Ophthalmic Packaging Market Set to Record Exponential Growth by 2028: Grand View Research Inc.

 Ophthalmic Packaging Market Growth & Trends

The global ophthalmic packaging market is expected to reach USD 17.7 billion by the end of 2028, according to a new report by Grand View Research, Inc. It is projected to expand at an 11.9% CAGR over the forecast period. The increasing global burden of ocular conditions and a growing number of ophthalmic clinics, hospitals, and ambulatory care centers are the factors driving the market growth. Additionally, the frequent introduction of new drug delivery systems and high demand for advanced packaging solutions is expected to fuel the market during the forecast period.

Increasing healthcare expenditure and rising disposable income are some of the prominent factors that are expected to drive a lot of patients towards advanced ophthalmic care. Furthermore, the growing number of advanced healthcare facilities such as eye hospitals and ophthalmic clinics across several regions and increasing awareness about preventive care, ocular disorders, and self-medications are some of the factors expected to aid the market growth.

The increasing geriatric population coupled with age-related ocular disorders is expected to increase the demand for ophthalmic products. Furthermore, the improving reimbursement policies for ocular surgeries including cataract & eye implants, and increasing awareness about ocular disorders and treatment options is expected to drive the market growth.

Government and non-government initiatives such as ocular screening programs and national healthcare programs are expected to increase the accessibility to ophthalmic healthcare. Furthermore, the initiatives such as an “economical free trade zone” & reducing approval time for the establishment of facilities will contribute to the establishment of new ophthalmic manufacturing facilities that are expected to increase the demand for the packaging materials over the forecast period.

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Ophthalmic Packaging Market Report Highlights

• Multiple-dose ophthalmic packages held the largest market share in 2018 and are expected to grow at a significant rate over the forecast period. Increasing usage of multiple-dose packaging in OTC preparations coupled with the growing prevalence of common ocular disorders such as red eyes, dry eyes, and conjunctivitis are the major factors expected to drive the growth.
• Based on material, plastics packaging material accounted for the largest share and is expected to grow at a significant rate over the forecast period. Low-density polyethylene (LDP) is the most preferred used resin due to its advantages such as flexibility, compatibility, affordability, and safety.
• Based on type the ophthalmic packaging market is segmented into prescription and over-the-counter (OTC) products. The prescription type segment held the largest share in 2018 and is expected to grow at a significant rate over the forecast period.
• North America held around 38.5% of the global ophthalmic packaging material market in 2018. Developed healthcare infrastructure, rising aging population, the prevalence of eye disorders, and the presence of stringent regulatory bodies are the factors contributing to the significant share.
• Asia Pacific is anticipated to grow at the fastest CAGR over the forecast period, with the presence of several small and large-scale ophthalmic manufacturing plants and large unmet healthcare needs.

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Ophthalmic Packaging Market Segmentation

Grand View Research has segmented the ophthalmic packaging market on the basis of dose, type, material, and regions:

Ophthalmic Packaging Dose Outlook (Revenue, USD Million, 2016 - 2028)

• Multi Dose
• Single Dose

Ophthalmic Packaging Type Outlook (Revenue, USD Million, 2016 - 2028)

• OTC
• Prescription

Ophthalmic Packaging Material Outlook (Revenue, USD Million, 2016 - 2028)

• Glass
• Plastic
• Others

Ophthalmic Packaging Regional Outlook (Revenue, USD Million, 2016 - 2028)

• North America
  • US.
  • Canada
• Europe
  • Germany
  • UK.
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • Japan
  • India
  • Thailand
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Colombia
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE

List of Key Players of the Ophthalmic Packaging Market

• Amcor Ltd.
  • West Pharmaceutical Service Inc.
  • Gerresheimer AG
  • BD
  • Schott AG
  • Aptar Group

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.