Global implantable drug delivery devices market is expected to grow over the forecast period owing to the growing prevalence of various chronic diseases such as chronic pain, diabetic retinopathy, cardiovascular disorders and colorectal cancer. Patients suffering from these disorders are required to be delivered with the medications on a regular basis to stabilize the condition of the patients. Furthermore, growing cases of unwanted pregnancies and increasing geriatric population base are expected to boost the market over the forecast period. The growing preference of implantable drug delivery devices is also expected to boost the market. As, implantable drug delivery devices are well developed, thereby allowing site specific drug administration for the drug delivery as compared to parenteral dosage or oral forms and prevents gastrointestinal tract and absorption problems in the body. Rapid technological advancement is also one of the key factors of this market. Increasing demand for minimally invasive surgeries is expected to positively impact the growth of the implantable drug delivery devices over the forecast period.
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Under the product segment, implantable drugs infusion pumps segment held the largest market share as of 2014, owing to the advantage of pumping the drugs inside the body, without insertions of needle and it efficiently optimizes the therapeutic characteristics of drug products. Biodegradable implantable drug delivery devices held the largest market share under technology segment as they have no side effects to the patient’s body and no further surgeries are required after the use of these. As of 2014, cardiovascular held the largest market share under application segment, owing to the introduction of bio-absorbable stents and increase in the number of registered interventional cardiologists and will continue to witness lucrative growth over the forecast period.
As of 2014, North America dominated the market, owing to availability of sophisticated healthcare infrastructure, availability of disposable income, and high level of awareness among the population towards the advantages of implantable drug delivery devices. Asia Pacific is anticipated to witness lucrative growth in the rapidly developing healthcare infrastructure of this region. Presences of large population suffering from chronic disorders are also expected to impact the growth of this region positively over the forecast period.
The major market players of this market are, Bausch and Lomb Inc., Abbott laboratories, Allergan Inc, Medtronic Inc, Bayer Healthcare, and Boston Scientific Corporation. These companies are involved in developing novel products to maintain their sustainability over the forecast period
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