The global Ophthalmic Packaging market size is expected to be worth around US$ 15.25 billion by 2028, according to a new report by Vision Research Reports.
The global Ophthalmic Packaging market size was valued at US$ 7.5 billion in 2020 and is anticipated to grow at a CAGR of 9.16% during forecast period 2021 to 2028.
Increasing global burden of ocular conditions and growing number of ophthalmic clinics, hospitals, and ambulatory care centers are the factors driving the market growth. Additionally, frequent introduction of new drug delivery systems and high demand for advanced packaging solutions is expected to fuel the market during 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, 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 to the market growth.
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.
The government and non-government initiatives such as ocular screening program and national healthcare program is expected to increase the accessibility to ophthalmic healthcare. Furthermore, the initiatives such as “economical free trade zone” & reducing approval time for establishment of facilities will contribute to the establishment of new ophthalmic manufacturing facilities that is expected to increase the demand for the packaging materials over the forecast period.
Based on dose, the ophthalmic packaging is classified into single dose and multiple dose. Multiple dose segment held the largest market share in 2020 and expected to grow at a significant rate over the forecast period. The choice of a single dose or multiple dose depends upon various parameters such as the efficacy of the drug, formulation, stability, and the course of treatment. Introduction of smart, patient friendly, and safer multi dose packaging is expected to fuel the segment growth during the forecast period.
Growth of single dose segment can be majorly attributed to high demand for safe medications with minimal or no usage of preservatives. Addition of preservatives increase the final product price. In addition, it may lead to severe allergic reactions. ASEP TECH advantage are the unit dose vials developed by method blow/fill/deal reflected from the development of these preservative free formulations.
Multiple dose dominated the market segment in 2020 and is expected to be the leading segment of the market over the forecast period. Increasing usage of multiple dose packaging systems in OTC preparation coupled with growing prevalence of common ocular disorders such as red eyes, dry eyes and conjunctivitis etc. are the major factors expected to drive the market growth.
Based on material, the global ophthalmic packaging is segmented into plastic and glass. Plastic packaging material accounted for the largest market share in 2018 and is expected to grow at a significant rate over the forecast period. The segment growth is majorly contributed to the advantages associated with plastic material such as inertness, cost efficiency, low weight, and convenience of usage. Low density polyethylene (LDPE) is most preferred type of resins due its flexibility and decreased chances of contamination. In addition, this material is easily recycled, which makes it ideal for single dose containers.
Glass material are traditionally used in pharmaceutical packaging, but they possess some limitations such as brittleness, inconvenience in handling, and high cost; thus is being rapidly replaced by plastic. However, the demand for glass material is still high in formulations with stability and compatibility problems. These formulations include volatile and light sensitive substances. Type 1 borosilicate glass is the U.S. pharmacopeia standard of packaging material for ophthalmic preparations. The segment is expected to face slower growth due to high rate of replacement by advanced plastic options.
Based on type, ophthalmic packaging market is segmented into prescription and over the counter (OTC) products. The prescription type held the largest market in 2020 and is expected to grow at significant rate over the forecast period. The largest share is attributable to the factors such as high incidence of ophthalmic disorders and increasing number of ophthalmic clinics, hospitals, and ambulatory care centers.
OTC type pharmaceutical packaging held a significant market share and is also expected to grow at a steady rate over the forecast period. The growth of this segment can be attributable to the factors such as prevalence of common eye problems including dry eyes and red eyes syndrome. Multiple dose packaging is usually used in OTC type of medication. The growing awareness about self-medication and increasing efforts of people to reduce any future healthcare cost is expected to add to the growth of this segment.
North America held 38.5% of the total region wise ophthalmic packaging material market in 2020. Developed R&D and healthcare facilities, rising geriatric population, increasing prevalence of eye disorders and presence of stringent regulatory bodies is expected to drive the market growth. Furthermore, uniform color-coding systems for the caps and labels of all topical ocular medication introduced by the American Academy of Ophthalmology are some of the initiatives expected to fuel the growth.
Amcor Ltd.; West Pharmaceutical Service Inc.; Gerresheimer AG; BD; Schott AG; Aptar Group.
Type Use Outlook
Middle East & Africa
The Ophthalmic Packaging market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Ophthalmic Packaging market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Ophthalmic Packaging market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Ophthalmic Packaging market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Ophthalmic Packaging market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Ophthalmic Packaging capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Ophthalmic Packaging by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Ophthalmic Packaging market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Ophthalmic Packaging market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Ophthalmic Packaging market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Ophthalmic Packaging industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Ophthalmic Packaging market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Ophthalmic Packaging market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Ophthalmic Packaging market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Ophthalmic Packaging market. These factors have benefited the growth of the global market for Ophthalmic Packaging. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Ophthalmic Packaging. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Ophthalmic Packaging are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.
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