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Ophthalmic Packaging Market by OTC and Prescription - Single and Multi Dose Type in Glass and Plastic Materials
Newly-released Ophthalmic Packaging Market analysis report by Persistence Market Research shows that global sales of the Ophthalmic Packaging Market in 2021 were held at US$ 4.2 Bn. With a CAGR of 16.4%, the projected market growth during 2022 - 2032 is expected to be significantly higher than the historical growth. Multi-Dose is expected to be the highest revenue-generating segment, accounting for an expected CAGR rate of 17% during 2022 – 2032.
Global Ophthalmic Packaging Market (2022)
US$ 4.8 Bn
Global Ophthalmic Packaging Market (2032)
US$ 21.7 Bn
Global Ophthalmic Packaging Market CAGR (2022 – 2032)
U.S. Ophthalmic Packaging Market CAGR (2022 – 2032)
Key Companies Profiled
As per the Ophthalmic Packaging Market research by Persistence Market Research - a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Ophthalmic Packaging Market increased at 13.2% CAGR.
As ophthalmic products are delivered directly into the eyes, it is necessary to pack them with the utmost care in order to maintain their purity and protect them from physical and chemical contamination. Many manufacturers are developing novel package formats in order to meet the growing demand for safe packaging. In terms of medication effectiveness and safety, ophthalmic medicine packaging is more convenient than that used for solid oral goods. The global market for ophthalmic packaging is growing due to factors such as an increase in the occurrence of eye-related disorders.
In addition, the development of new packaging materials, the growing requirement to comply with the newest laws, and the surge in the demand for brand improvement and distinctiveness in a saturated market are driving the expansion of the ophthalmic packaging market.
The rise in the incidence of ocular disorders such as conjunctivitis and dry eye has fuelled demand for ophthalmic packaging solutions. This increase the demand for eye care throughout the world. According to a study published in the USA General Population Cross-sectional, dry eye disease affects between 16 and 49 million people in the United States.
The global ophthalmic packaging market is projected to rise due to an increase in the number of cases where people are affected by eye disorders, as well as advancements achieved by ophthalmic healthcare facilities and increased knowledge of eye care. The capacity of ophthalmic packaging to keep the drug from coming into contact with the external environment is one of the reasons for its popularity. The drug's efficacy is preserved as a result of this action.
The implementation of legislation in numerous countries to stimulate pharmaceutical sector expansion, such as "free trade zones," has resulted in the establishment of new ophthalmic production facilities, which will drive demand for ophthalmic packaging products indirectly. Initiatives including eye care programs, check-ups, and strict regulatory measures by respective governments are expected to significantly contribute to the growth of the market.
The rising global incidence of ocular diseases and the expanding number of ophthalmology clinics, hospitals, and ambulatory care centers are driving the market. Moreover, the market is likely to be fuelled by the regular introduction of novel drug delivery methods and the increased need for sophisticated packaging solutions over the forecast period.
Increasing healthcare costs and disposable income are the two key variables that are predicted to push a large number of individuals to seek sophisticated ophthalmic care. Additionally, the increasing number of modern healthcare facilities such as eye hospitals and ophthalmic clinics across many areas, as well as rising awareness regarding preventative care, ocular illnesses, and self-medications, are likely to boost market expansion.
The demand for ophthalmic products is predicted to rise due to the growing elderly population and age-related eye illnesses. Furthermore, the market is projected to rise due to improving reimbursement policies for ocular procedures such as cataracts and eye implants, as well as increased awareness about ocular ailments and treatment alternatives.
Access to ophthalmic care is likely to improve as a result of government and non-government initiatives such as ocular screening programs and national healthcare programs. Furthermore, initiatives such as the establishment of an "economical free trade zone" and the reduction of approval time for facility establishment will contribute to the establishment of new ophthalmic manufacturing facilities, which will increase demand for packaging materials over the forecast period.
In 2021, North America held the largest share owing to the rising frequency of ocular illnesses, increased trade of ophthalmic products, increased investment in ophthalmology-specific R&D, and strict regulatory rules in parametrical packaging. The regional market is likely to be driven by patent expirations, an aging population, favorable government policies, and an increase in healthcare spending.
