The global ophthalmic packaging market is expected to reach USD 15.20 billion by the end of 2026, according to a new report by Grand View Research, Inc. It is projected to expand at a 9.9% CAGR over the forecast period. 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.
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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.
Ophthalmic Packaging Market Report Highlights
- Multiple dose ophthalmic packages held the largest market share in 2018 and expected to grow at a significant rate over the forecast period. Increasing usage of multiple dose packaging in OTC preparations coupled with 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 resins due 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 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 ageing population, prevalence of eye disorders, and presence of stringent regulatory bodies are the factors contributing to the significant share.
- Asia Pacific is anticipated to grow at fastest CAGR over the forecast period, 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:
Dose Outlook (Revenue, USD Million, 2015 - 2026)
- Multi dose
- Single dose
Type Use Outlook (Revenue, USD Million, 2015 - 2026)
Material Outlook (Revenue, USD Million; 2015 - 2026)
Regional Outlook (Revenue, USD Million, 2015 - 2026)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.A based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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