According to the report,published by Zion Market Research, 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.
With the help of implantable drug delivery devices, it has become possible to have site specific drug delivery. This is of great importance in cardiology and oncology. Implantable drug delivery devices help in the constant release of a therapeutic agent. Implantable drug delivery devices require smaller dosages as compared its counterpart which in turn reduces the probability of side effects from drugs. Implantable drug delivery devices are used in a number of applications including HIV/AIDS prevention, diabetes management, chronic pain management, central nervous system (CNS) health, oncology, contraception, and cardiology.
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Global implantable drug delivery devices market is primarily driven by growing aging population and prevalence of target diseases such as diabetic retinopathy and chronic diseases. Other major driving factors for growth of implantable drug delivery devices market is rising cases of unwanted pregnancies. However, strict government regulations implied on this industry and the high cost of these devices are major restraints that may curb the growth of the market. Nonetheless, the introduction of new and more effective implantable drug delivery devices is likely to disclose the new avenues for implantable drug delivery devices market in the near future.
The implantable drug delivery devices market is segmented on the basis of different products including 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 were the largest segment in implantable drug delivery devices market and accounted for largest share of the total market. Additionally, it is expected to continue its dominance and be the fastest growing segment in the global market over the forecast period. Contraceptive drug delivery device is another major product segment of implantable drug delivery devices.
Oncology, birth control/contraception, cardiovascular, ophthalmology, inflammatory conditions, diabetes and others are the key end-user segment of the global implantable drug delivery devices market. The cardiovascular end-user segment dominated the market in terms of revenue. The cardiovascular segment is likely to have a significant growth within the forecast period and is projected to the fastest growing segment as a result of increasing usage of bio-absorbable stents.
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North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa are key regional segments of global implantable drug delivery devices market. North America is expected to remain the dominant region over the forecast period. Europe was a second largest market for implantable drug delivery devices in 2015. Asia Pacific is expected to be the fastest growing region in implantable drug delivery devices market during the forecast period. Moreover, Latin America is also expected to show noticeable growth for this market in the years to come.
Some of the key players in implantable drug delivery devices market include 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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