Dublin, Jan. 21, 2022 (GLOBE NEWSWIRE) — The “Global Ophthalmic Packaging Market by Dose (Multiple Dose and Single Dose), by Material (Plastic, Glass and Other Materials), by Type (Prescription and OTC) , by region Outlook, Industry Analysis Report and Forecast, 2021 – 2027″ report has been added to from ResearchAndMarkets.com offer.
The global ophthalmic packaging market size is expected to reach USD 20.6 billion by 2027, growing the market at a CAGR of 12.1% during the forecast period.
As ophthalmic products are dispensed directly into the eyes, it is essential to package these products with maximum care to maintain their purity intact and prevent them from any form of physical and chemical contamination. In order to meet the growing demand for secure packaging, many manufacturers are designing unique packaging formats. Ophthalmic drug packaging is more convenient in terms of drug efficacy and safety than the packaging used by solid oral products. A factor such as an increase in the rate of eye diseases is responsible for the growth and demand for ophthalmic packaging in the global market.
Furthermore, some of the catalysts for the growth of the ophthalmic packaging market are creation of new packaging materials, increased requirement to comply with latest regulations and increased requirements for brand enhancement and differentiation in the saturated market. The demand for ophthalmic packaging solutions has been driven by the increase in the occurrence of several ophthalmic conditions such as conjunctivitis and dry eye. It also fuels the need for eye care worldwide. A study conducted by USA General Population Cross-sectional found that approximately 16 to 49 million people in the United States suffer from dry eye.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has negatively impacted the growth and demand for the Ophthalmic Packaging Market. Additionally, the COVID-19 pandemic has disrupted the global ophthalmology market with restricted number of patients visiting hospitals. On the other hand, major market players are developing unique strategies to cope with the changing environment. For example, Johnson & Johnson has optimized the pandemic situation by providing training to healthcare professionals with its next-generation product offering. This initiative should help the company maintain and improve its brand loyalty.
Carl Zeiss Meditec offered remote care solutions and training to ophthalmologists in an effort to manage the situation resulting from the pandemic. Alcon wanted to develop its SMART suite which offers a cloud-based platform for managing data in operating rooms and clinics. Similar to other healthcare practices, the field of ophthalmology is expected to experience new avenues of growth with the help of telemedicine services. Additionally, surge in demand for prescription and over-the-counter items to manage ophthalmic complications associated with COVID-19 is expected to drive the growth of the global ophthalmic packaging market during the forecast period.
Market Growth Factors:
Increased screen time due to massive social media penetration
In the modern era, the screen time of people, especially young people, has increased due to high internet adoption and social media penetration. As a result, the prevalence of eye-related diseases has increased worldwide, creating a high demand for drugs needed to treat these diseases. These ophthalmic drugs require packaging so that the effectiveness and efficacy of the drugs are not compromised.
The increase in the frequency of eye diseases
The growing number of patients suffering from eye disorders and diseases across the globe is expected to play a key role in driving the growth and demand for ophthalmic packaging in the global market. Some of the most common eye diseases in the world are thyroid eye disease, diabetic retinopathy, glaucoma, optic neuritis, cataracts and dry eye. Moreover, these diseases have fostered the establishment of new eye clinics and hospitals, thus creating an increased demand for ophthalmic packaging in these systems.
Market Restraint Factor:
Rising costs of eye diseases
The global ophthalmic packaging market is expected to be hampered by poorly developed healthcare infrastructure and lower priority for ophthalmic care. Additionally, there has been a steady rise in the treatment of eye-related diseases that might hamper the growth and demand for ophthalmic packaging solutions in the global market. In addition, ophthalmic packaging has a high cost which could discourage many companies from choosing these solutions for the packaging of their medicine.
