The global injectable drug delivery device technologies market was valued at approximately $10.2bn in 2012 and is expected to grow at a CAGR rate of 11% to $17.2bn by 2017.
This comes as no surprise as the North American and European markets have adapted quickly to new technologies driven in part by the move away from hospital-based treatments towards home-based solutions.
While North America and Europe account for the lion share of these numbers with a similar CAGR rate of 12%, the Asia Pacific region is the leader in growth potential with an estimated CAGR rate of 18.5% from 2012 to 2017.
The growing demand in the Asia Pacific region, however, is driven by various factors such as a steady increase in number of collaborations between local and international biopharmaceutical companies to tailor solutions to address the market's newly emerged needs. Generic injectables and biosimilars in particular are being looked at closely by several companies in the region.
In additional to factors that drive regional growth, auto-immune diseases as a whole are one of the biggest drivers for the need of devices like auto injectors due to the introduction of injectable biologics and improved patient compliance through self-injection mechanisms. With Korea an important player in the Asia Pacific region, SHL has been active to seek out potential partnership opportunities.
As part of a continuous effort to engage with industry experts and partners, SHL will be attending the Primary Packaging and Drug Delivery Trends for Injectable Workshop in Seoul, Korea. Marketing director Steven Kaufman will present on the topic of 'Insight into the changing world of auto injectors'.
Commenting on the upcoming participation, Kaufman said: "Even though SHL has often been referred to as one of the leaders in this market, we believe that it is actually the collaborations that we establish with the biopharmaceutical companies themselves that will ultimately drive the success of any project.
"It is more than just about design or innovation, but also integration and putting together the pieces of the puzzle with the help of our partners. We are fortunate to have the opportunity to present at this workshop and connect with various local companies to see how we can further improve our products and services. "
In addition to speaking at this event and holding several private meetings, SHL will have a tabletop display exhibit at the workshop where the latest devices and materials will be available upon request in Korean and English.