The implantable drug delivery devices market is expected to witness robust growth due to the increasing geriatric population, rise in the number of cancer cases, a growing number of cardiology, ophthalmology abnormalities and the rise in technological advancements. Furthermore with the increase in the burden of chronic diseases the large patient population increases the number of surgeries and hence drives the implantable drug delivery devices market. In addition, the growing preference for drug-device combination products owing to higher efficacy also serves as a key contributing factor.
However, the high cost of devices and surgery costs, low rate of adoption are the few restraining factors of the growth of implantable drug delivery devices market.
Key Market Trends
Drug Infusion Pumps Segment is Expected to Hold a Significant Market Share
Infusion pumps are devices that are used to deliver fluids into a patient’s body, in a controlled manner. They are capable of supplying medications such as insulin or other hormones, antibiotics, chemotherapy drugs, and pain relievers. Infusion pumps play an important role in delivering accurate medications in chemotherapy, for diabetics, etc., for the corresponding diseases.
The rising number of diabetes cases and increasing investments in diabetes care and management have helped in the adoption of insulin infusion pumps. Technological advancements, coupled with increasing R&D initiatives on gastrointestinal disorders, cancer, neurological problems, and AIDS, are providing lucrative opportunities for infusion pumps in the market. According to the FDA, in 2017, Baxter’s Sigma Spectrum Infusion pump has been the number one infusion pump in drug library compliance. Sigma Spectrum has a user interface that provides top-quality patient safety margins and has the ability to integrate with leading electronic medical record systems.
North America Dominates the Implantable Drug Delivery Devices Market
In North America, the medical device industry is a highly regulated sector of the economy. There are several studies that suggest that the US manufacturers of implantable devices can maintain high prices, in part due to structural barriers such as costly regulatory approval processes and patent protections. Therefore, manufacturers face problems in launching new products in the United States.
Hospitals are the primary purchasers of most high-cost implantable devices in the United States, but they have limited bargaining power to negotiate for lower prices. There are millions of Americans being implanted with implantable devices such as artificial hips or cardiac pacemakers, in their bodies. Experts have also estimated that 7.2 million Americans are living with joint implants. However, due to the aging population and the increasing prevalence of chronic conditions, the number of patients adopting implantable devices continues to grow exponentially. During the past year, in the United States, there have been many advancements in technology and medical innovation, which have expanded the types of implantable devices, to include artificial hearts and deep-brain stimulators to control epilepsy.
The market players are found focusing on new product launches, minimizing the price of the tests in order to gain maximum traction in the global market. Furthermore, market players are concentrating on various growth strategies such as collaborations, acquisitions, partnerships to enhance their market presence. In addition, market leaders are highly focused on delivering economic value and cater to unmet needs.
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