Press release
Top Market Shifts Transforming the Ophthalmic Packaging Market Landscape: Key Insights
Ophthalmic Packaging
What Is the Expected CAGR for the Ophthalmic Packaging Market Through 2025?
The market size of ophthalmic packaging has undergone significant expansion in the past few years. It is projected to escalate from a valuation of $9.91 billion in 2024 to a sum of $11.27 billion in 2025, recording a compound annual growth rate (CAGR) of 13.8%. Factors such as the rising incidence of eye ailments, aging demographic, enhanced healthcare spending, strict regulations controlling the packaging and labelling of ophthalmic commodities, and strategies targeted at market growth have all been instrumental in this historical growth period.
What's the Projected Size of the Global Ophthalmic Packaging Market by 2029?
The future for the ophthalmic packaging market appears promising, with an anticipated sharp expansion in the coming years. By 2029, it is projected to achieve a value of $18.67 billion, representing a compound annual growth rate (CAGR) of 13.4%. This surge over the predicted period is due to factors such as the rising utilization of contact lenses and vision correction apparatus, increased preference for specialty medication, expansion of healthcare facilities, growing consumer awareness about ocular health, and the proliferation of eye healthcare establishments. The forecast period will also witness significant trends such as the adoption of intelligent packaging technologies, the introduction of anti-fraud measures, the use of automation and robotics in packaging procedures, the creation of compact and lightweight packaging designs, and the integration of digital components.
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Top Growth Drivers in the Ophthalmic Packaging Industry: What's Accelerating the Market?
The surge in eye disorder instances is anticipated to drive the growth of the ophthalmic packaging market. Eye disorders are medical conditions that disrupt the eye's normal functioning, resulting in vision impairment or other visual irregularities. Aging populations, lifestyle modifications, environmental influences, and extended screen time are major contributors to the rise in eye disorders. Ophthalmic packaging guarantees the hygienic, risk-free delivery of medications and medical devices that treat these disorders. This helps protect patient health, maintains sterility, minimizes contamination risks, and assures correct dosing during treatment. For example, data from the Centers for Disease Control and Prevention in January 2024 reported that over 3.4 million Americans over the age of 40 were blind or visually impaired. This figure is projected to double by 2030. Hence, the increasing instances of eye disorders are propelling the ophthalmic packaging market.
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What Are the Key Trends Driving Ophthalmic Packaging Market Growth?
In a bid to gain a competitive advantage, significant players in the ophthalmic packaging sector are concentrating on forging strategic collaborations. By doing so, businesses can harness synergies, seek out new prospects, navigate risks, and improve their competitive standing in the ophthalmic packaging industry. To illustrate, Berry Plastics Group Inc., a plastic packaging product manufacturer based in the U.S, established a partnership with Pylote, an industrial mineral chemistry expert in the U.S, in March 2022. This partnership aims to introduce a novel multidose ophthalmic dropper that integrates advanced barrier features with antimicrobial technologies. The product's primary motive is to offer improved defense against microbial intrusions, including viruses and bacteria like adenovirus type 3, E. coli, and S. aureus. In addition to this, the dropper minimizes plastic waste when compared to monodose solutions, while still meeting biocompatibility standards.
What Are the Main Segments in the Ophthalmic Packaging Market?
The ophthalmic packaging market covered in this report is segmented -
1) By Dose: Multi-Dose, Single Dose
2) By Material: Glass, Plastic, Other Material
3) By End-Use: Over the Counter (OTC), Prescription
Subsegments:
1) By Multi-Dose: Preserved Multi-Dose Packaging, Multi-Dose Bottles With Dropper Systems
2) By Single Dose: Single-Dose Vials, Pre-Filled Single-Dose Containers
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Which Top Companies are Driving Growth in the Ophthalmic Packaging Market?
Major companies operating in the ophthalmic packaging market are 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.
Which Regions Will Dominate the Ophthalmic Packaging Market Through 2029?
North America was the largest region in the ophthalmic packaging market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the ophthalmic packaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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