The rising incidences of colorectal cancer, chronic pain, cardiovascular diseases and diabetic retinopathy and unwanted pregnancies globally are expected to drive the implantable drug delivery devices market. Furthermore, an increase in demand for minimally invasive surgeries and increased government expenditure are the factors expected to propel the implantable drug delivery devices market over the forecast period.
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The implantable drugs infusion pumps attributed the largest share of the market in 2013. This large share is attributed for by the high efficacy exhibited by the use of these devices for minimally invasive surgical treamtment. Other product segments present in the market are brachytherapy devices, implantable coronary bio absorbable, drug eluting stents, implantable intraocular drug delivery and implantable contraceptive drug delivery devices. The implantable devices are either biodegradable or non biodegradable in nature. Owing to the higher compatibility exhibited by biodegradable drug delivery devices, reduction in side effects and removal for the need of secondary surgeries, this segment accounted for the larger share of the market in 2013.
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On the basis of geography, North America dominated the global implantable drug delivery devices market owing to the large patient base and increasing in technological research & development programs. Asia pacific is expected to witness a lucrative growth over next six years owing to the development in healthcare infrastusture in emerging economies such as China and India. Bausch and Lomb Inc., Abott Laboratories, Allergen Inc., Medtronic Inc., Bayer Healthcare and Boston Scientific Corporation are the major players operating in the global implantable drug delivery devices market.
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