U.S. Ophthalmic Packaging Market Analysis
The United States is expected to have the highest market of US$ 6.5 Bn by the end of 2032. This can be attributed to a large number of factors, including the expansion of healthcare infrastructure and increased R&D activities in this field, the growing geriatric population, an increase in the number of cases involving eye-related disorders, and the various regulations enacted by strict administrative bodies. The American Academy of Ophthalmology, on the other hand, is implementing a uniform color-coding scheme for all ocular drug labels and caps. This, in turn, is likely to aid the market's expansion in the country.
U.K. Ophthalmic Packaging Market Analysis
The market in the U.K. is projected to reach a valuation of US$ 728 Mn by 2032. Growing at a CAGR of 13.8%, the market in the country is expected to gross an absolute dollar opportunity of US$ 530 Mn during 2022 – 2032.
Japan Ophthalmic Packaging Market Analysis
In Japan, the market is projected to swell to reach US$ 1.3 Bn by 2032. Growing at a CAGR of 20.3% during the forecast period, the market in the country is expected to gross an absolute dollar opportunity of US$ 1.1 Bn.
South Korea Ophthalmic Packaging Market Analysis
The market in South Korea is expected to reach a valuation of US$ 736 Mn by 2032. The market is expected to grow at a CAGR of 17.2% during the forecast period to gross an absolute dollar opportunity of US$ 584 Mn.
What are the insights about the segment Multi Dose?
The Multi-Dose Ophthalmic Packaging segment is expected to have the highest CAGR of 17%. The large increase in units sold of multidose containers in the over-the-counter drug market is fueling the growth of this segment. Furthermore, these containers are designed with patient comfort and eco-friendly practices in mind. Compared to individual doses, it is easier for a patient to carry one eye drop when using a multidose container.
Because of rising patient demand and ease of use, multi-dose packaging is likely to maintain its lead during the projection period. A bottle, dispensing tip or nozzle, cap, and tamper-evident elements are typically included in multi-dose packaging for liquid ophthalmic medications.
Which sub-segment acquired the highest growth rate under Material Type?
Under the Material segment, the Plastic category dominated the market for Ophthalmic Packaging, accounting for a 13.8% growth rate during 2017 – 2021. The bulk of the ophthalmic preparations that serve to brighten eyes is found in compact, plastic-based containers. Wide use, cost-effectiveness, and peace-of-mind are the primary traits behind its popularity.
The plastic segment's primary reason for its popularity is a result of the remarkable value of its low mass, cost efficiency, and convenience. Most of the plastic bottles and dispensing tips designed for this application are made of low-density polyethylene (LDPE) plastic resin.
Polypropylene or polyethylene are more sturdy than substances like alcohol paper or plastic, used for capping. LDPE provides significant clinical advantages, including inertness, liquidity, and lowered opportunity of contamination. In addition, LDPE is compatible with the majority of resins and formulation compounds; however, transparency or permeability will be their shortcomings.
Some of the companies operating in the ophthalmic packaging market are Amcor plc, West Pharmaceutical Services, Gerresheimer AG, Schott AG, Aptar Group, Nolato, and BD.
Some of the recent developments of key Ophthalmic Packaging providers are as follows:
Similarly, recent developments related to companies offering Ophthalmic Packaging have been tracked by the team at Persistence Market Research, which are available in the full report.
By Dose Type
By Material Type
The global Ophthalmic Packaging Market is worth more than US$ 4.2 Bn at present.
The value of the Ophthalmic Packaging Market is projected to increase at a CAGR of around 16.4% during 2022 – 2032.
The value of the Ophthalmic Packaging Market increased at a CAGR of around 13.2% during 2017 – 2021.
The prevalence of eye-related disorders has increased over the world, resulting in a surge in demand for medications used in their treatment, consequently rising the demand for ophthalmic packaging.
The market for Ophthalmic Packaging Market in China is projected to expand at a CAGR of around 21.6% during 2022 – 2032.
While the market in South Korea is expected to grow at nearly 17.2%, the market in Japan is projected to register a CAGR of nearly 20.3% during 2022 - 2032.