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Ophthalmic Packaging Market Report 2024 - Ophthalmic Packaging Market Trends And Share
Ophthalmic Packaging Market
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According to The Business Research Company's, The ophthalmic packaging market size has grown rapidly in recent years. It will grow from $8.67 billion in 2023 to $9.91 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The growth in the historic period can be attributed to the growing prevalence of eye disorders, demographic shifts towards an older population, increased healthcare expenditure, stringent regulations governing the packaging and labeling of ophthalmic products, and market expansion initiatives.
The ophthalmic packaging market size is expected to see rapid growth in the next few years. It will grow to $17.07 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%. The growth in the forecast period can be attributed to the increasing adoption of contact lenses and other vision correction devices, increasing adoption of specialty drugs, expansion of healthcare infrastructure, increasing consumer awareness regarding eye health, and a growing number of eye healthcare hospitals and clinics. Major trends in the forecast period include the adoption of smart packaging technologies, incorporation of anti-counterfeiting measures, adoption of automation and robotics in packaging processes, development of compact and lightweight packaging formats, and integration of digital elements.
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Market Drivers and Trends:
A growing number of start-ups is expected to propel the growth of the logo design software market going forward. Start-ups refer to newly established businesses, often founded by entrepreneurs aiming to develop a unique product or service with high growth potential. The increase in the number of start-ups is due to access to technology, entrepreneurial culture, access to funding, and changing workforce dynamics. Logo design software empowers start-ups to create professional and impactful logos that help them stand out in the competitive marketplace, establish a strong brand identity, and attract customers. For instance, in February 2024, according to Startups.co.uk, a UK-based business advice website, the number of new businesses in 2023 totaled 39,966, marking a 6.5% rise compared to the same period in 2022. Therefore, the growing number of start-ups is driving the growth of the logo design software market.
Major companies operating in the ophthalmic packaging market are focused on forming strategic partnerships to gain a competitive edge in the market. The strategic partnerships enable companies in the ophthalmic packaging market to leverage synergies, access new opportunities, mitigate risks, and enhance their competitive position in the industry. For instance, in March 2022, Berry Plastics Group Inc., a US-based manufacturer of plastic packaging products, partnered with Pylote, a US-based industrial mineral chemistry specialist company, to launch a unique multidose ophthalmic dropper that combines high barrier properties with antimicrobial technology. The product aims to provide enhanced protection against microbial infections, including viruses and bacteria such as adenovirus type 3, E. coli, and S. aureus. Additionally, the dropper reduces plastic waste compared to monodose solutions and maintains compliance with biocompatibility standards.
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Major Key Players of the Market:
Amcor Ltd., Berry Global Inc., Corning Incorporated, ZEISS Group, Eurofins Scientific, Huhtamaki Group, AptarGroup Inc., Recipharm Ab, West Pharmaceutical Services Inc., Gerresheimer AG, Stevanato Group, Schott AG, Nolato AB, Nipro Corporation, Stölzle Glass Group, SGD Pharma, Bormioli Pharma SpA, Bilcare Limited, Shaily Engineering Plastics Ltd, Adelphi Healthcare Packaging, Comar LLC, Heinz Glas GmbH, URSATEC GmbH, Antilla Inc, Shandong Medicinal Glass Co. Ltd.
Ophthalmic Packaging Market 2024 Key Insights:
• The ophthalmic packaging market size is expected to see rapid growth in the next few years. It will grow to $17.07 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%.
• Rising Eye Disorder Cases Harnessing The Ophthalmic Packaging Market
• Strategic Partnerships Enhance Safety And Innovation In The Ophthalmic Packaging Market
• North America was the largest region in the ophthalmic packaging market in 2023
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