Implantable Drug Delivery Devices Market: Overview
The global implantable drug delivery devices market is one of the fastest growing markets in the global medical devices industry. Implantable drug delivery devices have already achieved a reasonable edge over many other drug delivery devices. The demand for implantable drug delivery devices such as implantable infusion pumps, contraceptive implants, bio-absorbable stents, intraocular drug delivery implants, and brachytherapy seeds is expected to increase in many emerging nations. The demand for non-biodegradable and biodegradable drug delivery devices is expected to increase, which is another factor predicted to propel the global market.
The report on the global implantable drug delivery devices market uses industry-standard tools such as SWOT analysis and Porter’s five force analysis to measure the important factors driving and restricting the market. Key companies operating in the global market are also listed in the report by the analysts. Key developments in the market and the innovative implantable drug delivery devices introduced by key companies are listed in the report. For a detailed competitive analysis, the global market is divided into segments and sub-segments. Analysts have also focused on the factors that could create new opportunities in the market for the startups.
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Implantable Drug Delivery Devices Market: Trends and Opportunities
The global implantable drug delivery devices market is predicted to reach US$21.1 bn by 2018, expected to exhibit an 8.80% CAGR from 2012 to 2018. The occurrence of cardiovascular diseases is rising, which has led to the rising demand for implantable drug delivery devices. The increasing number of interventional cardiologist will also boost the demand for implantable drug delivery devices. The demand for minimally invasive procedures is expected to increase, which will further propel the global market.
However, the rising number of product recalls, the introduction of internet product substitutes and the increasing lawsuits will restrict the growth of the global implantable drug delivery devices market. Stringent government rules and approval norms from FDA are likely to plan an important role in the global market. The implementation of the Affordable healthcare for America Act, 2010 is another factor anticipated to restrict the global market. Although the market is expected to be affected by a few factors, the introduction of new implantable drug delivery devices will benefit the key companies to maintain their dominance.
Implantable Drug Delivery Devices Market: Region-wise Outlook
Based on region, the global implantable drug delivery devices market is divided into Asia Pacific, North America, Europe, and Rest of the World. In 2011, the global market for implantable drug delivery devices was dominated by North America. The application of implantable drug delivery devices in cardiovascular disorders, ophthalmology, birth control, and oncology is rising in North America. This is predicted to help the North America market to maintain its dominance in the global market in the years to come.
However, going forward, the Asia Pacific market is predicted to be the most promising markets for implantable drug delivery devices owing to the significant growth of emerging nations such as India and China.
Key Players mentioned in the Report:
Some of the leading companies operating in the global implantable drug delivery devices market are Allergan Inc, Medtronic Inc., Merck, Boston Scientific Corporation, Bausch and Lomb Inc., Bayer HealthCare, Nucletron, pSivida Corp., and Abbott Laboratories. With many new implantable drug delivery devices being in the pipeline, the key companies are aiming to maintain their dominance in the global market.
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