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.
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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.
Further
key findings from the report suggest:
·
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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Michelle Thoras
201 Spear Street 1100,
Suite 3036, San Francisco,
CA 94105, United States
Tel: 1-415-349-0054
Toll Free: 1-888-928-9744
Mail: sales@radiantinsights.com
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