Ophthalmic Packaging Market Size, Share & Trends Analysis Report 2021 - 2028
Ophthalmic Packaging Industry Overview
The global ophthalmic packaging market size was valued at USD 3.6 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 11.9% from 2021 to 2028. The growing need for brand enhancement and brand differentiation in a highly competitive environment, development of novel packaging material, and growing need to adhere to new regulatory guidelines on recycling of packaging materials are some of the factors contributing to the growth of the market. The market witnessed a sharp decline in terms of size in 2020 when compared to 2019 owing to the ongoing Covid-19 pandemic. COVID-19 has had a severely disruptive impact on the entire ophthalmic industry with a limited number of patients visiting hospitals.
However, major market players are rapidly adapting to the new environment with innovative strategies. For example, Johnson & Johnson Vision focused largely on using the market slowdown to train healthcare professionals with their advanced portfolio. This is expected to have a long-term positive impact on its brand image. Carl Zeiss Meditec also focused on providing remote care solutions and training ophthalmologists. Alcon focused on developing its SMART Suite that provides a cloud-based platform to manage data in clinics and ORs. Like other healthcare practices, the ophthalmology space is expected to witness lucrative growth using telemedicine services. In addition, increasing demand for prescription as well as OTC products for the management of COVID-19-related ophthalmic complications is expected to fuel the market growth in the upcoming years.
Gather more insights about the market drivers, restrains and growth of the Global Ophthalmic Packaging market
The growing prevalence of various ophthalmic conditions, such as dry eye and conjunctivitis, is anticipated to augment the demand for ophthalmic packaging devices, which is a primary factor driving the need for eye care services globally. According to the USA General Population Cross-sectional Study, 2018, around 16 to 49 million Americans have a dry eye disease, accounting for 5% to 15% of the total population.
Emerging economies such as China, India, and Brazil are providing the opportunity for the growth of ophthalmology. Growing population, rising focus on increasing life expectancy, and increasing disposable income are some of the factors expected to provide growth prospects to companies in the coming years as they are facing challenges due to the stagnation of mature markets, expiration of patents, and rise in regulatory barriers.
Drug delivery refers to approaches, formulations, technologies, and systems for transporting pharmaceutical compounds in the body as and when required for safely achieving its desired therapeutic effect. The rising prevalence of eye disorders, rapid technological advancements, increasing adoption of individual therapies, and growing awareness regarding eye care are some of the major factors driving the demand for drug delivery devices, which, in turn, are positively impacting the market growth.
Browse through Grand View Research's Medical Devices Industry Research Reports.
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Ophthalmic Packaging Market Segmentation
Grand View Research has segmented the ophthalmic packaging market on the basis of dose, type, material, and regions:
Ophthalmic Packaging Dose Outlook (Revenue, USD Million, 2016 - 2028)
- Multi Dose
- Single Dose
Ophthalmic Packaging Type Outlook (Revenue, USD Million, 2016 - 2028)
- OTC
- Prescription
Ophthalmic Packaging Material Outlook (Revenue, USD Million, 2016 - 2028)
- Glass
- Plastic
- Others
Ophthalmic Packaging Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- October 2020: Gerresheimer launched a novel type of dropper insert for modern ophthalmic drugs with low viscosity.
Key Companies profiled:
Some prominent players in the global Ophthalmic Packaging market include
- Amcor Ltd.
- West Pharmaceutical Service Inc.
- Gerresheimer AG
- BD
- Schott AG
- Aptar Group
Order a free sample PDF of the Ophthalmic Packaging Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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