Ophthalmic Packaging Market to Reach USD 28.62 Billion by 2032; Rise in Ophthalmic-Specific R&D Spending & Strict Packaging Regulations to Propel Growth
Ophthalmic packaging market size is anticipated to grow from USD 11.83 Billion to USD 28.62 Billion in 10 years. The market is expanding as a result of factors such the growing geriatric population, the rising need for environmentally friendly and sustainable packaging, and the rising frequency of eye infections.
Newark, Jan. 24, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 11.83 Billion in 2022 ophthalmic packaging market will reach USD 28.62 Billion by 2032. The market is expanding as a result of the creation of novel packaging materials, the increasing need to adhere to new legal requirements for recycling packaging materials, and the growing demand for brand differentiation and improvement in a highly competitive environment.
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Key Insight of the Ophthalmic Packaging Market
Asia Pacific is anticipated to expand at the highest CAGR of 12.74% over the projection period.
Asia Pacific is expected to grow at the highest CAGR of 12.74% over the forecast period. The reason for this is the demand for quick and dependable packaging solutions that satisfy a variety of security needs, improve patient comfort, include tamper-evident technology, and offer premium goods and product protection. It is anticipated that the recent trend of improved healthcare and social security systems in Asia would present new growth prospects for companies that provide ophthalmic packaging. For example, in response to growing demand, SCHOTT began producing amber medical glass in India in March 2023. Through this programme, manufacturers of pharmaceutical packaging in Asia and India already have access to borosilicate glass versions.
The multi dose segment is expected to register the highest CAGR of 11.48% over the projected period in the ophthalmic packaging market.
The multi dose segment is anticipated to grow at the highest CAGR of 11.48% in the ophthalmic packaging market. The reason for this is the ease of use and the increasing demand from patients. Liquid ophthalmic treatments are often packaged in multidose containers with a bottle, nozzle or dispensing tip, cap, and tamper-evident elements. Preservatives help prevent microbiological contamination and preserve product quality.
Over the projected period, the OTC segment is expected to register the highest CAGR of 12.49% in the ophthalmic packaging market.
Over the forecasted period, the OTC segment is anticipated to grow at the highest CAGR of 12.49% in the ophthalmic packaging market. The market is anticipated to be driven by a growing number of pharmacies, frequent product introductions, and rising consumer awareness of preventative care and self-medication. Antibiotics are used in the treatment of severe cases of conjunctivitis and neurotrophic keratitis that do not improve with over-the-counter drugs. It is projected that the growing number of product approvals for different ocular disorders will quicken the segment’s expansion.
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Driver: Growing number of people with eye conditions
The rising prevalence of eye conditions and illnesses, such as cataracts, glaucoma, and age-related macular degeneration, is driving the market for ophthalmic products. This raises the need for specific packaging even more in order to ensure the efficacy and security of these products. In the US, 3 million people have uncorrected refractive errors causing visual impairment, 8 million have corrected eyesight causing visual impairment, and 1 million persons who are 40 years of age or older are blind. Furthermore, 6.8% of children under the age of 18 have a medical diagnosis of an eye or visual issue. Younger than 18-year-olds make up about 3% of the blind—those who have visual impairments even while wearing glasses or contact lenses.
Restraint: Environmental issues
The increasing focus on sustainability and environmental preservation is posing challenges for the ophthalmic packaging market. Plastics and other conventional packing materials have the potential to contaminate the environment. Market participants may need to engage in R&D in order to look into eco-friendly packaging choices and employ eco-friendly practices. Thus, it is expected that during the projected period, increasing environmental concerns related to plastics consumption will hinder market progress.
Opportunity: An increase in online shopping
With the growing popularity of e-commerce sites for purchasing medical supplies, there is a potential for ophthalmic packaging. If packaging solutions are designed to preserve products throughout delivery, enhance the unboxing experience, and provide clear product information, they can match the expectations of online customers and increase sales in the e-commerce channel. For instance, it is predicted that by 2024, the share of online retail sales will increase to 10.7% from 4.7% in 2019. Over the forecasted period, 220 million Indians will be shopping online. India’s e-commerce industry is ranked ninth in the world for growth across borders. E-commerce is predicted to represent 8% of all retail sales in India by end of the forecasted period, up from 4% of sales of clothing, gadgets, food, and consumables.
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Some of the major players operating in the ophthalmic packaging market are:
• West Pharmaceutical Services, Inc.
• SCHOTT AG
• Akorn, Inc.
• Mitotech, SA
• AERIE PHARMACEUTICALS, INC.
• Merck Sharp & Dohme Corp.
• F. Hoffmann-La Roche Ltd.
• Santen Pharmaceutical Co.
• AptarGroup, Inc.
• Bausch & Lomb Incorporated
• Bayer AG
• Teva Pharmaceutical Industries Ltd.
• Gerresheimer AG
• Novartis AG
• Johnson & Johnson Vision
Key Segments cover in the market:
• Multi dose
• Single dose
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.
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