Ophthalmic Packaging Market Expected to Reach US ~$22.16 Billion and CAGR 12.0% by 2030
The global ophthalmic packaging market size is expected to reach USD 22.16 billion by 2030 according to a new study by Polaris Market Research.
The significant factors of the industry growth are the increasing awareness regarding the recycling of wrapping materials coupled with the growing number of strategic growth developments by the industry’s leading players are propelling the product demand.
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Based on material, the plastic material segment holds the largest revenue share, owing to its being cost-effective, easy to use, and lightweight. Also, LDPE is companionable with most formulation compounds and resins, which, in turn, leads to segment growth.
The increasing healthcare investments and growth of the pharmaceutical industries are the major driving factor for the market growth. The pharmaceutical industry is developing at a significant rate, majorly in emerging nations. Factors such as the increasing number of companies, rapid technological advancements, and developing manufacturing processes are attributed to the ophthalmic packing industry’s growth, which in turn fuels the growth of the product.
The growth is projected to be the highest in developing economies like China, India, Brazil, and Russia. In addition, increasing awareness regarding proper eye care and growing disposable income supports industry growth across these regions. The rising presence of leading players and growing population also act as a catalyzing factors for the industry growth in the forthcoming years.
Industry participants such as Amcor Ltd., Advance Packaging, Aptar Group, Bormioli Pharma, Berry Global Inc., Dakhla Pack, Desco Industries Inc., Edco Supply Corporation, Gerresheimer AG, Kao Chia, MK Master, Miller packaging, Nolato AB, Pall Corporation, Polyplus Packaging, Dou Yee, Tekni-plex Inc., Schott AG, West Pharmaceutical Services Inc., and WG Pro-Manufacturing Inc. are some of the key players operating in the global industry.
Numerous key competitors are opting for various strategies to hold a significant place in the industry and enhance their business operations worldwide. For instance, in August 2021, Berry Global established its new manufacturing facility in India. This facility will facilitate the company to develop its R&D expertise and scale-up manufacturing in the numerous healthcare segments such as inhalation, nasal pumps, and injectable administrations.
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Polaris Market Research has segmented the ophthalmic packaging market report on the basis of dose, type, material, and region:
Ophthalmic Packaging, Dose Outlook (Revenue – USD Billion, 2018 – 2030)
Ophthalmic Packaging, Type Outlook (Revenue – USD Billion, 2018 – 2030)
Ophthalmic Packaging, Material Outlook (Revenue – USD Billion, 2018 – 2030)
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