The major factors driving the growth of this market are growing incidences of target disease such as diabetic retinopathy, prostate cancer, cardiovascular diseases and chroni diseases. Rising cases of unwanted pregnancies and growing aging population also supplement the growth of this market. However, cost associated with the use of these devices has restricted the market growth.
Global Implantable Drug Delivery Devices Market by Product Types
Global implantable drug delivery devices market is segmented into Implantable coronary drug eluting stents, implantable bio-absorbable stents, implantable contraceptive drug delivery devices, implantable intraocular drug delivery devices, implantable brachytherapy seeds and implantable drug infusion pumps. Implantable drug infusion pumps and contraceptive drug delivery devices are most widely used devices.
Global Implantable Drug Delivery Devices Market by Technology
Global implantable drug delivery devices market by technology is segmented into Biodegradable implantable drug delivery device technology and Non-biodegradable implantable drug delivery device technology. Biodegradable technology is expected to grow faster as compared to Non-biodegradable, as biodegradable technology reduces side effects associated with the presence of device in the body and does not follow the process of surgery in removing a device from the body.
Global Implantable Drug Delivery Devices Market by Application
Global implantable drug delivery device market by application is segmented into Ophthalmology, cardiovascular, Birth control/contraception, Oncology and others. The market of implantable drug delivery devices is largest in cardiovascular application due to the introduction of absorbable stents devices.
Global Implantable Drug Delivery Devices Market by Geography
Geographically, the market is segmented into North America, Europe, Asia-Pacific and LAMEA. North America is the largest market due to growing aging population and prevalence of target disease such as diabetic retinopathy and chronic diseases. Asia-pacific is considered to be the fastest growing market due to high disposable income in emerging nations.
Bayer Healthcare, Boston Scientific Corporation, Allergan Inc., Medtronic Inc., Merck, Bausch and Lomb, Inc. and Abbott laboratories are some of the major players in this market. Product launch, merger & acquisition and research & development are the competitive strategies adopted by these key players. In 2013, Bayer Healthcare launched a noval hormonal intrauterine device (IUD) Skyla. The same product is launched in Europe with the brand name Jaydess, which is used for the prevention of pregnancy for up to three years.
According to Porter’s Five Forces analysis, the bargaining power of the supplier is high as products are highly differentiated. High switching cost leads to the low bargaining power of buyers. Threat from substitutes is low due to presence of fewer substitutes in the market. Many competitors are present in the market with high exit barriers, which lead to tough competition. Threat of new entrants is low as brand names are well known and profitability requires economies of scale. SWOT analysis helps in determining the internal and external environmental factors for strategic business planning. Study of key players and their strategies help in developing market entry and expansion strategy.
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