to chronic disease treatments. This warrants a strong growth outlook for drug delivery systems in the near future. Advantageous over conventional drug delivery technologies that are parenteral or oral, implantable drug-eluting devices allow for a more effective, site-specific, and localized drug delivery. These devices assure improved patient compliance that has been one of the longstanding challenges for healthcare providers. Predominantly significant in critical fields such as oncology, cardiology, diabetes, and contraception, implantable drug-eluting devices roughly represent a US$ 10 billion market, set to exhibit a healthy 6% CAGR during 2019 - 2029.
Implantable Drug-Eluting Devices Market - Key Research Findings
- The global implantable drug-eluting devices market is expected to surpass the US$ 10 Bn mark by 2019 end.
- The implantable drug-eluting devices market is anticipated to grow at a CAGR of ~ 6% during the forecast period of 2019-2029.
- 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.
- 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.
- 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.
- 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.
Over 40% revenue share held by drug-eluting stents
Significant demand growth projected for contraceptive devices
Active drug-eluting devices account for a majority of revenue share
Sales of passive drug-eluting devices to grow steadily
Cardiovascular application continues to generate high revenues
Opioid addiction to emerge as lucrative application area
Intravascular and intravaginal implantation most sought-after
Preference for subcutaneous implantation growing steadily
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.
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
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Implantable Drug-Eluting Devices Market Analysis 2019 - 2029
A recent market study published by Future Market Insights on the implantable drug-eluting devices market includes global industry analysis for 2014 - 2018 & opportunity assessment for 2019 - 2029 and delivers a comprehensive assessment of the most important market dynamics. After conducting thorough research on the historical as well as current growth parameters of the implantable drug-eluting devices market, the growth prospects of the market are obtained with maximum precision.
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.
- Active Drug-Eluting Device
- Passive Drug-Eluting Device
- Biodegradable implants
- Non-biodegradable implants
- Implantable Drug Infusion Pumps
- Intraocular Drug-Eluting Devices
- Contraceptive Drug-Eluting Devices
- Buprenorphine Implant
- Drug-Eluting Stents
- Diabetes Macular Edema
- Birth Control/Contraception
- Opioid Addiction
- Pain Management
- Ambulatory Surgical Centers
- Optical Care Centers
- Cardiac Surgery Centers
- Office-based settings
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa (MEA)
The report initiates with the executive summary of the implantable drug-eluting devices market, which includes a summary of key findings and statistics of the market. It also includes drivers and trends of the implantable drug-eluting devices market.
Readers can find the definition and detailed segmentation of the implantable drug-eluting devices market in this chapter. Along with, this section also highlights the inclusions and exclusions, which help the reader understand the scope of the implantable drug-eluting devices market report.
This section gives information about the key trends impacting the implantable drug-eluting devices market.
This section explains the key success factors of the market including new product launches and regulatory approvals and what are the key strategies followed by the manufacturers for the growth of the market.
This section gives information about regulatory scenario, product adoption, application analysis and reimbursement scenario of the implantable drug-eluting devices market.
This section explains the global market volume analysis and forecast for the implantable drug-eluting devices market during the forecast periods of 2019-2029. Along with the historical market and opportunity analysis of the future. Readers can also find the absolute $ opportunity for the current year (2019), and an incremental $ opportunity for the forecast period (2019–2029).
This section provides regional level pricing of the product that is manufacturer level pricing and distributor level pricing.
This section explains the global market value analysis and forecast for the implantable drug-eluting devices market during the forecast periods of 2019-2029. Along with that, it includes historical implantable drug-eluting devices market and opportunity analysis of the future. Readers can also find the absolute $ opportunity for the current year (2019), and an incremental $ opportunity for the forecast period (2019–2029).
This section includes major factors influencing the market and various drivers, restraints and opportunities of the market.
Based on technology, the implantable drug-eluting devices market is segmented into active drug-eluting devices and passive drug-eluting devices.
Based on product type, the market is segmented into implantable drug infusion pumps, intraocular drug-eluting devices, contraceptive drug-eluting devices, buprenorphine implant, drug-eluting stents and others.
Based on application, the market is segmented into diabetes, birth control/contraception, opioid addiction, cardiovascular, ophthalmology, oncology, pain management, and others.
Based on Implantation type, the market is segmented into intravaginal, intravascular, intraocular, intrathecal, and subcutaneous.
Based on end user, the market is segmented into, hospitals, ambulatory surgical centres, optical care centres, cardiac surgery centres, office-based settings, and others.
This chapter explains how the implantable drug-eluting devices market will grow across various geographic regions such as North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East & Africa (MEA).
This chapter includes a detailed analysis of the growth of the North America implantable drug-eluting devices market, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find the regional trends, and market growth based on product type, application, Implantation type, end user, and countries in North America.
This chapter provides the growth scenario of the implantable drug-eluting devices market in Latin American countries such as Brazil, Mexico, Argentina and the Rest of Latin America. Along with this, an assessment of the market across target segments has been provided.
Important growth prospects of the implantable drug-eluting devices market based on its end-users in several countries such as the Germany, Italy, France, the U.K., Spain, Benelux, Russia and the Rest of Europe are included in this chapter.
Important growth prospects of the implantable drug-eluting devices market based on its end-users in several countries such as India, Thailand, Indonesia, Malaysia and the rest of South Asia are included in this chapter.
In this chapter, China, Japan and South Korea are the prominent countries in East Asia that are the prime subjects of assessment to obtain the growth prospects of the implantable drug-eluting devices market. Readers can find detailed information about the growth parameters of the implantable drug-eluting devices market during the forecast period of 2019-2029.
This section highlights the growth prospects of the implantable drug-eluting devices market for Australia and New Zealand, during the forecast period of 2019-2029.
This chapter provides information about how the implantable drug-eluting devices market will grow in major countries in the MEA region such as GCC Countries, South Africa, Northern Africa, Turkey and the Rest of MEA, during the forecast period of 2019-2029.
This section highlights the growth prospects of the implantable drug-eluting devices market for the emerging countries such as China, India and Brazil.
This chapter provides information about the market structure analysis by tier of companies. Readers can find a detailed analysis of market concentration and market presence by the regional footprint of players, product footprint by players and channel footprint by players.
In this chapter, readers can find a comprehensive list of all prominent stakeholders in the implantable drug-eluting devices market, along with detailed information about each company, which includes company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are Pfizer Inc., Medtronic Inc., Merck & Co., Inc., Bayer AG, Johnson & Johnson, Abbott, SurModics Inc., AstraZeneca Plc., Boston Scientific Corporation, Titan Pharmaceuticals, Inc., BIOTRONIK, INC., Allergan, Inc., Bausch and Lomb, Inc., Alimera Sciences, REVA Medical, Inc.
This chapter includes a list of acronyms and assumptions that provides a base to the information and statistics included in the implantable drug-eluting devices market report.
This chapter help readers understand the research methodology followed to obtain various conclusions as well as important qualitative and quantitative information about the implantable drug-eluting devices market.
How the research was conducted?
- C - Level Executives
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- Current Market Dynamics and Challenges
- Yesteryear Trends
- Market Characteristics
- Market Performance and Growth Quadrants
- Competition Structure and Market Structure
- Strategic Growth Initiatives
- Near-term and Long-term Market Growth Prospects
- Market Segment Splits and Authenticity
- Opinions on Market Projections and Validity of Assumptions
- Industry Publications
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Primary Interview Splits