Portland, OR, Nov. 19, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Implantable Drug Delivery Devices Industry generated $10.09 billion in 2019, and is expected to garner $13.21 billion by 2027, witnessing a CAGR of 8.0% from 2020 to 2027. The report offers an extensive analysis of changing market trends, key investment pockets, top winning strategies, major segments, and competitive landscape.
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Rise in prevalence of chronic diseases, surge in demand for minimally invasive drug delivery devices, and unwanted pregnancies drive the growth of the global implantable drug delivery devices market. However, strict government regulations and possibilities of failure hinder the market growth. Contrarily, collaboration activities among leading market players create new opportunities in the coming years.
Covid-19 Scenario:
- Manufacturing activities of implantable drug delivery devices have been halted due to lockdown imposed by governments of many countries. Moreover, raw material procurement has been hindered.
- R&D activities have been stopped as labs and research institutes have been closed down to prevent the spread of coronavirus. Implantation activities for drug delivery devices have been postponed unless they were of utmost necessity.
- The distribution activities have begun as governments ease off lockdown restrictions. Manufacturing and R&D activities would take off as well.
The report provides detailed segmentation of the global implantable drug delivery devices market based on material, product type, end user, and region.
Based on product type, the implantable drug-eluting stents segment contributed to the highest market share, accounting for nearly two-thirds of the total share in 2019, and will maintain its leadership position during the forecast period. However, the implantable contraceptive drug delivery devices segment is estimated to maintain the highest CAGR of 9.9% from 2020 to 2027.
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Based on end user, the hospitals segment held the largest market share in 2019, accounting for more than half of the global implantable drug delivery devices market, and is projected to maintain its dominance throughout the forecast period. Moreover, this segment is expected to manifest the highest CAGR of 8.9% from 2020 to 2027.
Based on region, North America contributed to the highest market share in 2019, accounting for more than two-fifths of the total market share, and will maintain its lead position by 2027. However, Asia-Pacific is projected to portray the highest CAGR of 9.1% during the forecast period.
Leading players of the global implantable drug delivery devices market include Abbott Laboratories, Bayer AG, AbbVie Inc., Teleflex Incorporated, Biotronik, Inc., Bausch Health Companies Inc., Medtronic Plc, Merck & co., Inc., Boston Scientific Corporation, and Terumo Corporation.
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.