The implantable drug delivery devices market consists of sales of implantable drug delivery devices and related services by companies that manufacture them. Implantable drug delivery devices are drug delivery systems implanted by surgery to allow site-specific drug administration at the tissue or organ where the drug is most needed.
The global implantable drug delivery devices market is expected to decline from $19.18 billion in 2019 to $18.82 billion in 2020 at a compound annual growth rate (CAGR) of -3.38%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $24.14 billion in 2023 at a CAGR of 8.65%.