Increasing incidences of the diabetic retinopathy, colorectal cancer, cardiovascular diseases, chronic pain, colorectal cancer, increasing unwanted pregnancies and growing median age of the global population is expected to drive the implantable drug delivery devices market over the forecast period. The other vital drivers of this market are growing adaptation towards minimally invasive surgeries and various initiatives by government & NGO’s. Minimally invasive cardiovascular surgery are more preferred than normal surgery owing to the advantage they provide over conventional cardiac treatments such as lower risk of bleeding and infection, shorter duration of stay at hospital, shorter recovery duration, and minimal surgical scarring.
Implantable drug delivery devices market is segmented on the basis of product, technology, and application. On the basis of product, the market is classified into implantable contraceptive drug delivery devices, implantable bio-absorbable stents, implantable intraocular drug delivery devices, implantable coronary drug eluting stents, implantable drug infusion pumps and implantable brachytherapy seeds. Among these implantable drugs infusion pumps held the largest market share as of 2013. On the basis of technology, the market is classified into non-biodegradable implantable drug delivery device technology and biodegradable implantable drug delivery device technology. Among these, biodegradable implantable drug delivery device technology holds the larger market share as it is equipped some of the additional features, such as it does not require additional surgeries for removal of device and also reduces side effects. On the basis of application the market is classified into cardiovascular, ophthalmology, oncology, birth control/contraception, inflammatory conditions and diabetes. Among these cardiovascular application held the largest market share as of 2013 and this application will be continue to grow due to the evolution of bio-absorbable stents in 2014.
North America is dominating the market due to the increasing population base, presence of technologically updated systems, large patient base and awareness too. The growing economies in Asia Pacific such as India and China region are expected to witness lucrative growth during the forecast period due to the rising healthcare expenditure, and growing awareness about implantable drug delivery devices.
The major market player of the, implantable drug delivery devices market are, Boston Scientific Corporation, Bayer Healthcare, Medtronic Inc, Allergan Inc, Abbott laboratories and Bausch and Lomb Inc.
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