23 January 2020
Visiongain’s new report the Ophthalmic Packaging Market Report 2020-2030: Forecasts by Dose (single dose, multiple dose), by Type (OTC and prescription) by Material (Glass, plastic, and others) plus analysis of leading companies indicates that the global ophthalmic packaging market will grow at a CAGR over 5% by 2030.
The main factors driving demand are the increasing prevalence of eye disorders, increasing number of ophthalmic health care facilities and increasing awareness of eye care. Increasing importance of shielding the formulation from external environment to preserve the drug's effectiveness intact throughout its expiry duration has forced ophthalmic manufacturers to concentrate more on the packaging materials of sort. For example, titanium dioxide contained packaging material to preserve the efficacy of the light sensitive epinephrine drug intact.
Growing population, increased healthcare spending, increased knowledge of preventive healthcare and increased life expectancy are some of the factors that are expected to create attractive opportunities in the years ahead as businesses struggle with competition, expiry of patents and increased regulatory barriers.
Favorable policies across a number of countries that support pharmaceutical industry development offer different forms of tax benefits. These include' free trade zones' which have created new ophthalmic production facilities that are expected to indirectly improve the market for packaging goods. In emerging countries like Brazil, India, Mexico, China, Russia, and Turkey, these patterns are prevalent. In addition to domestic market sales, major players in these countries also produce considerable export revenue. It is anticipated that government and non-government initiatives such as eye care services, check-ups, and strict regulations will further boost this market's growth.
Growing trends in the design of safe and patient-friendly products and the introduction of strict regulatory guidelines for ophthalmic product packaging (including EPA regulations) are creating demand for advanced solutions. As a result, the number of new product entrants offering specialized products is growing. The number of M&A operations is expected to increase dramatically in the near future.
The ophthalmic packaging is graded as single or multiple dose based on dosage. The multi-dose segment had the largest market share and expected to grow significantly over the forecast period. Selecting a single or multiple dose depends on different parameters such as medication effectiveness, dosage, safety, and treatment course. It is expected that the launch of smart, patient friendly and safer multi-dose packaging would fuel segment growth during the forecast period. multiple dose dominated the market segment and over the forecast period is expected to be the market's leading segment. Increasing use of multiple dose packaging systems in OTC preparation coupled with increasing prevalence of common eye disorders such as red eyes, dry eyes and conjunctivitis are the major factors that are expected to drive market growth. The international ophthalmic packaging is divided into plastic and glass based on material. Plastic packaging content accounted for the largest market share and over the forecast period is expected to grow significantly. Growth in the segment is primarily due to the advantages of plastic material such as inertness, cost efficiency, low weight, and ease of use. Polyethylene with low density (LDPE) is the most preferred type of resin due to its durability and reduced chances of contamination. This product is also easily reused, making it ideal for single-dose bottles. Glass is commonly used in pharmaceutical packaging, but it has many drawbacks such as fragility, storage difficulty and high cost; plastic is quickly replaced. Nonetheless, in formulations with durability and performance issues, the market for glass content remains high. The global prevalence of eye disease has been estimated to be 61.4 million worldwide, according to the NCBI analysis. It is expected that increasing accessibility to ophthalmic healthcare clinics and evolving advanced drug delivery technologies would promote the growth of the ophthalmic packaging market of the form of prescription. In fact, people are much more cautious about the use of an OTC drug for ophthalmic conditions, and generally prefer to visit an ophthalmologist to avoid a worsening in the disease.
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