Advanced Drug Delivery Devices Market Will Generate New Growth Opportunities by 2025
These devices are relatively less costly and can be designed as reservoir, matrix, and osmotic systems to deliver drugs. The effects of non-biodegradable drug-eluting devices are almost immediately reversible upon removal. Pain management, contraception, abuse deterrence, CNS health, hormone regulation, oncology, and diabetes, among others are some of the key areas where non-biodegradable drug-eluting devices find application.
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Rich pool of pipeline products, favorable research landscape, rising prevalence of chronic diseases, rising cases of needlestick injuries, increasing use of biologics, growing demand for biosimilars and generic injectables, and growing aging population, are some of the pivotal factors that are anticipated to propel the demand for advanced drug delivery devices in the coming years.
Technological advancements and new product launches are expected to provide impetus to the market. The growing burden of diseases is making it important for players operating in the market to manufacture innovative, technologically advanced devices that provide effective treatment for diseases. Companies are focusing on research and development of drug delivery systems and launching advanced drug delivery devices to cater to the needs of patients and enable effective delivery of drugs.
In terms of application, the advanced drug delivery devices market has been divided into seven main application areas - Women’s Health, Diabetes, Oncology, Pain Management, Cardiology, Central Nervous System (CNS), Intraocular Drug Delivery, and Others.
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Advanced drug delivery devices for women’s health includes intra-vaginal rings (IVRs), contraception implants, and others; for diabetes it includes exenatide delivery devices, insulin delivery devices and others; for oncology, the devices list includes prostate cancer implants, and chemo ports; for pain management, it includes infusion pump systems, sub dermal implants, and pain management ports; for cardiology, drug eluting stents and others are included in the list. Over and above the above mentioned list, advanced drug delivery devices also includes central nervous system (CNS) devices, intraocular drug delivery devices and others.
Based on geography, the advanced drug delivery devices market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America dominates the advanced drug delivery devices market, with the U.S. accounting for a major share. However, Asia-Pacific is expected to witness highest CAGR during the forecast period. The expected growth in the Asia-Pacific region can be attributed to rising cases of chronic diseases, growing aging population, and investments by major companies in the area of R&D. Low cost of clinical trials and cheap labor are some of the other reasons due to which players have forayed into the Asian market.
Key players operating in the global advanced drug delivery devices market are Medtronic, plc., Boston Scientific Corporation, C.R. Bard (Becton, Dickinson and Company), Allergan plc., Merit Medical Systems, Inc., Cook Group Incorporated, Merck & Co., Inc., Pfizer Inc., Abbott Laboratories, Intarcia Therapeutics, Inc., Endo Pharmaceuticals Inc., pSivida Corp., and Delpor, Inc., amongst others.
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