Sarasota, FL — 12/20/2017 — Implantable drug delivery devices offer multiple advantages over conventional oral or parental drug delivery methods. Implantable drug delivery devices help to provide localized, site-specific drug delivery, which is of great importance in oncology and cardiology, where targeted delivery minimize side effects or damage to healthy tissue and help to improve the effectiveness of treatment. Moreover, the dosage required in implantable drug delivery devices is lower as compared to other modes of drug delivery which in turn lowers the chances of side effects. Implantable drug delivery devices are used in number of applications including HIV/AIDS prevention, diabetes management, chronic pain management, oncology, contraception, cardiology, and central nervous system (CNS) health.
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Growing incidences of target disease such as diabetic retinopathy, prostate cancer, cardiovascular diseases and chronic diseases is expected to be the major drivers for the global implantable drug delivery devices market. In addition, growing geriatric population coupled along with rising cases of unwanted pregnancies is expected to trigger the growth of implantable drug delivery devices industry in the coming years. Moreover, increasing demand for minimally invasive procedures coupled along with technological innovations is expected to help implantable drug delivery devices industry steep growth in coming years. However, strict government regulations implied on this industry and high cost of these devices may pose the challenge to implantable drug delivery devices market. Nevertheless, introduction of new and more effective implantable drug delivery devices is expected to act an opportunity for implantable drug delivery devices market in near future.
Based on product, implantable drug delivery devices market has been segmented into drug infusion pumps, drug delivery devices, bio-absorbable stents, coronary drug eluting stents, brachytherapy seeds, contraceptive drug delivery implants and others. Implantable drug delivery devices market was dominated by implantable drugs infusion pumps segment which accounted for largest share across the globe. Further it is expected to continue its dominance over the forecast period.
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The implantable drug delivery devices market is segmented into end-user such as oncology, birth control/contraception, cardiovascular, ophthalmology, inflammatory conditions, diabetes and other end-users. In terms of demand, the cardiovascular end-user segment dominated the market in 2015. Cardiovascular device is projected to be the fastest growing end-user segment as a result of increasing usage of bio-absorbable stents.
North America is expected to remain the dominant region over the forecast period. The U.S. is world's largest market for biopharmaceutical. The strongly established pharmaceutical industry in this region offers good growth opportunities for implantable drug delivery devices in this region. Europe was second largest market for implantable drug delivery devices in 2015. Asia Pacific is projected to be the fastest growing region for implantable drug delivery devices market during the forecast period. As a result of increasing aging population and increasing health awareness in Brazil, 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.
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