Dublin, Dec. 29, 2021 (GLOBE NEWSWIRE) -- The "Drug Eluting Implants Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global drug-eluting implants market is expected to reach US$8.483 billion by the end of 2026, increasing from US$6.050 billion in 2019, growing at a CAGR of 6.28% during the forecast period.
Drug-eluting implants induce healing effects. This effect is achieved by the controlled release of active pharmaceutical ingredients (API) into the surrounding tissue.
These implants carry drugs for on-site drug delivery which helps in improving the effectiveness of the treatment, minimizes side effects or damage to the healthy tissues.
The drug-eluting implants offer several advantages over conventional oral or parenteral drug delivery methods. These implants are proving to be a game-changer technology in the field of healthcare, especially with the arrival of Drug-Eluting Stents (DES).
The drug-eluting implants can be used for a variety of treatments such as diabetes management, contraception, HIV/AIDS prevention, chronic pain management, cardiology, oncology, and central nervous system health.
The key drivers of the market are the growing adoption of these devices by the patients and the increasing expenditure in the field of research and development, globally. In addition, the increase in the geriatric population worldwide is furthering projected to support the market growth.
According to the United Nations, in 2019, the geriatric population was 703 million persons, nationwide. The number of older persons is projected to double to 1.5 billion in 2050, this will fuel the market growth during the forecast period as the geriatric population is more likely to require drug-eluting implants.
Furthermore, drug-eluting implants are being actively adopted by diabetic patients, across the globe. More than 170 million people suffer from diabetes. This number has been continuously on the rise which in turn will drive the market growth of drug-eluting implants in the next few years.
Also, drug-eluting implants are playing a crucial role in cancer management which is further expected to spur market growth. The drug-eluting implants present a compelling parenteral route of administration for cancer chemotherapy. They have the potential for being minimally invasive and have image-guided placement, which is making them increasingly popular in chemotherapy, globally.
Recent Developments.
In June 2021, Glaukos Corporation announced that it has cleared the enrollment in Phase 3 clinical program for its iDose TR sustained release travoprost implant.
In June 2021, Elute, Inc., announced that the first clinical trial authorization by the FDA for the use of antibiotic eluting bone void filler products.
In March 2021, The Merck Group has announced the results from the Phase 1 trial evaluating investigational islatravir subdermal implant for the prevention of HIV-1 Infection at CROI 2021.
Geographically, North America and Europe held a dominant market share in 2019 due to the rapidly increasing adoption of drug-eluting implants in the region. Further, the Asia Pacific region is projected to grow at a significant rate during the forecast period owing to the increasing geriatric population and the spurring number of diabetic and cancer patients in the region.
Growth Factors.
Increasing diabetic patients.
The continuous surge in the number of diabetic patients worldwide is expected to contribute majorly towards the market growth of the drug-eluting implants market during the next few years as the drug-eluting implants are being increasingly used in the treatment of diabetic patients due to their healing properties.
According to the International Diabetes Federation, people with diabetes in the age group 20-79 years were 4, 63,000 which is estimated to reach 7, 00,002 by 2045. The rise in number will increase the demand and adoption of drug-eluting implants in the market.
Rise in cancer incidence.
The rapidly increasing cancer patients are expected to accelerate the demand for drug-eluting implants during the forecast period. Drug-eluting implants are used in the chemotherapy treatment given to cancer patients, globally. According to the American Cancer Society, in the United States, in 2020, there were an estimated 1.8 million new cancer cases diagnosed and 606,520 cancer deaths in the country. The increasing cancer incidence will spur the market growth in the years to come as the number of chemotherapy sessions across the globe will rapidly rise, which, in turn, will support the market growth.
COVID-19 Impact On Drug-Eluting Implants Market.
The Covid-19 pandemic moderately impacted the drug-eluting implants market as due to the nationwide lockdown restrictions; many patients deferred their ongoing treatments to avoid public places which hampered the market growth. However, the patients who required the treatment on an urgent basis did go forward with the treatment kept the market growth stable. Also, diabetic patients regularly use drug-eluting implants in their diabetes treatment which balanced the market growth during the novel pandemic.
Competitive Insights.
Prominent/major key market players in the Global Drug-Eluting Implants Market include iVascular, ProMed Pharma, LLC, Johnson & Johnson, Boston Scientific Corporation, The Merck Group, Medtronic, Inc., Biosensors International Group, Abbott Laboratories, Elixir Medical Corporation, and Siemens Healthcare.
The players in the Global Drug-Eluting Implants Market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. For Instance, in May 2021, iVascular has received CE mark approval for its balloon-expandable covered stent, iCover, which can adapt to any vessel due to its high flexibility and post-expansion capacity. In March 2019, ProMed Pharma and DSM Biomedical announced a business development partnership focused on polymeric drug delivery.
The collaboration is expected to combine ProMed's micro molding and extrusion capabilities along with DSM's biomedical polyurethanes, polyurethaneureas, and bioerodible amino-acid-based polyesteramides. Major market players in the market have been covered along with their relative competitive strategies in this report and the report mentions recent deals and investments of different market players over the last few years.
The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the global drug-eluting implants market.
Companies Mentioned
- iVascular
- ProMed Pharma, LLC
- Johnson & Johnson
- Boston Scientific Corporation
- The Merck Group
- Medtronic, Inc.
- Biosensors International Group
- Abbott Laboratories
- Elixir Medical Corporation
- Siemens Healthcare
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