Implantable Drug Delivery Devices Market: Alarming Rise in Incidence of Heart Diseases Calls for Radical Improvements in Treatment, reports TMR
The global implantable drug delivery devices market has a few dominating players. The oligopolistic market is being challenged by the entry of new players, who are making their presence felt with technologically advanced products and remarkable product differentiation. Transparency Market Research’s new research report observes that the market will witness increasing number of mergers and acquisitions as players try to widen their geographical reach in the near future. The key players identified in the global market are Johnson and Johnson, Boston Scientific, Abbott Laboratories, and Medtronic Inc.
North America Retains Leadership
According to the research report, the opportunity in the global implantable drug delivery devices market is expected to be worth US$21.1 bn by 2018. Between the forecast years of 2012 and 2018, the global market is anticipated to expand at a CAGR of 8.8%. The report indicates that the coronary drug eluting stents will be the leading product segment as it is projected to account for 60.8% by the end of the forecast period. Geographically, North America will lead the global market as it is slated to acquire a share of 37.6% by 2018. Asia Pacific is also anticipated to be an emerging regional market as the developing countries of China and India work towards meeting the innumerable medical demands of their citizens.
Changing Lifestyles Responsible for Deteriorating Heart Conditions Drive Global Market
The growing rate of cardiovascular diseases across the globe is the key market driver for the global implantable drug delivery devices market. The World Health Organization (WHO) predicts that by 2030 about 25 million deaths will be due to cardiovascular diseases. The changing lifestyle habits are largely responsible for the growing number of patients suffering from cardiovascular issues. The rising number of smokers, issues pertaining to weight gain, terrible dietary habits, and sedentary lifestyles have also increased the risk of cardiovascular diseases amongst the global population. The global market is also growing due to the rising number of congenital heart disease patients.
The radical technological improvements that make surgeries simpler with image-guided interventions have also made a significant contribution towards the adoption of implantable drug delivery devices. Additionally, the emergence of well-equipped and reputed institutions that train aspiring cardiologists with intricacies of complicated surgeries are also responsible for the uptake of these devices. The growing demand for minimally invasive procedures due to their benefits such as shorter recovery span and lesser complications due to surgery have played a major role in defining the rise of this market. The market is also benefitting from the increasing applications of implantable drug delivery devices.
Product Recalls and Lawsuits Tarnish Image of the Global Market
The global implantable drug delivery market faces the tough challenge of product recalls due to faults in manufacturing or design. A recall of these devices, which have an exceptionally sensitive use, have had a considerably negative impact on the revenues of the global market. Lawsuits filed by customers are also hampering the growth of the market. “Thus, the possibility of a medical device failing its user comes at a heavy cost of losing out on sales, brand value, and revenue for the players in this market,” states the lead author of this research report. The global market is also being challenged by the stringent FDA and CE approval norms. The rigorous nature of approval tests has led to quite a few setbacks of the overall market in recent past.
The aforementioned review is based on Transparency Market Research’s report, titled “Implantable Drug Delivery Devices Market - Global Industry Analysis, Size, Share, Trends And Forecast 2012 - 2018.”
The global implantable drug delivery devices market is segmented into the following categories:
Implantable Drug Delivery Devices Market by Product Types
- Implantable coronary drug eluting stents
- Implantable bio-absorbable stents
- Implantable contraceptive drug delivery devices
- Implantable intraocular drug delivery devices
- Implantable brachytherapy seeds
- Implantable drug infusion pumps
Implantable Drug Delivery Devices Market by Technology
- Biodegradable implantable drug delivery device technology
- Non-biodegradable implantable drug delivery device technology
Implantable Drug Delivery Devices Market by Applications
- Birth control/contraception
- Other (diabetes, chronic pain causing diseases)
Implantable Drug Delivery Devices Market by Geography
- North America
- Rest of the world (RoW)
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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