Albany, NY -- (SBWIRE) -- 05/18/2018 -- A new Transparency Market Research report states that the global implantable drug delivery devices market stood at US$11.6 bn in 2011 and is predicted to reach US$21.1 bn by 2018. It is predicted to expand at a CAGR of 8.80% from 2012 to 2018. The title of the report is "Implantable Drug Delivery Devices Market - Global Industry Analysis, Size, Share, Trends And Forecast 2012 - 2018."
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On the basis of type, the implantable drug delivery devices market is segmented into implantable bio-absorbable stents, implantable coronary drug eluting stents, implantable contraceptive drug delivery devices, implantable brachytherapy seeds, implantable intraocular drug delivery devices, and implantable drug infusion pumps.
According to the report, the market for implantable coronary drug eluting stents is fuelled by the rising demand for minimally invasive procedures and the increasing count of interventional cardiologists globally. On the other hand, the market for implantable brachytherapy seeds is stimulated by the rising occurrence of prostate cancer. The implantable drug infusion pumps market is propelled by the increasing occurrence of colorectal cancer and the increasing prevalence of chronic pain. The market for implantable intraocular drug delivery devices is driven by the rising geriatric population and the soaring count of patients having diabetes and consequently diabetic retinopathy. The implantable contraceptive drug delivery devices market is also augmented by the increasing occurrence of unwanted pregnancies. On the other hand, the strict CE and FDA approval norms, the launch of convenient substitutes, and the introduction of the Affordable Healthcare for America Act, 2010 are amongst the prime factors that may restrain the growth of the market in forthcoming years.
In terms of technology, the report segments the market into non-biodegradable implantable drug delivery device technology and biodegradable implantable drug delivery device technology. On the basis of application, the market for implantable drug delivery devices is segmented into ophthalmology, cardiovascular, oncology, birth control/contraception, and others including chronic pain caused by diseases and diabetes.
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In terms of geography, the report segments the market into Europe, North America, Asia, and Rest of the World (RoW). Amongst these, in 2011, North America led the market for implantable drug delivery devices. However, it is predicted that this region will cede its share during the forecast horizon. The region of Asia Pacific is poised to gain a dominant share in the market in the forecast period due to swift development in emerging nations such as India and China within this region.
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