Transparency Market Research has published a new report titled "Implantable Drug Delivery Devices (Contraceptives, Drug Infusion Pumps, Intraocular Implants, Drug Eluting, Bio-Absorbable Stents, Biodegradable) Market - Global Industry Analysis, Size, Share, Trends And Forecast 2012 - 2018" to its report store.
Albany, NY -- (SBWIRE) -- 09/03/2014 -- A market research report published by Transparency Market Research on the ‘Implantable Drug Delivery Devices Market’ provides financial overview, company overview, recent developments, business strategies, and complete product portfolio of this market. In 2012, the market was calculated at $11.6 billion. The report states that the market for implantable drug delivery devices is estimated to reach $21.1 billion globally in 2018, and is estimated to grow at a CAGR of 8.8% over the forecast period of 2012–2018.
Some of the most impacting key drivers for the global implantable drug delivery devices market are the rising occurrences of disease segments such as diabetic retinopathy, prostate cancer, cardiovascular diseases, and chronic pain causing diseases, unwanted pregnancies, colorectal cancer, and a rapidly aging population. Also, in the past, drugs were administered orally in the form of liquids or powder, which incurred different gastrointestinal tract and absorption problems in the body. Hence, to avoid such problems, implantable drug delivery systems were developed to optimize the therapeutic characteristics of drug products. These systems are effective, safer to use, and reliable in nature.
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Implantable drug delivery devices are embedded within the patient’s body. They are typically placed under the skin in a convenient location of the body, where the patient is just aware of its presence as a small bump under the skin. These systems are designed to transmit fluids and drugs throughout the bloodstream without the need of inserting needles. Implantable drug devices systems are basically drug reservoirs functioning in the form of slow-release mechanism providing an efficient way to therapeutic drug concentrations to optimize drug reactions.
Some additional drivers for this market include NGO initiatives and government undertakings on endorsing contraceptive drug delivery implants and introducing minimally invasive surgery equipment into the market. Also, demand for interventional cardiologists and introduction to biodegradable implantable drug delivery technologies, as well as new effective products such as MicroChips in the disease segments will serve this market with immense growth opportunities during the forecast.
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Owing to the fact that drug delivery systems are implanted at affected areas and targeted disease segments, the overall market embraces its effectiveness over other devices and drugs too.
Keeping 2011 as the base year, this study report estimates the market for implantable drug delivery devices in terms of USD million for the forecast period 2012 – 2018, and also discusses its six widespread product types and categories available on the market. The product types market is segmented into brachytherapy seeds, contraceptive implants, bio-absorbable stents, implantable infusion pumps, drug eluting stents, and intraocular drug delivery implants.
Considering on the basis of technology, the market is sectioned into biodegradable and non-biodegradable implant technology. Furthermore, on the basis of applications, the market is further sub-divided into contraceptive, ophthalmology, oncology, cardiovascular, and others (diabetes, inflammatory conditions). This market held majority of the market share in cardiovascular applications in 2011. This is was due to the introduction of bio-absorbable stents expected in 2014, with a likeliness to increase by 2018. In comparison to the non-biodegradable drug delivery implant technology, the biodegradable drug delivery implant technology will rapidly grow at a faster CAGR in the near future.
Based on the regional analysis, the North American implantable drug delivery devices market held majority of market shares in 2011. However, owing to the increasing growth in the Asian regions, unmet medical needs in China and India, and various other economic developments expected in the emerging nations, Asia is expected to witness an accelerated growth in this market. This will certainly impact the market shares in North America leading to a sharp drop by 2018.
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