Seattle, WA -- (SBWIRE) -- 11/14/2019 -- Implantable drug delivery devices – Bid good bye to painful needles
Implantable drug delivery devices are used to administer different medications, drugs, and fluids without inserting needle repeatedly. These products avoids the need for patients to be for intravenous infusion. Various developments and discoveries in the fields of proteomics, genomics, and biotechnology in the recent has led to emerging classes of novel pharmaceutical compounds like siRNAs, small molecules, and other nanoparticle-based products that are not compatible with standard oral formulations. On the contrary, these drugs are well-suited for parenteral administration, in order to obtain desired effect. The last decade has witnessed growing conjunction between drug therapies and implantable devices, which include devices such as, osmotic pumps and implantable rods that deliver drugs on specific targeted area (anticancer agents, hormones and vaccine).
Download A Readymade Sample PDF Copy: https://www.coherentmarketinsights.com/insight/request-sample/1103
Market Dynamics- Drivers
Increase in acceptance and patient compliance for implantable drug delivery devices to propel the market
Implantable drug delivery devices has numerous benefits over conventional oral or parenteral dosage form such as protection against gastrointestinal tract denaturation and higher absorption across the wall of intestine or stomach. The amount of drug that reaches the target should be large to obtain the desired therapeutic effect. Another factor that is increasing its acceptance is that these implants biodegradable, which has gain traction over non-biodegradable systems, owing to the use of inert polymer for fabrications of these devices that gets absorbed and extracted by the body. This in turn is alleviating the need of surgical removal of implant after therapy, which is expected to drive the market growth during the forecast period.
However, issues such as device failure, and biocompatibility is expected to restrain the global implantable drug delivery devices market growth.
The global implantable drug delivery device market was valued at US$ 9,554.4 million in 2016 and is expected to witness a robust CAGR of 7.6 % over the forecast period (2017-2025).
Get PDF Brochure of This Business Report: https://www.coherentmarketinsights.com/insight/request-pdf/1103
Increase in global burden of non-communicable diseases is expected to propel global implantable drug delivery devices market
According to a report by World Health Organization (WHO), 2017, chronic diseases are the major cause of disabilities worldwide. The estimated global burden by 2020 is 60%. Moreover, 73% of deaths in 2020 is expected to be due to chronic diseases. Four of the most prominent chronic diseases are cardiovascular, cancer, pulmonary and type 2 diabetes. Implantable drug delivery devices offers unique patients solutions for chronic diseases. For instance, in October, 2017, Encellin, has received an exclusive worldwide right for a proprietary cell encapsulated technology by developed UC San Francisco aiming to improve cell transplant without the need of immunosuppressive drugs. The Encellin device is encapsulated with glucose sensitive islet cells in a pouch, and is implanted under the skin, enabling it to regulate glucose level. Similarly, In 2015 Intarcia Therapeutics, developed a drug eluting non-biodegradable device ITC650 for the treatment of diabetes, which consists of osmotic pump small titanium alloy reservoir delivering a steady flow of a glucagon-like peptide-1 receptor agonist, for 12 months.
Geographically, North America is expected to hold the dominant position in the global implantable drug delivery devices market during the forecast period. This is owing to high demand for self-administration products and increasing product approvals by regulatory authorities in the region. For instance, in 2016, Medtronic received the U.S. Food and Drug Administration (FDA) approval for the V-Go, a wearable 24 hour subcutaneous insulin delivery device indicated for diabetes management, which has helped diabetes treatment outcome.
Competitive Landscape
Major companies operating in the global implantable drug delivery devices market include Boston Scientific, Abbott Laboratories, Medtronic, Merck & Co., Bausch & Lomb Inc., Allergan, Inc., Psivida Corp., and Bayer Healthcare.
In-Depth Study of TOC & Direct Purchase Report @ https://www.coherentmarketinsights.com/insight/buy-now/1103
About Coherent Market Insights
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.