Global Ophthalmic Packaging Market: Overview
Ophthalmic products are sterile compositions that include special dosage forms to be externally administered onto the surface of the eye. Since all ophthalmic products require compliance with the stringent regulations pertaining to the sterility tests according to the manufacturing and packaging standards in the pharmaceutical industry, the safety of ophthalmic packaged products is ensured.
Undeniably, eyes are one of the most crucial and extremely sensitive organs of the human body. Even the slightest irritation can lead to extreme pain and discomfort, causing swelling, discharge, infections, and allergies, often permanently damaging the eyes. This is precisely why appropriate and sterile packaging of pharmaceutical products is highly essential. The pharmaceutical industry therefore cannot afford the possibility of error or neglect in the packaging process, shipping and delivery.
Global Ophthalmic Packaging Market: Growth Factors
The surge in the number of cases of ophthalmic disorders and diseases is the primary driver of the global ophthalmic packaging market. Diabetic retinopathy, glaucoma, cataracts, thyroid eye disease, optic neuritis, and dry eyes are some major frequently occurring eye conditions affecting a multitude of individuals worldwide. With the advent of new ocular drug delivery techniques, a spectrum of innovative products is entering the global market for ophthalmic packaging.
According to the findings of a report by the American Academy of Ophthalmology, dry eye disease affects nearly 20 million Americans, while more than 344 million people on a global scale suffer from it. The prevalence of this disease is escalating amongst children and adults alike. Similarly, according to the estimations of the U.S. National Eye Institute, the number of American patients suffering from glaucoma is anticipated to rise from 2.7 million to a whopping 6.3 million between 2010 and 2050. Prescription eye drops can significantly assist in the management of such conditions and therefore, the global ophthalmic packaging market will receive a considerable boost through the forecast period.
Global Ophthalmic Packaging Market: Segmentation
The global ophthalmic packaging market can be segmented on the basis of type, dosage, material, condition, and region. Over-the-counter (OTC) ophthalmic products and prescription ophthalmic products are the prominent segments by type. Of these, the latter is projected to advance at a high CAGR, promising high contribution in terms of revenue. Single dose ophthalmic products and multiple dose ophthalmic products are the two major categories by dosage. Glass and plastic are the main segments of the global ophthalmic packaging market according to the material used in packaging. The plastic ophthalmic packaging segment is anticipated to seize largest portion of the total revenue share in the market, since it is more durable, reliable, easily available, and cost-effective than glass ophthalmic packaging alternatives. Cataract, dry eye, eye infections & allergies, and glaucoma are the broad segments based on eye condition. The eye allergies segment can be classified into conjunctivitis, keratitis, and endophthalmitis. Glaucoma is likely to lead the market due to the spiraling prevalence of the condition.
Global Ophthalmic Packaging Market: Regional Analysis
Europe represented the largest portion in the global ophthalmic packaging market during the past few years and is anticipated to proceed stably over the forthcoming times also, driven by the rising cases of ophthalmic conditions particularly amongst the elderly population. These include diabetic eye conditions, retinal vein occlusion, and macular degeneration.
North America is also likely to be a significant contributor toward the global revenue in the upcoming times, supported by the rise in geriatric population, bulk investments in R&D, and high prevalence of eye disorders.
Asia Pacific ophthalmic packaging market is anticipated to surface as the fastest growing regional segment over the forthcoming years. The emerging economies comprise of a vast patient pool, and this is likely to generate more demand for ophthalmic packaging. Moreover, the governments of numerous countries in Asia Pacific including Japan, Singapore, Australia, and India have been executing plans for the development of healthcare infrastructure. The presence of a powerful pharmaceutical industry in India will further guarantee growth of the Asia Pacific ophthalmic packaging market.
Global Ophthalmic Packaging Market: Competitive Players
Schott AG, Gerresheimer AG, Aptar Group, and Amcor Ltd are some leading competitors in the global ophthalmic packaging market. The market is extremely fragmented owing to the existence of innumerable global as well as local companies dealing in ophthalmic packaging. Product launch is one of the prominent business strategy adopted by the players alongside geographical expansion moves including acquisitions and mergers.
Global Ophthalmic Packaging Market: Regional Segment Analysis
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