What To Know
- 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.
- 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.
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.
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.
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.
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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