According to a report,“Ophthalmic Packaging Market Size, Share & Trends Analysis Report By Dose (Single, Multi-dose), By Type (OTC, Prescription), By Material (Glass, Plastic), By Region, And Segment Forecasts, 2019 – 2025 ” published by Grand View Research, Inc.,. The global ophthalmic packaging market size is expected to reach USD 13.9 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 10.2% during the forecast period. Ophthalmic packaging has been garnering increasing attention due to growing emphasis on the packaging and safety of pharmaceutical products.
Emerging economies, such as China, India, and Brazil are providing an excellent opportunity and a huge market potential in the global ophthalmic packaging market. Evolving healthcare infrastructure in the aforementioned economies is projected to further fuel growth. However, one-size-fits-all approach cannot be adopted for emerging markets. Even among the three main clusters of markets – the Brazil, Russia, India, China, Mexico, and Turkey (BRICMT) and the second-tier countries in Southeast Asia; and Africa – there are local idiosyncrasies that make bespoke approaches to these markets essential.
Key Takeaways from the report:
- Multi-dose is anticipated to continue leading the dose segment during the forecast period attributed to growing preference for multi-dose products
- Prescription products held the largest market share in 2017 owing to their increasing use and advanced drug delivery mechanisms
- Based on type of material, plastics was estimated to be the largest segment in 2017 due to several advantages over glass such as reduced cost and convenience of usage
- North America held the largest market share in 2017 owing to rising incidence of eye disorders, favorable government policies, and growing geriatric population
- Asia Pacific is expected to post a lucrative CAGR of 14.2% owing to adoption of new regulatory requirements for packaging and recycling coupled with development of new packaging materials
- Gerresheimer AG; BD; West Pharmaceutical Service Inc.; Schott AG; and Aptar Group are some of the key market players. Most companies focus on product enhancements to gain maximum market share.
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A more collaborative environment among ophthalmic packaging manufacturers, government regulators, and payers is expected to boost the market growth in the region. The national regulations that hold down prices and profits and result in market fragmentation are anticipated to differentiate the strengths of European research-based industry and its American counterparts-in not just the ophthalmic sector but also the entire pharmaceutical sector.
The growth is directly equated with the rise in adoption of ophthalmic drugs. Proper packaging of ophthalmic products plays an important role in preventing counterfeiting activity. Efforts to prevent counterfeit and to improve shelf life are anticipated to create growth opportunities for the key players during the forecast period.
Grand View Research has segmented the global ophthalmic packaging market on the basis of dose, type, material, and region:
Ophthalmic Packaging Dose Outlook (Revenue, USD Million, 2014 – 2025)
- Multi Dose
- Single Dose
Ophthalmic Packaging Type Outlook (Revenue, USD Million, 2014 – 2025)
Ophthalmic Packaging Material Outlook (Revenue, USD Million, 2014 – 2025)
Ophthalmic Packaging Regional Outlook (Revenue, USD Million, 2014 – 2025)
- South Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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