The Global Implantable Drug Delivery Devices Market by Product Type (Drug infusion pumps, Intraocular drug delivery devices, Contraceptive drug delivery devices and Stents (Drug eluting stents and Bio absorbable stents), by Technology (Biodegradable Implants and Non Bio degradable Implants), by Application (Ophthalmology, Cardiovascular, Birth Control/Contraception and Others) and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) was valued at US$ 9,554.4 million in 2016 and is projected to exhibit a CAGR of 7.6% over the forecast period (2017 - 2025), as highlighted in a new report published by Coherent Market Insights. Factors such as growing aging population and incidence of diseases such as cardiovascular diseases, diabetic retinopathy are the driving factors for the growth of the global implantable drug delivery devices market over the forecast period.
Implantable drug delivery devices allow several site specific administration where the drug is needed most for the treatment. Devices allows for sustained release of a therapeutic agent and administer significant lower dose of the drug, which minimize side effects. In 2014, Alimera Sciences, Inc. received U.S. FDA approval for Iluvien for the treatment of diabetic macular edema. Iluvien implant is a tiny cylindrical tube inserted into the back of an eye. It is designed to provide a low daily dose of fluocinolone acetonide, a corticosteroid.
In 2015, the World Health Organization (WHO) estimated that around 17.7 million people died due to cardiovascular disease. Considering the huge patient pool, market players have developed bio absorbable stents. The bio-absorbable stents is expected to show an exponential growth during the forecast period due the fact that this stent is gradually resorb and cleared from the body. Bio absorbable stents overcomes the drawback of metal drug eluting stents. In 2017, Reva Medical Inc., received CE mark approval in Europe for Fantom (sirolimus-eluting bioresorbable coronary scaffold). CE marking is a certification mark that confirms with health, safety, and environmental protection standards for products sold within the European Economic Area (EEA).
Browse 38 Market Data Tables and 28 Figures spread through 144 Pages and in-depth TOC on Implantable Drug Delivery Devices Market by Product Type (Drug infusion pumps, Intraocular drug delivery devices, Contraceptive drug delivery devices and Stents(Drug eluting stents and Bio absorbable stents)), by Technology (Biodegradable Implants and Non Bio degradable Implants), by Application (Ophthalmology, Cardiovascular, Birth control/Contraception and Others) and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) - Global Forecast to 2025
To know the latest trends and insights prevalent in the Implantable Drug Delivery Devices Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/implantable-drug-delivery-devices-market-1103
Diabetic Macular Edema is a growing health problem and the number of cases are increasing due to prevalence of diabetes. According to National Diabetes Statistics, as of 2015 an estimated 30.3 million people of all ages had diabetes in U.S. Hence, manufacturers are actively working on research and development of the implant drug delivery devices field which are biodegradable. In 2014, Allergan received U.S. FDA approval for revised indication for Ozurdex (dexamethasone intravitreal implant) for the treatment of diabetic macular edema. Ozurdex is sustained-release biodegradable steroid implant.
Key Takeaways of the Implantable Drug Delivery Devices Market:
The global implantable drug delivery devices market is expected to exhibit a CAGR of 6% over the forecast period (2017 - 2025), owing to the growth in potential markets, especially in Asia Pacific and Latin America. North America accounted for major market share in 2016
Robust developments in the biodegradable implant products is expected to drive the implantable drug delivery devices market
Cardiovascular application hold the major market share and will show rapid growth due to the introduction of bio-absorbable stents in 2012, which in turn is expected to boost the growth of implantable drug delivery devices market
Some major players operating in the implantable drug delivery devices market are Boston Scientific Corporation, Bayer Healthcare, Medtronic, Allergan plc, Abbott Laboratories, Bausch and Lomb Inc., Elixir Medical Corporation, Riva Medical Inc., Merck & Co., Inc and Alimera Sciences
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