Dublin, Jan. 21, 2022 (GLOBE NEWSWIRE) -- The "Global Ophthalmic Packaging Market By Dose (Multi Dose and Single Dose), By Material (Plastic, Glass and Other Materials), By Type (Prescription and OTC), By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Ophthalmic Packaging Market size is expected to reach $20.6 billion by 2027, rising at a market growth of 12.1% CAGR during the forecast period.
As ophthalmic products are directly dispensed into the eyes that make it critical to pack these products with maximum care to keep their purity intact and prevent it from any kind of physical and chemical contamination. In order to fulfill the increasing requirement of safe packaging, many manufacturers are designing unique packaging formats. Ophthalmic drug packing has higher convenience in terms of effectiveness and safety of the medication than the packing utilized by solid oral products. Factor such as a surge in the rate of eye-related diseases is responsible for the growth & demand for ophthalmic packaging in the global market.
In addition, some of the catalysts to the growth of the ophthalmic packaging market are the creation of new packaging material, increased requirement to comply with the latest regulations, and surge in the requirement for brand enhancement and brand differentiation in the saturated market. The demand for ophthalmic packaging solutions has been driven by the increase in the occurrence of several ophthalmic conditions like conjunctivitis and dry eye. This also fuels the requirement for eye care around the globe. A study by USA General Population Cross-sectional revealed that approximately 16 to 49 million individuals in the US are suffering from dry eye disease.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic adversely affected the growth & demand of the ophthalmic packaging market. In addition, the COVID-19 pandemic has brought a disruption to the global ophthalmic market with a restricted number of patients coming to hospitals. On the other hand, prominent market players are forming unique strategies in order to cope with the changing environment. For instance, Johnson & Johnson optimized the pandemic situation by imparting training to healthcare professionals with their next-generation product offering. This initiative is expected to help the company to maintain and improve its brand loyalty.
Carl Zeiss Meditec offered remote care solutions and training to ophthalmologists with an aim to manage the situation that emerged out of the pandemic. Alcon wanted to develop its SMART Suite that offers a cloud-based platform to manage data in ORs and clinics. Similar to other healthcare practices, the ophthalmology field is expected to witness new avenues for growth with the help of telemedicine services. Moreover, the surge in the demand for prescription and OTC items in order to manage ophthalmic complications associated with COVID-19 is expected to boost the growth of the global ophthalmic packaging market over the forecasting period.
Market Growth Factors:
Increased screen time due to the massive penetration of social media
In the modern age, the screen time of people, especially the youth has been increased due to the high adoption of internet and penetration of social media. As a result, the prevalence of eye-related diseases has been increased around the world, creating high demand for drugs that are required in the treatment for such diseases. These ophthalmic drugs require packaging so that efficacy and effectiveness of the drugs will not be compromised.
The rise in the occurrence of ocular diseases
The increasing number of patients suffering from ocular disorders and diseases across the globe is expected to play a key role in boosting the growth & demand for ophthalmic packaging in the global market. Some of the most common eye diseases around the world are thyroid eye disease, diabetic retinopathy, glaucoma, optic neuritis, cataracts, and dry eyes. In addition, these diseases have promoted the establishment of new eye clinics and hospitals, hence creating higher demand for ophthalmic packaging across these systems.
Market Restraining Factor:
Surging costs of eye-related diseases
The global market of ophthalmic packaging is expected to be hampered by the poorly-developed healthcare infrastructure and less priority to ophthalmic care. Moreover, there has been a constant increment in the treatment of eye-related diseases that could hamper the growth & demand for ophthalmic packaging solutions in the global market. In addition, ophthalmic packaging comes with a heavy cost that could discourage many companies to choose these solutions for the packaging of their drug.
Based on Dose, the market is segmented into Multi Dose and Single Dose. Generally, multi-dose packaging for ophthalmic products includes a bottle, cap, dispensing tip or nozzle, and tamper-evident features. Preservatives are utilized to keep the product quality intact and prevent microbial contamination. Some of the key factors boosting the growth of the market are the increasing occurrence of common ocular diseases like conjunctivitis, dry eyes, and red eyes. Single-dose packaging is suitable for one-time use of ophthalmic products. Single-dose packaging is free from preservatives, hence reducing the possibility of allergic reactions to patients. Factor such as the demand for single-dose packaging in eye-related surgeries and advanced healthcare infrastructure is responsible for the growth of this segment.
