Implantable drug delivery devices have several advantages over conventional oral or parenteral dosage forms as it allows site specific administration where the drug is needed the most, also it allows significantly lower dosing of drug which in turn minimize potential side effects. Furthermore, it allows sustained release of therapeutic agent whereas enhances efficacy of treatment. Implantable drug delivery devices are generally less burdensome than pills and injections. Moreover, market players are developing biodegradable stents that are naturally-dissolving as it does not require additional surgery for removal of device.
Increasing number of approvals is expected to fuel growth of global implantable drug delivery devices market in next 10 years
Growing incidence of chronic disease such as cardiovascular diseases, diabetic retinopathy is expected to drive the growth of implantable drug delivery devices market. Moreover, increasing number of collaborations between pharmaceutical companies and technical provider are other factors anticipated to further drive growth of the global implantable drug delivery devices market over the forecast period.
However, device failure and cost associated with the use of device are major factor restraining growth of the global implantable drug delivery devices market.
Technological advancements and innovations focusing on development of safe, efficient and biodegradable devices is expected to create new opportunities for major players in the global implantable drug delivery devices market over the forecast period.
The global implantable drug delivery devices market report has been segmented on the basis of product type, technology, application, and region. On the basis of region, the global implantable drug delivery devices market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America market dominates the global implantable drug delivery devices market in terms of revenue contribution as compared to that of markets in other regions. This is attributed by new product approval by US FDA, owing to the huge patient pool and awareness about the application in the region. Europe accounts for second-largest revenue share contribution to the global implantable drug delivery devices market, followed by markets in Latin America, Asia Pacific, and Middle East & Africa respectively. The market in Asia Pacific is projected to register comparatively faster growth in terms of revenue over the next 10 years, owing to the rapid adoption of implantable drug delivery devices and efficiency in birth control.
Some prominent players in the global implantable drug delivery devices market are Merck & Co., Inc., Allergan, Inc., Bausch & Lomb Inc., Abbott Laboratories, Bayer AG, Psivida Corp, Medtronic Plc., Arrow International, Boston Scientific Corporation, and Theragenics Corporation.