Implantable Drug Delivery Devices Market Size

Implantable Drug Delivery Devices Market size was over USD 27.15 billion in 2023 and is projected to exceed USD 76.55 billion by 2036, growing at over 8.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of implantable drug delivery devices is assessed at USD 28.95 billion. The growth of the market can be attributed to the increasing prevalence of chronic diseases globally, such as cardiovascular diseases, auto-immune diseases, diabetes, and others. Additionally, the growing number of aging populations in various countries has increased the risk of getting chronic diseases. As a result, there is an increasing influx of patients for surgeries using implantable drug delivery devices, which is estimated to boost the market growth. According to World Health Organization (WHO), in 2020, approximately 10 million individuals have died due to cancer, and it has been recognized as the leading cause of death globally. Rising concern among governmental organizations for developing better medical devices to provide high-level safety standards to the patients has created significant growth opportunities for the implantable drug delivery device market over the forecast period. Moreover, the growing preference of the patients for drug delivery device products on the back of its high efficiency has also contributed towards the global market growth.