The global Ophthalmic Packaging Market is expected to reach USD 17.7 billion by the end of 2028, according to a new report by Grand View Research, Inc. It is projected to expand at an 11.9% CAGR over the forecast period. The increasing global burden of ocular conditions and a growing number of ophthalmic clinics, hospitals, and ambulatory care centers are the factors driving the market growth. Additionally, the frequent introduction of new drug delivery systems and high demand for advanced packaging solutions is expected to fuel the market during the forecast period.
Increasing healthcare expenditure and rising
disposable income are some of the prominent factors that are expected to drive
a lot of patients towards advanced ophthalmic care. Furthermore, the growing
number of advanced healthcare facilities such as eye hospitals and ophthalmic
clinics across several regions and increasing awareness about preventive care,
ocular disorders, and self-medications are some of the factors expected to aid
the market growth.
The increasing geriatric population coupled with
age-related ocular disorders is expected to increase the demand for ophthalmic
products. Furthermore, the improving reimbursement policies for ocular
surgeries including cataract & eye implants, and increasing awareness about
ocular disorders and treatment options is expected to drive the market growth.
Government and non-government initiatives such as
ocular screening programs and national healthcare programs are expected to
increase the accessibility to ophthalmic healthcare. Furthermore, the
initiatives such as an “economical free trade zone” & reducing approval
time for the establishment of facilities will contribute to the establishment
of new ophthalmic manufacturing facilities that are expected to increase the
demand for the packaging materials over the forecast period.
Related Press Release@ Ophthalmic Packaging Market Report
Ophthalmic Packaging
Market Report Highlights
- Multiple-dose ophthalmic packages held the largest market share in
2018 and are expected to grow at a significant rate over the forecast
period. Increasing usage of multiple-dose packaging in OTC preparations
coupled with the growing prevalence of common ocular disorders such as red
eyes, dry eyes, and conjunctivitis are the major factors expected to drive
the growth.
- Based on material, plastics packaging material accounted for the
largest share and is expected to grow at a significant rate over the forecast
period. Low-density polyethylene (LDP) is the most preferred used resin
due to its advantages such as flexibility, compatibility, affordability,
and safety.
- Based on type the ophthalmic packaging market is segmented into
prescription and over-the-counter (OTC) products. The prescription type
segment held the largest share in 2018 and is expected to grow at a
significant rate over the forecast period.
- North America held around 38.5% of the global ophthalmic packaging
material market in 2018. Developed healthcare infrastructure, rising aging
population, the prevalence of eye disorders, and the presence of stringent
regulatory bodies are the factors contributing to the significant share.
- Asia Pacific is anticipated to grow at the fastest CAGR over the
forecast period, with the presence of several small and large-scale
ophthalmic manufacturing plants and large unmet healthcare needs.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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