Transparency Market Research
Demand for drug-eluting devices has increased significantly in the recent years due to growth in aging population and increase in incidence of obesity, diabetes, infectious diseases, as well as chronic diseases, including prostate cancer, cardiovascular diseases, diabetic neuropathy, colorectal cancer, etc. Moreover, rise in government initiatives and CSR activities conducted by major market players are paving the way for the growth of the market. Demand for drug-eluting devices is also driven by rising popularity of minimally invasive surgeries and devices, such as, nebulizers, inhalers, etc. Additionally, new product launches and technological advancements are providing momentum to the market. Other advantages associated with the use of these devices, such as, lower morbidity rate, pain relief, and faster healing are likely to propel the growth of the drug-eluting devices market during the forecast period. However, due to adverse side-effects of the use of these products on patients, they were recalled from the market, which appears to be a major restraint to the growth of the market. Other factors affecting the growth of the drug-elating devices market are probability of injuries and infections, high manufacturing expenses, and strict regulatory approval. Furthermore, availability of alternatives for drug eluting stents in the market and lack of skilled health care professionals are hindering the growth of the drug-eluting devices market.
Based on material type, the drug-eluting devices market can be classified into biodegradable and non-biodegradable. Poly (DL-Lactide-co-Glycolide) polymer is used as a biocompatible material and is an ideal example of biodegradable devices. Once implanted in the body, it gets decomposed over a period of time. Silicon rubber is proven the best biocompatible material which is used in non-biodegradable devices. Their coating is inclusive of a controlled release matrix made up of the bioactive agent or one pharmaceutical substance. In terms of application, the drug-eluting devices market can be segmented into diabetes management, HIV and AIDS prevention, contraception, chronic pain management, dialysis, and cardiovascular diseases.
Based on end-user, the drug-eluting devices market can be bifurcated into hospitals, clinics, home care settings, and ambulatory surgery centers. Ambulatory surgical centers are preferred over the other care settings due to availability of less expensive surgery and skilled surgeons in these centers. Besides, ambulatory surgical centers do not require the patients to stay for longer period of time. In terms of product type, the drug eluting devices market can be categorized into drug-eluting stents, drug-eluting mesh, drug-eluting tunneled dialysis catheter, drug-eluting vascular graft, drug-eluting wound dressings, and protein-eluting scaffolds. The drug-eluting stents segment can be further classified into peripheral vascular stents and coronary stents. Based on region, the global drug-eluting devices market can be segmented into North America, Europe, Asia Pacific, Middle East, and Latin America. North America dominates the global drug-eluting devices market, followed by Europe, Asia Pacific, Middle East, and Latin America. Germany accounts for a major share of the drug-eluting devices market in Europe.
Major players operating in the global drug-eluting devices market are Abbott, Medtronic, Smith & Nephew, Boston Scientific Corporation, GlaxoSmithKline plc, BD, Johnson & Johnson Services, Novartis AG, Bayer AG, and Baxter.
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