Ophthalmic Packaging Market Size, Share, Market Research and Industry Forecast Report, 2019-2026 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Ophthalmic Packaging Market


The global ophthalmic packaging market size was valued at USD 7.1 billion in 2018 and is projected to expand at a CAGR of 9.9% by 2026. Rising need for brand enhancement and differentiation in an increasingly competitive environment coupled with high prevalence of eye disorders are some of the factors driving the growth.

Rising prevalence of eye disorders, increasing number of ophthalmic healthcare facilities, and growing awareness regarding eye care are the major factors driving the demand. Growing importance of protecting the formulation form external environment to keep the efficacy of the drug intact throughout its expiry period has forced the ophthalmic manufactures to focus more on the type packaging materials. For e.g. titanium dioxide contained packaging material to keep the efficacy of epinephrine drug intact which is light sensitive

Growing population, increasing healthcare expenditure, growing awareness about preventive healthcare and increasing life expectancy are some of the factors expected to create attractive opportunities over forthcoming years as companies struggle with competition, expiration of patents and rise in regulatory hurdle.

Favorable policies across several countries promoting the growth of pharmaceutical industry offer various types of tax benefits. These include ˜free trade zones that has given rise to establishment of new ophthalmic manufacturing facilities that is expected to indirectly boost the demand for packaging products. These trends are dominant in emerging countries such as Brazil, India, Mexico, China, Russia, and Turkey. In addition to revenue generated in domestic market, major players in these countries also generate significant amount of revenue from exports. The government and non-government initiatives such as eye care programs, check-ups and stringent regulations is expected to further boost the growth of this market.

Growing trends of designing safer and patient friendly products and introduction of strict regulatory guidelines pertaining to packaging of ophthalmic products (including EPA regulations) are creating the demand for advanced solutions. This is resulting into rise in number of new market entrants offering advanced options. Steep rise in the number of M&A activities are expected in the near future.

Dose Insights

Based on dose, the ophthalmic packaging is classified into single dose and multiple dose. Multiple dose segment held the largest market share in 2018 and expected to grow at a significant rate over the forecast period. The choice of a single dose or multiple dose depends upon various parameters such as the efficacy of the drug, formulation, stability, and the course of treatment. Introduction of smart, patient friendly, and safer multi dose packaging is expected to fuel the segment growth during the forecast period.

Growth of single dose segment can be majorly attributed to high demand for safe medications with minimal or no usage of preservatives. Addition of preservatives increase the final product price. In addition, it may lead to severe allergic reactions. ASEP TECH advantage are the unit dose vials developed by method blow/fill/deal reflected from the development of these preservative free formulations.

Multiple dose dominated the market segment in 2018 and is expected to be the leading segment of the market over the forecast period. Increasing usage of multiple dose packaging systems in OTC preparation coupled with growing prevalence of common ocular disorders such as red eyes, dry eyes and conjunctivitis etc. are the major factors expected to drive the market growth.

Material Insights of Ophthalmic Packaging Market

Based on material, the global ophthalmic packaging is segmented into plastic and glass. Plastic packaging material accounted for the largest market share in 2018 and is expected to grow at a significant rate over the forecast period. The segment growth is majorly contributed to the advantages associated with plastic material such as inertness, cost efficiency, low weight, and convenience of usage. Low density polyethylene (LDPE) is most preferred type of resins due its flexibility and decreased chances of contamination. In addition, this material is easily recycled, which makes it an ideal for single dose containers.

Glass material are traditionally used in pharmaceutical packaging, but they possess some limitations such as brittleness, inconvenience in handling, and high cost; thus is being rapidly replaced by plastic. However, the demand for glass material is still high in formulations with stability and compatibility problems. These formulations include volatile and light sensitive substances. Type 1 borosilicate glass is the U.S. pharmacopeia standard of packaging material for ophthalmic preparations. The segment is expected to face slower growth due to high rate of replacement by advanced plastic options.

