According to FutureWise analysis the market for implantable drug eluting devices in 2023 is US$ 13.6 billion, and is expected to reach US$ 22.03 billion by 2031 at a CAGR of 6.22%.
Drug-eluting medical devices are active implants that, in addition to their primary function of support, also have the ability to generate therapeutic benefits. Controlled release of active pharmaceutical ingredients (API) into the surrounding tissue is used to achieve this effect. Each of these drug-eluting devices also offers a solution to the problem of drug release. The majority of drug-eluting vascular stents contain water-insoluble antiproliferative drugs, which take a long time to diffuse from the device to the surrounding tissue. When it comes to cardiology, ophthalmology, birth control, opioid addiction, pain management, diabetes management, contraception, and cancer therapy, implanted drug eluting devices are indispensable. The customised medication delivery systems help to increase treatment efficacy (oncology and cardiology) and reduce side effects by limiting damage to healthy tissue. Active drug eluting devices and passive drug eluting devices are the two basic types of implanted drug eluting devices.
Electromechanical and osmotic pressure gradient technologies are primarily used in active drug eluting devices. Over the projected period, the market for implantable drug eluting devices is expected to rise at a healthy pace. This expansion is linked to the increasing use of patient-controlled devices and the increased incidence of peripheral and coronary artery disorders. Furthermore, the global market for implantable drug eluting devices is expected to develop as the incidence of cardiovascular and chronic diseases continues to rise. According to the World Health Organization, cardiovascular disease is one of the main causes of death worldwide. A number of research and clinical studies are under underway to improve the performance of existing drug-eluting stents and devices. Thus, research in this area focuses on the evaluation and development of innovative and enhanced drug eluting devices that provide significant clinical benefits while also addressing long-term safety issues.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Implantable Drug Eluting Devices Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Implantable Drug Eluting Devices Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.