Implantable drug delivery devices are drug eluting devices implanted at targeted sites for therapeutic applications. The global implantable drug delivery devices market was valued at USD 11.6 billion in 2011 and is expected to grow at a CAGR of 8.8% from 2012 to 2018 to reach an estimated value of USD 21.1 billion in 2018. The Asian implantable drug delivery devices market held a market share of over 15% in 2011 and will register the fastest CAGR during 2012 to 2018 owing to economic development in emerging economies such as India and China.
In terms of market leaders for individual product segments, Medtronic led the market in the global implantable infusion pumps market in 2011; however, its market share is expected to plummet by 2018 due to the Class I product recall of SynchroMed II in 2012. On the other hand, Boston Scientific Corporation dominated the coronary drug eluting stents market in 2011. Furthermore, Allergan Inc. will dominate the global intraocular drug delivery market in the coming years, owing to the growing popularity of its biodegradable implant – “Ozurdex.”
Implantable drug delivery devices gain precedence over other drug delivery devices due to the fact that these devices are implanted at the targeted site and deliver unaltered concentrations of drugs at regular intervals. The market overview and trends for the global implantable drug delivery devices is analyzed based on the following attributes:
Technological trends: The introduction of biodegradable technology based products such as biodegradable intraocular implants and bio-absorbable stents will accelerate the growth of the overall implantable drug delivery devices market. Moreover, these biodegradable implantable drug delivery devices will act as internal substitutes for already existing products such as non-biodegradable intraocular drug delivery implants and coronary drug eluting stents.
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External substitutes: The presence of external substitutes and their technological advancement will restrain the growth of the market. For instance, the market growth of the brachytherapy seeds market is impeded by the advent of new technologies and the improvement of pre-existing alternative technologies such as HDR devices, image guided brachytherapy (IGBT) and pulse dose rate (PDR) treatments.
Barriers to new entrants: Implantable drug delivery devices are categorized as Class I high risk medical devices. The approval process of these medical devices involves complicated and stringent FDA and CE regulations and therefore, is an expensive and lengthy affair. Non-compliance of these regulations leads to product recalls. Moreover, the presence of manufacturers with large revenue base such as Merck, Bayer, and Johnson and Johnson, elevates the barrier to new entrants and makes it very difficult for new entrants to sustain themselves.
Patent expiration: Patent expiration of implantable drug delivery devices plays a very important role in determining the competitive scenario and overall market growth. For instance, the patent for Bayer’s Mirena will expire in 2015 and this will open up the market for generic product manufacturers like Teva Pharmaceuticals.
Introduction of cheaper products especially in the global contraceptive drug delivery implants market will drive the market in the future. Manufacturers like Bayer and Merck have entered into strategic agreements with the UN, DFID and Marie Stopes International and are marketing their products in emerging and underdeveloped economies by reducing their prices by approximately 50%. Furthermore, the future market expansion strategies adopted by Shanghai Dahua Pharmaceuticals Co. Ltd., that markets its contraceptive drug delivery implant known as Sino-implant at approximately USD 8, will affect the market by stiffening the competition for players like Merck and Bayer.
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