Material generally used for liquid ophthalmic preparation is LDPE bottle with a dropper built into the neck and ophthalmic ointments are packaged a metal tube with an ophthalmic. Ointments contents reactive with metal tubes, an epoxy or vinyl plastic coated metal tubes are used. Polyethylene or polypropylene (polyolefin) containers are used for packaging of large volume intraocular irrigation preparations. Increasing focus on usage convenience of the product without compromising on safety of the patients is expected to increase the demand for plastic containers over the years.

Type insights

Based on type, ophthalmic packaging market is segmented into prescription and over the counter (OTC) products. The prescription type held the largest market in 2018 and is expected to grow at significant rate over the forecast period. The largest share is attributable to the factors such as high incidence of ophthalmic disorders and increasing number of ophthalmic clinics, hospitals, and ambulatory care centers.

According to NCBI study, the global burden of eye disease was reported to be 61.4 million worldwide. Improving accessibility to ophthalmic healthcare clinics and development of advance drug delivery systems is expected to foster the growth of prescription type ophthalmic packaging market. Furthermore, people are lot more skeptical when it comes to using an OTC medication for ophthalmic disorders, they generally prefer to visit ophthalmologist to prevent the worsening of condition. Thus, with increasing disposable income and awareness about preventive care more people will consider visiting physicians driving the growth of this market.

OTC type pharmaceutical packaging held a significant market share and is also expected to grow at a steady rate over the forecast period. The growth of this segment can be attributable to the factors such as prevalence of common eye problems including dry eyes and red eyes syndrome. Multiple dose packaging is usually used in OTC type of medication. The growing awareness about self-medication and increasing efforts of people to reduce any future healthcare cost is expected to aid to the growth of this segment.

Regional Insights of Ophthalmic Packaging Market

North America held 38.5% of the total region wise ophthalmic packaging material market in 2018. Developed R&D and healthcare facilities, rising geriatric population, increasing prevalence of eye disorders and presence of stringent regulatory bodies is expected to drive the market growth. Furthermore, uniform color-coding systems for the caps and labels of all topical ocular medication introduced by the American Academy of Ophthalmology are some of the initiatives expected to fuel the growth.

Europe accounted for the second largest share in ophthalmic packaging market in 2018. Increasing prevalence of age-related ophthalmic diseases such as macular degeneration, diabetic eye diseases, and retinal vein occlusion in Europe has contributed to its share. Furthermore, the factors such as growing presence national eye screening programs and developing ophthalmic care reimbursement policies is expected to propel the growth over the forecast period.

Asia Pacific is projected to grow at fastest CAGR over the forecast period. Developing economies with presence of large patient pool is expected to contribute to this growth especially in the regions such as India, China, and Japan. The Indian 2018-19 annual budget emphasize a greatly on œPharma Vision 2020 aimed to make India a global leader in pharmaceutical manufacturing. Moreover, it has reduced the approval time for establishment of facilities driving the development of new facilities that would indirectly rise the demand.

Competitive insights

The leading players include Amcor Ltd.; West Pharmaceutical Service Inc.; Gerresheimer AG; BD; Schott AG; and Aptar Group. The market is highly fragmented with presence of numerous players at regional and local levels. The companies are trying to achieve product leadership in some categories owing to which merger valuations are expected to increase over the forecast period. In August 2018, Amcor plc acquired Bemis Company, Inc. The strategic rationale behind it was geographical expansion of their services.

p2 Segments covered in the report

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2015 to 2026. For the purpose of this study, this market research report has segmented the global ophthalmic packaging market on the basis of dose, type, material and region:

Dose Outlook (Revenue, USD Million, 2019 - 2030)

  
Multi dose
  
Single dose

Type Use Outlook (Revenue, USD Million, 2019 - 2030)

  
OTC
  
Prescription

Material Outlook (Revenue, USD Million; 2019 - 2030)

  
Glass
  
Plastic
  
Others