Drug-eluting device is a combination of medical device and active pharmaceutical ingredient (API), which is either combined physically or chemically. Drug-elating devices are also known as combination devices, inserted into the vessels or luminal structures of a patient’s body. These are advanced drug systems which help in controlling the delivery of drugs or bioactive agents to the specific target site. Besides this, drug-eluting devices help in the healing process. Drug Eluting Stent (DES) is an example of major advancement in the eluting devices market, and is proved an effective treatment for obstructive coronary artery diseases. It is one of the successful discoveries in the field of interventional cardiology. These combination devices have proven advantageous over the conventional drug delivery mechanisms, i.e. through oral, injection, or infusion methods. They are considered competent in providing advanced medical care, and therefore, are highly preferred. They are also regarded as a great approach for resolving drug release issues.
Demand for drug-eluting devices has increased significantly in the recent years due to growth in aging population and increase in incidence of obesity, diabetes, infectious diseases, as well as chronic diseases, including prostate cancer, cardiovascular diseases, diabetic neuropathy, colorectal cancer, etc. Moreover, rise in government initiatives and CSR activities conducted by major market players are paving the way for the growth of the market. Demand for drug-eluting devices is also driven by rising popularity of minimally invasive surgeries and devices, such as, nebulizers, inhalers, etc. Additionally, new product launches and technological advancements are providing momentum to the market. Other advantages associated with the use of these devices, such as, lower morbidity rate, pain relief, and faster healing are likely to propel the growth of the drug-eluting devices market during the forecast period. However, due to adverse side-effects of the use of these products on patients, they were recalled from the market, which appears to be a major restraint to the growth of the market. Other factors affecting the growth of the drug-elating devices market are probability of injuries and infections, high manufacturing expenses, and strict regulatory approval. Furthermore, availability of alternatives for drug eluting stents in the market and lack of skilled health care professionals are hindering the growth of the drug-eluting devices market.
Based on material type, the drug-eluting devices market can be classified into biodegradable and non-biodegradable. Poly (DL-Lactide-co-Glycolide) polymer is used as a biocompatible material and is an ideal example of biodegradable devices. Once implanted in the body, it gets decomposed over a period of time. Silicon rubber is proven the best biocompatible material which is used in non-biodegradable devices. Their coating is inclusive of a controlled release matrix made up of the bioactive agent or one pharmaceutical substance. In terms of application, the drug-eluting devices market can be segmented into diabetes management, HIV and AIDS prevention, contraception, chronic pain management, dialysis, and cardiovascular diseases.
Based on end-user, the drug-eluting devices market can be bifurcated into hospitals, clinics, home care settings, and ambulatory surgery centers. Ambulatory surgical centers are preferred over the other care settings due to availability of less expensive surgery and skilled surgeons in these centers. Besides, ambulatory surgical centers do not require the patients to stay for longer period of time. In terms of product type, the drug eluting devices market can be categorized into drug-eluting stents, drug-eluting mesh, drug-eluting tunneled dialysis catheter, drug-eluting vascular graft, drug-eluting wound dressings, and protein-eluting scaffolds. The drug-eluting stents segment can be further classified into peripheral vascular stents and coronary stents. Based on region, the global drug-eluting devices market can be segmented into North America, Europe, Asia Pacific, Middle East, and Latin America. North America dominates the global drug-eluting devices market, followed by Europe, Asia Pacific, Middle East, and Latin America. Germany accounts for a major share of the drug-eluting devices market in Europe.
Major players operating in the global drug-eluting devices market are Abbott, Medtronic, Smith & Nephew, Boston Scientific Corporation, GlaxoSmithKline plc, BD, Johnson & Johnson Services, Novartis AG, Bayer AG, and Baxter.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.