ALBANY, New York, September 29, 2014 /PRNewswire via COMTEX/ -- ALBANY, New York, September 29, 2014 /PRNewswire/ --
The global implantable drug delivery devices market will notch US$ 21.1 billion by 2018, recording a CAGR of 8.8% from 2012 through 2018, says the report "Implantable Drug Delivery Devices Market - Global Industry Analysis, Size, Share, Trends and Forecast 2012 - 2018" by Transparency Market Research, a U.S.-based market intelligence company.
The market, which stood at US$11.6 billion in 2011, will benefit from an increasing occurrence of cardiovascular diseases, diabetic retinopathy, colorectal cancer, chronic pain conditions, a growing elderly population worldwide, as well as the high prevalence of unwanted pregnancies. These factors are projected to have the highest impact on the implantable drug delivery devices market over the forecast period. Other low-impact, yet equally vital factors that will propel this market include: favorable initiatives by NGOs and governments, a growing demand (and performance of) minimally-invasive surgeries, as well as a rise in the number of registered interventional cardiologists.
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In addition to growth drivers, the market research report also identifies lucrative growth opportunities for the implantable drug delivery devices market. Participants can explore growth avenues such as biodegradable implantable drug delivery devices and technologies and innovative products in the form of Microchips (especially for conditions such as osteoporosis).
Within implantable drug delivery devices, the largest market share was held by cardiovascular applications as of 2011. The cardiovascular applications segment will further expand with the launch of bio-absorbable stents in 2014, and will thus witness accelerated growth until 2018. In CAGR terms, the biodegradable drug delivery implant technology will overtake the non-biodegradable drug delivery implant technology, as the former does not require additional surgical procedures for device removal, and also purges any side effects that may result from such devices being lodged in the body.
By geographical region, the North American market was the largest in 2011. But, the report estimates that by 2018, the share of North America in the implantable drug delivery devices market will slide. The situation in the Asia Pacific will be quite the opposite, as the market in this region will witness accelerated growth on account of rapidly-emerging nations such as China and India.
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The contraceptive drug delivery implants market holds significance as the adoption rate of various contraceptive products is observed to be high. The largest share in this market was held by Merck - a factor attributed to the popularity of its products such as Implanon Nxt, Implanon, and NuvaRing. Bayer HealthCare comes a close second in the market contraceptive drug delivery implants, propelled by its well-liked hormonal product IUD Mirena. Bayer HealthCare also strengthened its market standing with the launch of IUD Skyla in the United States and hormonal Jaydess in the European market in 2013.
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The report segments the global implantable drug delivery devices market on the basis of product types, by application, by technology, and by geography.
By product, the implantable drug delivery devices market is segmented as: Implantable coronary drug eluting stents, implantable contraceptive drug delivery devices, implantable bio-absorbable stents, implantable brachytherapy seeds, implantable intraocular drug delivery devices, implantable Drug Delivery Devices Market by Technology, implantable drug infusion pumps, biodegradable implantable drug delivery device technology, and non-biodegradable implantable drug delivery device technology.
On the basis of applications, the implantable drug delivery devices market is segmented as: Cardiovascular, ophthalmology, contraception/birth control, oncology, and others (diabetes and chronic pain conditions).
The report also studies the market for implantable drug delivery devices by segmenting it into the following geographical regions: Europe, Asia, North America, and Rest of the World.
Browse the full Implantable Drug Delivery Devices Market Press Release: http://www.transparencymarketresearch.com/pressrelease/implantable-drug-delivery-devices.htm
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