Ophthalmic Packaging Market Size, Share, Trends, Growth and Forecast 2032

Ophthalmic Packaging Market Size

Zion Market Research has published a report on the global Ophthalmic Packaging Market, estimating its value at USD 11.40 Billion in 2023, with projections indicating that it will reach USD 23.57 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 8.4% over the forecast period 2024-2032.

The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Ophthalmic Packaging Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Ophthalmic Packaging Market: Overview

Ophthalmic products are sterile formulations that comprise specific dose forms for external application to the eye's surface. The safety of ophthalmic packaged products is ensured because all ophthalmic products must comply with severe rules pertaining to sterility tests in accordance with pharmaceutical production and packaging requirements. Without a doubt, the eyes are one of the most important and sensitive organs in the human body. Even the tiniest irritation can cause excruciating pain and suffering, as well as swelling, discharge, infections, and allergies, which can damage the eyes permanently. This is why pharmaceutical packaging that is both acceptable and sterile is so important. As a result, the pharmaceutical sector cannot afford any errors or omissions in the packaging, shipping, or delivery processes.

COVID-19 Impact Analysis

Various therapeutic regimens are being tested around the world in the hopes of finding a reliable treatment for Covid-19. One therapy option is to utilize hydroxychloroquine, while a second option is to employ antiviral medications that are utilized in HIV disease management. Advanced antivirals and antimalarial medications have seen an increase in demand as a result of both of these techniques. This has an influence on medication companies because an off-label indication for these pharmacological classes needs to be developed. The WHO has not yet prescribed any of these approaches, nor has it stated if one is better than the other. Covid19 will be accounted for as a significant market contributor in the report.

Ophthalmic Packaging Market: Growth Factors

The major growth factors of Ophthalmic Packaging Market are: An increase in the number of people suffering from ophthalmic disorders and diseases, the key driver of the worldwide ophthalmic packaging market is the rise in the number of patients of ocular disorders and diseases. Diabetic retinopathy, glaucoma, cataracts, thyroid eye disease, optic neuritis, and dry eyes are just a few of the most common eye problems that afflict people all over the world. With the introduction of new ocular drug delivery systems, a slew of novel ophthalmic packaging items is hitting the market.

Several countries have favorable policies, various forms of tax incentives are available as a result of favorable regulations in different nations that promote the expansion of the pharmaceutical business. These include "free trade zones," which have resulted in the construction of new ophthalmic manufacturing facilities, which are likely to raise packaging demand indirectly. Emerging markets such as Brazil, India, Mexico, China, Russia, and Turkey are dominated by these tendencies. Major players in these countries generate a large amount of revenue from exports in addition to money generated in the domestic market. Government and non-government initiatives such as eye care programmes, check-ups, and strict regulations are expected to fuel the market's growth.

Ophthalmic Packaging Market: Segmentation

Dose Segment Analysis

The ophthalmic packaging is divided into single dosage and multiple dose categories according on the dose. In 2020, the multiple dosage segment had the biggest market share, and it is predicted to continue to grow at a rapid pace over the projected period. The decision to use a single dose or numerous doses is influenced by a number of factors, including the drug's efficacy, formulation, stability, and treatment duration. During the projected period, the category is likely to rise due to the introduction of smart, patient-friendly, and safer multidose packaging. The rising need for safe drugs with minimum or no preservatives is driving the growth of the single dose segment. Preservatives raise the price of the finished product. Furthermore, it has the potential to cause severe allergic reactions. The unit dose vials developed by method blow/fill/deal as a result of the development of these preservative-free formulations are an ASEP TECH advantage. In 2020, multiple dose dominated the market segment, and it is likely to continue to lead the market over the forecast period. The market is expected to grow due to an increase in the use of multiple dose packaging systems in OTC preparations, as well as an increase in the prevalence of common ocular disorders such as red eyes, dry eyes, and conjunctivitis.

Type Segment Analysis

The ophthalmic packaging market is divided into prescription and over-the-counter (OTC) products based on type. In 2020, the prescription type had the biggest market share, and it is predicted to continue to grow at a rapid pace over the projected period. Factors such as the high frequency of ocular illnesses and the growing number of ophthalmic clinics, hospitals, and ambulatory care facilities account for the majority of the share. According to a study published by the National Center for Biotechnology Information, the global burden of eye disease is estimated to be 61.4 million people. The expansion of the prescription type ophthalmic packaging market is likely to be fueled by increased access to eye healthcare clinics and the development of advanced drug delivery systems. Furthermore, people are much more hesitant to use OTC medications for ocular illnesses, preferring instead to see an ophthalmologist to avoid the disease deteriorating. As a result, as disposable income rises and people become more aware of the importance of preventative care, more people may consider seeing a doctor, fueling the market's growth. OTC pharmaceutical packaging accounted for a large portion of the market and is predicted to continue to grow at a steady rate during the forecast period. The prevalence of common eye issues such as dry eyes and red eyes syndrome, as well as the expansion of this segment, can be attributed to these factors. In OTC medications, multiple dose packaging is commonly used. This segment is predicted to develop as people become more aware of self-medication and make greater attempts to reduce future healthcare costs.

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Ophthalmic Packaging Market: Report Scope

Ophthalmic Packaging Market: Regional Analysis

In 2020, North America accounted for 40% of the global ophthalmic packaging material market. The market is predicted to rise due to developed R&D and healthcare facilities, a growing elderly population, an increase in the frequency of eye illnesses, and the presence of strict regulatory authorities. The American Academy of Ophthalmology has also introduced consistent color-coding schemes for the caps and labels of all topical ocular medications, which are expected to help drive growth. Glass delamination is caused by chipped glass and surface degradation, which appears as flakes in products or solutions. Delamination is a severe issue since any foreign particle in the drug can make it dangerous to use. Many pharmaceutical companies have had to recall their medications in the past due to this issue.

Developing economies with a big patient pool, particularly in India, China, and Japan, are projected to contribute to this rise. The Indian annual budget for 2018-19 places a strong emphasis on the “Pharma Vision 2020” initiative, which aims to make India a world leader in pharmaceutical manufacture. Furthermore, it has shortened the approval process for new facilities, resulting in the development of new facilities, which will indirectly increase demand. Furthermore, the governments of a number of Asian countries, including Japan, Singapore, Australia, and India, have been putting plans in place to enhance healthcare infrastructure. The presence of a strong pharmaceutical sector in India will help to ensure that the Asia Pacific ophthalmic packaging market continues to thrive.

Request Free SampleOphthalmic Packaging Market: Competitive Players

Some of key players in Ophthalmic Packaging market are:

• Advance Packaging
• Dakla Pack
• Desco Industries Inc.
• Dou Yee
• Edco Supply Corporation
• Kao Chia
• MK Master
• Miller packaging
• Pall Corporation 
• Polyplus Packaging
• Among others

The global Ophthalmic Packaging market is segmented as follows:

By Dose

• Multi-dose
• Single-dose

By Type

• Over-the-counter (OTC)
• Prescription

By Material

• Glass
• Plastic

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa