The global Ophthalmic Packaging Market scope was priced at US$ 6.44 billion during 2017 and is estimated to witness a CAGR of 10.2% by the completion of prediction period. The global market scope of ophthalmic packaging is estimated to touch US$ 13.9 billion by the completion of the year 2025.
Ophthalmic packaging refers to a way of storing drugs or medicines that are designed to cure specific eye disorder. Such medicines are available in various forms including liquid, sterile, semi-solid, or solid. Thereby, packaging for ophthalmic preparations is designed carefully to protect them from moisture, light, and microbial contamination.
Rising cases of eye related disorders in young and adult population owing to unhealthy lifestyle is anticipated to propel ophthalmic packaging market growth. Increasing use of environment friendly and safe medical devices is expected to impel market growth. Manufacturing companies are using effective raw material to design packaging that can increase self-life of medicines. Supportive initiatives being taken by governments across various nations to spread awareness regarding eye care is driving the market. Free eye campaigns being organized by government and private organizations support individuals suffering from various eye related disorders. Increasing number of individuals following medicinal treatment for eyes prescribed by professional doctors will drive the market over the forecast period.
To cater to rising demand for effective wrapping techniques, companies are investing in R&D to develop advanced products. For instance, in September 2018, Lameplast launched 10 ml plastic bottle to store medicines intended for treatment of eyes. To eliminate preservatives, the company has used pharmaceutical grade polyethylene (PE) sterilized by gamma ray. The product is aimed to enhance performance standards and match consumer demand.
Based on dose, the ophthalmic packaging industry is divided into single dose and multi dose. Multi dose segment is predicted to hold largest market share over the forecast period. This is attributed to rising demand for multiple doses of medicine that can cure eye related disorders. Availability of multiple doses makes it easy for patients to maintain regularity in treatment as per doctor’s prescription. Multi-dose packaging for liquid ophthalmic products includes dispensing tip or nozzle, bottle, and cap.
Single-dose packaging is also gaining traction among doctors and patients owing to minimization of allergic reactions. Due to absence of preservatives there are less chances of contamination. This factor is driving demand for medicines wrapped in single-dose packaging during eye related surgeries.
On the basis of product, the ophthalmic packaging market can be bifurcated into prescription and over the counter (OTC). Prescription segment is anticipated to hold largest market share over the forecast period. This is attributed to advent of technologically advanced drug delivery mechanisms. Growing prevalence of eye related diseases and rising demand for prescribed medicines to cure such disorders is expected to impel segment’s growth. In addition, advanced cases of conjunctivitis, which require prescribed antibiotics over OTC medications will drive segment’s growth in coming years.
In terms of material, the ophthalmic packaging industry can be categorized into plastic, glass, and others. Glass segment is expected to hold largest market share over the forecast period owing to increasing use of glass containers for powders. Heat transfer properties of glass make it suitable for freeze-drying procedures in laboratories. In addition, growing adoption of glass material for packaging ophthalmic drugs that are incompatible with plastic is driving segment’s growth. Glass is chemically strong, inactive, water resistant, and economically viable.
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East and Africa. North America is dominating the market in terms of revenue owing to presence of established R&D facilities in the region. Such facilities are continuously working on development of advanced wrapping methods for ophthalmic medicines.
Asia Pacific, on the other hand, is anticipated to exhibit significant growth over the forecast period. This is attributed to rising demand for reliable casing techniques providing patient comfort, tamper evidence, product protection, and quality.
Some of the key players in the ophthalmic packaging market are Gerresheimer AG; Amcor plc; Becton Dickinson; West Pharmaceutical Services, Inc.; Schott AG. Companies are adopting business strategies such as mergers and acquisitions to expand their product portfolio and gain competitive edge over others.
Ophthalmic Packaging Dose Outlook (Revenue, USD Million, 2014 - 2025)
• Multi Dose
• Single Dose
Ophthalmic Packaging Type Outlook (Revenue, USD Million, 2014 - 2025)
Ophthalmic Packaging Material Outlook (Revenue, USD Million, 2014 - 2025)
Ophthalmic Packaging Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Latin America
• South Africa
Research Support Specialist, USA