The implantable drug-delivery system is designed to release drugs into the bloodstream of the human body. Implantable drug-delivery systems can free patients from being hospitalized to receive intravenous infusions or frequent injections. Implantable drug delivery devices offer multiple advantages over parental drug delivery or conventional oral methods. Implantable drug delivery devices are employed in several applications including chronic pain management, diabetes management, HIV/AIDS prevention, oncology, contraception, cardiology, and central nervous system (CNS) care.
According to Zion Market Research Analyst, Global demand for implantable drug delivery devices market was valued at around USD 11.6 billion in 2015 and is expected to generate revenue of around USD 17.5 billion by end of 2021, growing at a CAGR of around 7.1% between 2016 and 2021. The implantable drug delivery devices market is mainly driven by increasing prevalence of target diseases such as prostate cancer, diabetic retinopathy, cardiovascular diseases and chronic diseases. Moreover, rising aged population coupled with increasing cases of unwanted pregnancies is expected to boost the growth of implantable drug delivery devices industry within the forecast period. However, strict government regulations implied on this market and the high cost of these devices may hamper the market growth. Nevertheless, the introduction of new and more effective implantable drug delivery devices is expected to open up new growth avenues for implantable drug delivery devices market in the years to come.
Browse the full “Implantable Drug Delivery Devices (Drug Infusion Pumps, Drug Delivery Devices, Bio-Absorbable Stents, Coronary Drug Eluting Stents, Brachytherapy Seeds, Contraceptive Drug Delivery Implants and Others) Market for Oncology, Contraception, Cardiovascular, Ophthalmology, Inflammatory Conditions, Diabetes and Other End-users: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021“ Report with TOC at https://www.zionmarketresearch.com/report/implantable-drug-delivery-devices-market
The implantable drug delivery devices market is segmented on the basis of product into drug infusion pumps, drug delivery devices, bio-absorbable stents, coronary drug eluting stents, brachytherapy seeds, contraceptive drug delivery implants and others. In 2015, implantable drugs infusion pumps segment held the largest share of total revenue generated and is expected to witness the fastest growth in the near future. The introduction of advanced technology of biodegradable based products such as bio-absorbable stents, biodegradable intraocular implants etc. is expected to boost the growth of the overall implantable drug delivery devices market.
Based on end-user, the implantable drug delivery devices market can be segmented into oncology, birth control/contraception, cardiovascular, ophthalmology, inflammatory conditions, diabetes and other end-users. In 2015, cardiovascular dominated the implantable drug delivery devices market due to increasing usage of bio-absorbable stents. Oncology and birth control/contraception are other important segments of implantable drug delivery devices market and are expected to witness significant growth in the coming years.
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North America held the largest market share for implantable drug delivery devices in 2015. The dominance of the region was primarily due to a strongly established pharmaceutical industry. In terms of revenue, North America was followed by Europe which was another leading regional market in 2015. Asia-Pacific is expected to witness the fastest growth in the years to come. This growth is mainly due to increasing aging population coupled with increasing health awareness. Latin America is also expected to experience significant growth in the years to come.
Some of the key players in Bausch & Lomb Inc., Medtronic Inc, Boston Scientific Corporation, Arrow International, Theragenics, Varian Medical Systems, Allergan Inc, Merck, Bayer Healthcare, Abbott laboratories among others.