Based on Material, the market is segmented into Plastic, Glass and Other Materials. The plastic segment obtained the highest revenue share of the ophthalmic packaging market in 2020. Moreover, the segment is expected to exhibit a promising growth rate during the forecast period. The packaging of many commercially available ophthalmic preparations is done in plastic contains. Features such as simple usage, cost-effectiveness, and inertness are increasing the adoption of the segment.
Based on Type, the market is segmented into Prescription and OTC. The OTC segment is expected to display the prominent growth rate during the forecast period. Factors such as the surge in awareness regarding self-medication and preventive care, innovative product launch, and the rise in the number of pharmacies are responsible for the growth of this segment.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. APAC is expected to display the prominent growth rate during the forecasting period. Factors such as the high requirement for rapid and reliable packaging solutions that satisfy different types of security needs, improved patient comfort, offer superior quality & product protection, and consist of tamper-evident technology. The rising trend of advanced social security and healthcare systems in Asia is expected to open new growth avenues for the players operating in the regional ophthalmic packaging market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Becton, Dickinson and Company, Amcor PLC, AptarGroup, Inc., West Pharmaceutical Services, Inc., Gerresheimer AG, Schott AG (Carl-Zeiss-Stiftung), Nolato AB, LF of America Corp. (Tekni-Plex, Inc.), and Bormioli Pharma S.p.a.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Global Ophthalmic Packaging Market by Dose
3.1 Global Multi Dose Market by Region
3.2 Global Single Dose Market by Region
Chapter 4. Global Ophthalmic Packaging Market by Material
4.1 Global Plastic Market by Region
4.2 Global Glass Market by Region
4.3 Global Other Materials Market by Region
Chapter 5. Global Ophthalmic Packaging Market by Type
5.1 Global Prescription Market by Region
5.2 Global OTC Market by Region
Chapter 6. Global Ophthalmic Packaging Market by Region
Chapter 7. Company Profiles
7.1 Becton, Dickinson and Company
7.1.1 Company Overview
7.1.2 Financial Analysis
7.1.3 Segmental and Regional Analysis
7.1.4 Research & Development Expense
7.2 Amcor PLC
7.2.1 Company Overview
7.2.1 Financial Analysis
7.2.2 Segmental and Regional Analysis
7.2.3 Research & Development Expense
7.2.4 Recent strategies and developments:
22.214.171.124 Product Launches and Product Expansions:
126.96.36.199 Geographical Expansions:
7.3 AptarGroup, Inc.
7.3.1 Company Overview
7.3.2 Financial Analysis
7.3.3 Segmental and Regional Analysis
7.3.4 Research & Development Expense
7.3.5 Recent strategies and developments:
188.8.131.52 Partnerships, Collaborations, and Agreements:
184.108.40.206 Acquisition and Mergers:
7.4 West Pharmaceutical Services, Inc.
7.4.1 Company Overview
7.4.2 Financial Analysis
7.4.3 Segmental and Regional Analysis
7.4.4 Research & Development Expense
7.5 Gerresheimer AG
7.5.1 Company Overview
7.5.2 Financial Analysis
7.5.3 Segmental and Regional Analysis
7.5.4 Research & Development Expense
7.5.5 Recent strategies and developments:
220.127.116.11 Product Launches and Product Expansions:
18.104.22.168 Geographical Expansions:
7.6 Schott AG (Carl-Zeiss-Stiftung)
7.6.1 Company Overview
7.6.2 Financial Analysis
7.6.3 Regional & Segmental Analysis
7.6.4 Research & Development Expense
7.7 Nolato AB
7.7.1 Company Overview
7.7.2 Financial Analysis
7.7.3 Regional & Segmental Analysis
7.7.4 Research & Development Expense
7.7.5 Recent strategies and developments:
22.214.171.124 Geographical Expansions:
7.8 LF of America Corp. (Tekni-Plex, Inc.)
7.8.1 Company Overview
7.8.2 Recent strategies and developments:
126.96.36.199 Acquisitions and Mergers:
188.8.131.52 Product Launches and Product Expansions:
7.9 Bormioli Pharma S.p.a.
7.9.1 Company Overview
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