On the basis of dose, the market is segmented into multidose and single dose. Generally, multidose packaging for ophthalmic products comprises a bottle, a cap, a tip or a dispensing nozzle and tamper-proof elements. Preservatives are used to maintain product quality and prevent microbial contamination. Some of the key factors driving the growth of the market are the increasing occurrence of common eye diseases such as conjunctivitis, dry eyes, and red eyes. Single-dose packaging is suitable for single use of ophthalmic products. The single-dose packaging is free of preservatives, which reduces the possibility of allergic reactions in patients. Factors such as demand for single dose packaging in eye surgeries and advanced healthcare infrastructure are responsible for the growth of this segment.
Based on material, the market is segmented into plastic, glass, and other materials. The plastic segment got the highest revenue share in the ophthalmic packaging market in 2020. Moreover, the segment is expected to exhibit a promising growth rate during the forecast period. Many commercially available ophthalmic preparations are packaged in plastic containers. Features such as ease of use, cost effectiveness, and inertia increase segment adoption.
Based on type, the market is segmented into prescription and over-the-counter. The OTC segment is expected to show a significant growth rate over the forecast period. Factors such as rising awareness of self-medication and preventive care, launch of innovative products, and increase 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 show a significant growth rate over the forecast period. Factors such as the high demand for fast and reliable packaging solutions that meet different types of security needs, improve patient comfort, provide superior quality and product protection, and consist of tamper evident technology. The upward trend of advanced social security and healthcare systems in Asia is expected to open new growth avenues for players operating in the regional ophthalmic packaging market.
The market research report covers the analysis of major market players. Key companies profiled in the report are 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 Spa
Main topics covered:
Chapter 1. Market Scope and Methodology
Chapter 2. Market Overview
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market constraints
Chapter 3. Global Ophthalmic Packaging Market by Dose
3.1 Global Multidose 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 Drugs Market by Region
5.2 Global OTC Market by Region
Chapter 6. Global Ophthalmic Packaging Market by Region
Chapter 7. Business Profiles
7.1 Becton, Dickinson and company
7.1.1 Presentation of the company
7.1.2 Financial analysis
7.1.3 Sectoral and regional analysis
7.1.4 Research and development costs
7.2 Amcor PLCs
7.2.1 Presentation of the company
7.2.1 Financial analysis
7.2.2 Sectoral and regional analysis
7.2.3 Research & Development costs
7.2.4 Strategies and recent developments:
22.214.171.124 Product launches and product extensions:
126.96.36.199 Geographic extensions:
7.3 Aptar Group, Inc.
7.3.1 Presentation of the company
7.3.2 Financial analysis
7.3.3 Sectoral and regional analysis
7.3.4 Research and development costs
7.3.5 Strategies and recent developments:
188.8.131.52 Partnerships, collaborations and agreements:
184.108.40.206 Acquisition and merger:
7.4 West Pharmaceutical Services, Inc.
7.4.1 Company Overview
7.4.2 Financial analysis
7.4.3 Sectoral and regional analysis
7.4.4 Research and development costs
7.5 Gerresheimer AG
7.5.1 Presentation of the company
7.5.2 Financial analysis
7.5.3 Sectoral and regional analysis
7.5.4 Research and development costs
7.5.5 Strategies and recent developments:
220.127.116.11 Product launches and product extensions:
18.104.22.168 Geographic extensions:
7.6 Schott AG (Carl-Zeiss-Stiftung)
7.6.1 Company Overview
7.6.2 Financial analysis
7.6.3 Regional and sector analysis
7.6.4 Research and development costs
7.7 Nolato AB
7.7.1 Company Overview
7.7.2 Financial analysis
7.7.3 Regional and Segmental Analysis
7.7.4 Research and development costs
7.7.5 Strategies and recent developments:
22.214.171.124 Geographic extensions:
7.8 LF of America Corp. (Tekni-Plex, Inc.)
7.8.1 Company Overview
7.8.2 Strategies and recent developments:
126.96.36.199 Acquisitions and mergers:
188.8.131.52 Product launches and product extensions:
7.9 Bormioli Pharma Spa
7.9.1 Company Overview
For more information about this report visit https://www.researchandmarkets.com/r/bfwy19