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Published Date: 2013-03-04Number of Pages: 104

Implantable Drug Delivery Devices Market - Global Industry Analysis, Size, Share, Trends And Forecast 2012 - 2018

 
Implantable drug delivery devices are drug eluting devices implanted at targeted sites for therapeutic applications. The global implantable drug delivery devices market was valued at USD 11.6 billion in 2011 and is expected to grow at a CAGR of 8.8% from 2012 to 2018 to reach an estimated value of USD 21.1 billion in 2018. The Asian implantable drug delivery devices market held a market share of over 15% in 2011 and will register the fastest CAGR during 2012 to 2018 owing to economic development in emerging economies such as India and China. 
 
In terms of market leaders for individual product segments, Medtronic led the market in the global implantable infusion pumps market in 2011; however, its market share is expected to plummet by 2018 due to the Class I product recall of SynchroMed II in 2012. On the other hand, Boston Scientific Corporation dominated the coronary drug eluting stents market in 2011. Furthermore, Allergan Inc. will dominate the global intraocular drug delivery market in the coming years, owing to the growing popularity of its biodegradable implant – “Ozurdex.” 
 
Implantable drug delivery devices gain precedence over other drug delivery devices due to the fact that these devices are implanted at the targeted site and deliver unaltered concentrations of drugs at regular intervals. The market overview and trends for the global implantable drug delivery devices is analyzed based on the following attributes:
 
  • Technological trends: The introduction of biodegradable technology based products such as biodegradable intraocular implants and bio-absorbable stents will accelerate the growth of the overall implantable drug delivery devices market. Moreover, these biodegradable implantable drug delivery devices will act as internal substitutes for already existing products such as non-biodegradable intraocular drug delivery implants and coronary drug eluting stents. 
  • External substitutes: The presence of external substitutes and their technological advancement will restrain the growth of the market. For instance, the market growth of the brachytherapy seeds market is impeded by the advent of new technologies and the improvement of pre-existing alternative technologies such as HDR devices, image guided brachytherapy (IGBT) and pulse dose rate (PDR) treatments. 
  • Barriers to new entrants: Implantable drug delivery devices are categorized as Class I high risk medical devices. The approval process of these medical devices involves complicated and stringent FDA and CE regulations and therefore, is an expensive and lengthy affair. Non-compliance of these regulations leads to product recalls. Moreover, the presence of manufacturers with large revenue base such as Merck, Bayer, and Johnson and Johnson, elevates the barrier to new entrants and makes it very difficult for new entrants to sustain themselves. 
  • Patent expiration: Patent expiration of implantable drug delivery devices plays a very important role in determining the competitive scenario and overall market growth. For instance, the patent for Bayer’s Mirena will expire in 2015 and this will open up the market for generic product manufacturers like Teva Pharmaceuticals.
  • Introduction of cheaper products especially in the global contraceptive drug delivery implants market will drive the market in the future. Manufacturers like Bayer and Merck have entered into strategic agreements with the UN, DFID and Marie Stopes International and are marketing their products in emerging and underdeveloped economies by reducing their prices by approximately 50%. Furthermore, the future market expansion strategies adopted by Shanghai Dahua Pharmaceuticals Co. Ltd., that markets its contraceptive drug delivery implant known as Sino-implant at approximately USD 8, will affect the market by stiffening the competition for players like Merck and Bayer.

Implantable Drug Delivery Devices Market: Overview  

The global implantable drug delivery devices market is one of the fastest growing markets in the global medical devices industry. Implantable drug delivery devices have already achieved a reasonable edge over many other drug delivery devices. The demand for implantable drug delivery devices such as implantable infusion pumps, contraceptive implants, bio-absorbable stents, intraocular drug delivery implants, and brachytherapy seeds is expected to increase in many emerging nations. The demand for non-biodegradable and biodegradable drug delivery devices is expected to increase, which is another factor predicted to propel the global market.

The report on the global implantable drug delivery devices market uses industry-standard tools such as SWOT analysis and Porter’s five force analysis to measure the important factors driving and restricting the market. Key companies operating in the global market are also listed in the report by the analysts. Key developments in the market and the innovative implantable drug delivery devices introduced by key companies are listed in the report. For a detailed competitive analysis, the global market is divided into segments and sub-segments. Analysts have also focused on the factors that could create new opportunities in the market for the startups.

Implantable Drug Delivery Devices Market: Trends and Opportunities

The global implantable drug delivery devices market is predicted to reach US$21.1 bn by 2018, expected to exhibit an 8.80% CAGR from 2012 to 2018. The occurrence of cardiovascular diseases is rising, which has led to the rising demand for implantable drug delivery devices. The increasing number of interventional cardiologist will also boost the demand for implantable drug delivery devices. The demand for minimally invasive procedures is expected to increase, which will further propel the global market.

However, the rising number of product recalls, the introduction of internet product substitutes and the increasing lawsuits will restrict the growth of the global implantable drug delivery devices market. Stringent government rules and approval norms from FDA are likely to plan an important role in the global market. The implementation of the Affordable healthcare for America Act, 2010 is another factor anticipated to restrict the global market. Although the market is expected to be affected by a few factors, the introduction of new implantable drug delivery devices will benefit the key companies to maintain their dominance. 

Implantable Drug Delivery Devices Market: Region-wise Outlook

Based on region, the global implantable drug delivery devices market is divided into Asia Pacific, North America, Europe, and Rest of the World. In 2011, the global market for implantable drug delivery devices was dominated by North America. The application of implantable drug delivery devices in cardiovascular disorders, ophthalmology, birth control, and oncology is rising in North America. This is predicted to help the North America market to maintain its dominance in the global market in the years to come. 

However, going forward, the Asia Pacific market is predicted to be the most promising markets for implantable drug delivery devices owing to the significant growth of emerging nations such as India and China.

Key Players mentioned in the Report:

Some of the leading companies operating in the global implantable drug delivery devices market are Allergan Inc, Medtronic Inc., Merck, Boston Scientific Corporation, Bausch and Lomb Inc., Bayer HealthCare, Nucletron, pSivida Corp., and Abbott Laboratories. With many new implantable drug delivery devices being in the pipeline, the key companies are aiming to maintain their dominance in the global market.

Major regions analyzed under this research report are:

  • Europe
  • North America
  • Asia Pacific
  • Rest of the World

This report gives you access to decisive data such as:

  • Market growth drivers
  • Factors limiting market growth
  • Current market trends
  • Market structure
  • Market projections for the coming years

Key highlights of this report

  • Overview of key market forces propelling and restraining market growth
  • Up-to-date analyses of market trends and technological improvements
  • Pin-point analyses of market competition dynamics to offer you a competitive edge
  • An analysis of strategies of major competitors
  • An array of graphics and SWOT analysis of major industry segments
  • Detailed analyses of industry trends
  • A well-defined technological growth map with an impact-analysis
  • Offers a clear understanding of the competitive landscape and key product segments


 
 
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