18-Jun-2021 | Zion Market Research
Some of key players in Ophthalmic Packaging market are Advance Packaging, Dakla Pack, Desco Industries Inc., Dou Yee, Edco Supply Corporation, Kao Chia, MK Master, Miller packaging, Pall Corporation and Polyplus Packaging, among others.
According to analysts at Zion Market Research, the global ophthalmic Packaging market accounted for USD 11.17 Billion in 2020 and is expected to reach USD 25.37 Billion by 2028, growing at a CAGR of 10.8% from 2021 to 2028.
This review is based on a report by Zion Market Research, titled “Ophthalmic Packaging Market By Dose (Multi-dose and Single-dose), By Type (Over-the-counter (OTC) and Prescription), By Material (Glass and Plastic): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.”
Massive Ophthalmic Packaging Market to Spur Growth
The key driver of the worldwide ophthalmic packaging market is the rise in the number of patients of ocular disorders and diseases. Diabetic retinopathy, glaucoma, cataracts, thyroid eye disease, optic neuritis, and dry eyes are just a few of the most common eye problems that afflict people all over the world. With the introduction of new ocular drug delivery systems, a slew of novel ophthalmic packaging items is hitting the market.
The rise in the number of people suffering from ophthalmic ailments and diseases, which is the primary driver of the global ophthalmic packaging industry. Diabetic retinopathy, glaucoma, cataracts, thyroid eye disease, optic neuritis, and dry eyes are just a few of the most prevalent eye diseases that individuals throughout the world suffer from. A flurry of new ophthalmic packaging goods is reaching the market as new ocular medicine delivery technologies are introduced. Several countries have favourable policies, and a variety of tax incentives are available as a result of favourable rules in many countries that encourage the pharmaceutical industry to expand. These include "free trade zones," which have resulted in the construction of new ophthalmic manufacturing facilities, which are expected to indirectly increase packaging demand.
Presence of Big Players in The Region Support Asia Pacific Dominance
Over the next few years, the Asia Pacific ophthalmic packaging market is expected to be the fastest expanding geographic segment. The Indian annual budget for 2018-19 places a strong emphasis on the “Pharma Vision 2020” initiative, which aims to make India a world leader in pharmaceutical manufactures. A large patient pool exists in emerging economies, which is projected to increase demand for ophthalmic packaging. This surge is expected to be fueled by developing nations with large patient pools, such as India, China, and Japan.
North America will account for 40% of the worldwide ophthalmic packaging material market by 2020. Because of increased R&D and healthcare facilities, a growing older population, an increase in the frequency of eye disorders, and the presence of strong regulatory bodies, the market is expected to grow. The American Academy of Ophthalmology has also adopted color-coding schemes for all topical ocular drugs' caps and labelling, which are expected to aid growth. Chipped glass and surface degradation create glass delamination, which manifests as flakes in products or solutions. Delamination is a serious problem since any foreign particle in a medicine can render it unsafe to use. Due to this problem, many pharmaceutical companies have had to recall their products in the past.
Browse the full “Ophthalmic Packaging Market By Dose (Multi-dose and Single-dose), By Type (Over-the-counter (OTC) and Prescription), By Material (Glass and Plastic): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.” Report at https://www.zionmarketresearch.com/report/ophthalmic-packaging-market
The global Ophthalmic Packaging market is segmented as follows:
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