Global Implantable Drug Device Market Overview
Implantable drug delivery devices are primarily used to controlling drugs as well as fluids. These drugs and fluids are controlled without any repetitions of insertion of needles. Implantable drug delivery devices can be aptly utilized for delivery of such drugs, over last decade there has been increasing convergence between drug therapies and implantable devices, which includes implantable rods and osmotic pumps devices that are used to deliver drugs on definite area.
Global Implantable Drug Device Market Dynamics
Moreover, high acceptance rate of biodegradable implantable drug delivery devices over non-biodegradable devices due to their easy absorption by body and alleviating need of surgery after therapy across the globe is a major factor driving growth of the global implantable drug device market. In addition, increase in acceptance of FDA approved implantable drug delivery devices across the globe is another factor expected to fuel growth of the implantable drug delivery devices market in the near future.
However, device failure and biocompatibility issue are major factors expected to hamper growth of the global implantable drug device market over the forecast period.
Global Implantable Drug Device Market Segmentation
The global implantable drug device market has been segmented on the basis of product type, technology, application, and region.
The product type segment includes instruments drug infusion pumps, intraocular drug delivery devices, contraceptive drug delivery devices, and stents. On the basis of technology the target market is segmented as, biodegradable implants and non-biodegradable implants. On the basis of application the global implantable drug device market has been segmented as ophthalmology, cardiovascular, birth control/contraception, and others.
On the basis of region the target market has been segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America is expected to account major market share as compared to that of other regions.
North America dominates the global implantable drug device market and is expected to maintain its dominancy over the forecast period owing to high incidence of chronic ailments and woman health diseases, in the region.
The markets in Asia Pacific and Europe are expected to show significant growth rates in global implantable drug device market. This can be attributed to rapid development in emerging nations such as India and China, in the region.
Global Implantable Drug Device Market Key Players
Key players operating in the global implantable drug device market includes Boston Scientific, Abbott Laboratories, Medtronic, Merck & Co., Bausch & Lomb Inc., Allergan, Inc., Psivida Corp., and Bayer Healthcare.
FAQs
The global implantable drug device market has been segmented on the basis of product type, technology, application, and region.
High acceptance rate of biodegradable implantable drug delivery devices over non-biodegradable devices due to their easy absorption by body and alleviating need of surgery after therapy across the globe is a major factor driving growth of the global implantable drug device market.
North America dominates the global implantable drug device market and is expected to maintain its dominancy over the forecast period owing to high incidence of chronic ailments and woman health diseases, in the region.
Key players operating in the global implantable drug device market includes Boston Scientific, Abbott Laboratories, Medtronic, Merck & Co., Bausch & Lomb Inc., Allergan, Inc., Psivida Corp., and Bayer Healthcare.