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 the 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 disorders. 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 the young and adult population owing to unhealthy lifestyle is anticipated to propel ophthalmic packaging market growth. Increasing the use of environmentally friendly and safe medical devices is expected to impel market growth. Manufacturing companies are using effective raw materials to design packaging that can increase the 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. An increasing number of individuals following medicinal treatment for eyes prescribed by professional doctors will drive the market over the forecast period.
To cater to the rising demand for effective wrapping techniques, companies are investing in R&D to develop advanced products. For instance, in September 2018, Lameplast launched a 10 ml plastic bottle to store medicines intended for the treatment of the 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.
Dose Insights:
Based on a dose, the ophthalmic packaging industry is divided into single-dose and multi-dose. The multi-dose segment is predicted to hold the largest market share over the forecast period. This is attributed to the 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 the 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 the minimization of allergic reactions. Due to the absence of preservatives, there are fewer chances of contamination. This factor is driving demand for medicines wrapped in single-dose packaging during eye-related surgeries.
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Product Insights:
On the basis of product, the ophthalmic packaging market can be bifurcated into prescription and over-the-counter (OTC). The prescription segment is anticipated to hold the largest market share over the forecast period. This is attributed to the advent of technologically advanced drug delivery mechanisms. The growing prevalence of eye-related diseases and rising demand for prescribed medicines to cure such disorders is expected to impel the segment’s growth. In addition, advanced cases of conjunctivitis, which require prescribed antibiotics over OTC medications will drive the segment’s growth in the coming years.
Material Insights:
In terms of material, the ophthalmic packaging industry can be categorized into plastic, glass, and others. Glass segment is expected to hold the largest market share over the forecast period owing to the increasing use of glass containers for powders. Heat transfer properties of glass make it suitable for freeze-drying procedures in laboratories. In addition, the growing adoption of glass material for packaging ophthalmic drugs that are incompatible with plastic is driving the segment’s growth. Glass is chemically strong, inactive, water-resistant, and economically viable.
Regional Insights:
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and the Middle East, and Africa. North America is dominating the market in terms of revenue owing to the presence of established R&D facilities in the region. Such facilities are continuously working on the development of advanced wrapping methods for ophthalmic medicines.
The 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.
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