Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research (TMR) has published a market study on the global implantable drug delivery devices market. The study estimates that the overall value of this market stood at US$11.6 billion in 2011. The research report, titled "Implantable Drug Delivery Devices Market - Global Industry Analysis, Size, Share, Trends And Forecast 2012 - 2018", estimates the global market for implantable drug delivery devices to develop at a CAGR of 8.8% during the period from 2012 to 2018. According to the report, the market is expected to reach US$21.1 billion by the end of the forecast period.
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According to the report, the rising incidence of cardiovascular diseases, coupled with the soaring demand for minimally invasive procedures among patients, is the key driving force behind the development of the global implantable drug delivery devices market. However, increasing number of product recalls is increasingly becoming a matter of concern for the global market. Apart from this, strict rules associated with drug approval of the U.S. FDA and CE marking also hamper the growth of the implantable drug delivery devices market globally.
The global market for implantable drug delivery devices has been classified on the basis of products, application, technology, and regions in this market study. Implantable bio-absorbable stents, implantable coronary drug eluting stents, implantable contraceptives, implantable drug infusion pumps, implantable intraocular devices, and implantable brachytherapy seeds are the main components of the implantable drug delivery devices products market. Likewise, biodegradable and non-biodegradable technologies are the two segments of the market segment based on technology. Cardiovascular disorders, oncology, contraception/birth control, ophthalmology, and others such as chronic pain conditions and diabetes are the key application areas for implantable drug delivery devices, states the report.Regionally, North America dominated the global market for implantable drug delivery devices in 2011. However, analysts predict that the market share of North America will plummet during the forecast period, whereas, the market in the Asia Pacific will gain significant market share during the same period owing to the rapid development of emerging economies such as China and India in this region.
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The report also analyzes the profiles of key market participants in order to study the existing competitive landscape of the global implantable drug delivery devices market. The market hierarchy is also presented in this report. Merck, Medtronic Inc., Bausch & Lomb Inc., Allergan Inc., Bayer Healthcare, Psivida Corp., Nucletron, Abbott Laboratories, and Boston Scientific Corp. are the major players operating in this global market.In 2011, Medtronic dominated the global implantable infusion pumps market. However, analysts expect its market share to decline over the forecast period as the drug maker had to recall its Class I product, SynchroMed II in 2012. On the other hand, Boston Scientific Corp. led the market for coronary drug eluting stents in 2011. Further, Allergan Inc. is expected to dominate the global market for intraocular drug delivery over the forecast period due to the rising popularity of Ozurdex, the biodegradable implant of Allergen, reports the market study.
The global implantable drug delivery devices market has been segmented into:
- Implantable coronary drug eluting stents
- Implantable bio-absorbable stents
- Implantable contraceptive drug delivery devices
- Implantable intraocular drug delivery devices
- Implantable brachytherapy seeds
- Implantable drug infusion pumps
- Biodegradable implantable drug delivery device technology
- Non-biodegradable implantable drug delivery device technology
- Birth control/contraception
- Other (diabetes, chronic pain causing diseases)
- North America
- Rest of the world (RoW)
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Source:Transparency Market Research