The global ophthalmic packaging market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing prevalence of eye disorders and increasing need for brand development.
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 appropriate and sterile is so important. Ophthalmic products are sterile liquids, semi-solids, or solids containing one or more active medicinal components. Ophthalmic products are designed to be used on the conjunctiva, conjunctival sac, or eyelids. Ophthalmic products include Eye drops, Eye lotions, Eye ointments, Eye suspensions, Contact lens solutions. According to the pharmaceutical manufacturing and packaging regulations, all ophthalmic goods must pass a sterility test.
Ophthalmic products are packaged in a variety of ways and materials by different pharmaceutical companies. Plastic bottles, which are mainly constructed of Low-Density Polyethylene (LDP), Polypropylene (PP), High-Density Polyethylene (HDPE), and other materials depending on the specific product demand, are the most widely used materials for packaging of ophthalmic products. Flexible plastic or foldable metal tubes are still used to package eye ointments. Caps and closures, as well as nozzles, are composed of polypropylene to avoid contamination and product leakage (PP). Ophthalmic product caps and closures are also color-coded according to their Pharmaceutical Class. Every day, new and creative pharmaceutical packaging forms are being designed to serve the rising need for sterile, safe, and secure ophthalmic product packaging and distribution across the world. For example, StayClean flexible overwrap from Amcor Ltd. is designed to prevent packaging material components from transferring to the product and generating an unfavorable product-packaging interaction.
The report on the global ophthalmic packaging market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes | Details |
Report Title | Ophthalmic Packaging Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year | 2020 |
Historic Data | 2018–2019 |
Forecast Period | 2021–2028 |
Segmentation | Dose (Multi dose and Single dose), Type (Over the counter and Prescription), Material (Glass, Plastic, and Others) |
Regional Scope | Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage | Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report | Amcor Ltd.; West Pharmaceutical Service Inc.; Gerresheimer AG; BD; Schott AG; Aptar Group |
Multiple dose segment is expected to account for a key share of the market
Based on dose, the ophthalmic packaging market is bifurcated into single dose and multiple doses. The multiple dose segment is expected to account for a key share of the market during the forecast period due to presence of smart, patient friendly and safer multi-dose products in the market. The decision to use a single dosage or many doses is based on a number of factors, such as the drug's effectiveness, formulation, stability, and treatment duration. The market is predicted to grow due to an increase in the use of multiple dosage packaging techniques in OTC preparations, as well as an increase in the incidence of common ocular diseases such as red eyes, dry eyes, and conjunctivitis.
On the other hand, the single dose segment is anticipated to expand at a rapid pace during the forecast period owing to increasing need for safe drugs with minimum or no preservatives. Preservatives raise the price of the finished product. Furthermore, it has the potential to cause severe allergic reactions.
Prescription segment is expected to represent a key share of the market
Based on type, the ophthalmic packaging market is bifurcated into prescription and over the counter (OTC) products. The prescription segment is expected to represent a key share of the market during the forecast period owing to increasing prevalence of eye disorders and improved ophthalmic healthcare facilities. The market for prescription type ophthalmic packaging is expected to grow as accessibility to ocular healthcare clinics improves and advanced medication delivery technologies are developed. Furthermore, patients are far more hesitant to use OTC medications for ocular diseases, preferring instead to see an ophthalmologist to avoid the disease worsening. Therefore, 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.
On the other hand, the over the counter segment is anticipated to expand at a rapid pace during the forecast period due to increasing prevalence of eye disorders such as dry eyes and red eyes syndrome. In OTC medications, multiple dosage packaging is commonly utilized. This category is predicted to grow as people become more aware of self-medication and make more attempts to save future healthcare costs.
Plastic segment is expected to hold a key share of the market
Based on material, the ophthalmic packaging market is segmented into glass, plastic, and others. The plastic segment is expected to hold a key share of the market during the forecast period owing to its benefits such as inertness, cost effectiveness, low weight, and ease of use. Low density polyethylene (LDPE) is preferred type of plastic because of its flexibility and low risk of contamination. This material is also easily recyclable, making it perfect for single-dose containers. Plastic packaging demand is expected to rise over time as consumers place a greater emphasis on product convenience without compromising patient safety.
Glass has long been used in pharmaceutical packaging, although it has significant drawbacks, such as brittleness, inconvenient handling, and high cost, and is thus rapidly being replaced by plastic. As a result of the high rate of replacement by innovative plastic alternatives, the glass segment is predicted to grow at a slower pace.
North America is anticipated to dominate the market
On the basis of regions, the ophthalmic packaging market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market CAGR during the forecast period. The regional market growth can be attributed to improved R&D and healthcare facilities, a growing geriatric population, a rise in the incidence of eye disorders, and the presence of strict regulatory authorities.
On the other hand, Europe is expected to exhibit a rapid growth rate in the coming years due to age-related ophthalmic disorders like macular degeneration, diabetic eye disease, and retinal vein occlusion. Furthermore, factors such as the expansion of national eye screening programs and the development of ophthalmic care reimbursement policies are likely to drive the market forward over the forecast period.
Asia Pacific is also expected to exhibit a rapid growth rate in the coming years due to increasing number of patients in developing countries such as India, China, and Japan.
Key players competing in the ophthalmic packaging market are Amcor Ltd.; West Pharmaceutical Service Inc.; Gerresheimer AG; BD; Schott AG; Aptar Group.
The market is highly competitive because of presence of numerous players at local level. Some of the key business strategies employed by companies are mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares. For example, in august 2018 Amcor plc acquired Bemis Company, Inc. The strategic purpose for it was to expand their services geographically.
Key players competing in the ophthalmic packaging market are Amcor Ltd.; West Pharmaceutical Service Inc.; Gerresheimer AG; BD; Schott AG; Aptar Group.
The market is highly competitive because of presence of numerous players at local level. Some of the key business strategies employed by companies are mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares. For example, in august 2018 Amcor plc acquired Bemis Company, Inc. The strategic purpose for it was to expand their services geographically.
Some other reports from this category!