The ophthalmic packaging market is on an impressive growth trajectory, poised to expand from a size of US$4.5 billion in 2022 to an estimated US$14.3 billion by 2030, according to a recent report by Fairfield Market Research. The market is expected to exhibit a strong compound annual growth rate (CAGR) of 12% from 2023 to 2030.
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Key Growth Drivers:
- Expanding Ageing Population and Rising Eye Disorder Rates: The increasing prevalence of eye disorders, including cataracts, glaucoma, and macular degeneration, coupled with a growing aging population, are driving the demand for specialized eye care products like prescription eyeglasses, contact lenses, and medications. Effective packaging plays a crucial role in maintaining product integrity and sterility, making it pivotal in preserving eye health.
- Sustainability and Eco-friendly Packaging: With a surge in environmental awareness and regulatory pressure for eco-conscious solutions, the ophthalmic packaging market is embracing sustainability and eco-friendly packaging materials. This trend aligns with the preferences of environmentally conscious consumers and promotes brand reputation.
Key Market Trends:
- Plastic Dominance Prevails: Plastic materials such as polyethylene, polypropylene, and PVC remain dominant in the ophthalmic packaging market due to their versatility, cost-effectiveness, and excellent barrier properties. Innovations in biodegradable plastics are also helping sustain the dominance of this segment.
- OTC Medications to Lead: Over-the-counter (OTC) medications are expected to lead the market's application segment. Increased self-care and awareness of eye health are driving the popularity of OTC eye drops, lubricants, and treatments, necessitating secure and user-friendly packaging.
Regional Front-runners:
- North America Spearheads with Rising Prevalence of Eye Diseases: North America is expected to dominate the market, driven by an aging population and heightened awareness of eye health. An increase in prescription rates for eyeglasses and contact lenses, along with technological advancements in eye care, is contributing to the need for specialized packaging.
- Asia Pacific Set to Gain from Specialized Ophthalmic Products: The Asia Pacific region is witnessing significant growth due to a rise in eye diseases and increased screen time, leading to a surge in demand for specialized eye care products and corresponding packaging solutions.
Competitive Landscape:
The global ophthalmic packaging market is consolidated, with key players including Amcor Ltd., Gerresheimer AG, West Pharmaceutical Service Inc., Becton, Dickinson and Company, Nolato AB, Bormioli Pharma S.p.a, AptarGroup, Advance Packaging, Berry Global Inc., Miller Packaging, MWV (MeadWestvaco Corporation), Nemera, and Datwyler Group. The market is expected to witness further consolidation in the coming years as these companies continue to innovate and expand their global presence.
Global Ophthalmic Packaging Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Product Type Coverage, By Material Type Coverage, By Application Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/ophthalmic-packaging-market
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