Smart Packaging Innovation Pushes Ophthalmic Market to $527.8 Million by 2034
NEWARK, Del., March 7, 2024 /PRNewswire/ — The ophthalmic packaging market is poised for significant growth, as indicated by a comprehensive study conducted by Future Market Insights (FMI). This study offers valuable insights for businesses and investors, covering trends and opportunities in the North American market, the broader pharmaceutical packaging industry, and specific segments such as plastic packaging solutions. Furthermore, it delves into the interconnected world of ophthalmology drugs to provide a holistic understanding of market dynamics.
What is Ophthalmic Drug?
An ophthalmic drug is a medication specifically designed to be applied to the eye. These drugs come in various forms, including eye drops, ointments, gels, and inserts, and address a wide range of eye conditions, from common issues like dry eyes and allergies to more serious problems like glaucoma and infections. Due to the sensitive nature of the eye, these medications are formulated and delivered with special care to ensure effectiveness and safety.
Ophthalmic Drug Packaging Market Overview:
The global ophthalmic drug packaging market is expected to grow steadily, reaching an estimated value of US$527.8 million by 2034, according to Future Market Insights’ recent study. This represents a compound annual growth rate (CAGR) of 6.1% from 2024.
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The global ophthalmic drug packaging market is growing as a result of rising access to medical services in emerging nations and the globalization of healthcare. Increasing healthcare costs, better infrastructure, and the use of cutting-edge diagnostic technology are driving this trend, which is opening up fresh opportunities for contract manufacturing services globally.
The global market for ophthalmic drugs packaging is significantly influenced by the aging population, especially in developed nations. The need for specialized packaging solutions that guarantee the safe and efficient delivery of ophthalmic drugs to treat age-related eye problems is increasing.
One of the challenges in the global ophthalmic drug packaging market is assuring compatibility between novel packaging materials and sensitive ophthalmic medicines. To fulfill regulatory criteria for safety and sterility while maintaining medicine efficacy and stability, packaging solutions must be developed via intensive research and development.
There is a chance to include smart technology into the packaging of ophthalmic drugs by including features like sensors or indicators that track patient health metrics and medication adherence. This innovation promotes improvements in patient care and product development by improving treatment results and giving drug companies and healthcare professionals’ useful data.
Key Takeaways from the Market Analysis
- The global ophthalmic drug packaging market size reached US$ 222.3 million in 2019.
- From 2019 to 2023, the ophthalmic drug packaging market experienced a CAGR of 5.6%.
- Over the course of the projection period, the ophthalmic drug packaging sector in the United States is expected to develop at a CAGR of 4.3%.
- In the ophthalmic medication packaging industry, multidose is largely popular and is expected to account for 81.7% of the market by 2024.
- By 2024, prescription-based ophthalmic medication packaging is expected to become more popular, accounting for 64.2% of the market.
“The need for advanced ophthalmic drug packaging is being driven by the increased prevalence of eye diseases including glaucoma and macular degeneration. In order to effectively meet patient demands, the market is driven to seek out novel solutions that ensure safe and efficient medication administration”, says Ismail Sutaria (Lead Consultant, Packaging and Materials at Future Market Insights).
Competitive Landscape
Prominent companies devote substantial resources to research and development endeavors with the objective of developing novel materials, technologies, and package configurations that augment medication stability, improve patient comfort, and cater to unmet market demands.
They are also extending their global reach in strategic areas throughout the globe in order to leverage the increasing demand for ophthalmic drugs. To improve their market position and expand their consumer base, this may entail making strategic alliances, acquisitions, or the construction of production plants and distribution networks in developing nations.
The need to meet changing patient expectations, regulatory constraints, and sustainability concerns is driving substantial innovation and rivalry among top businesses in the global ophthalmic drug packaging market. Companies that can successfully set themselves apart via innovative product development, adherence to laws and regulations, and business alliances are well-positioned for success in this market.
Purchase now and gain full access to the Ophthalmic Drug Packaging Industry report, featuring comprehensive Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives.
Key Developments
- In 2023, West Pharmaceutical Services, Inc. participated at Pharmapack Europe 2023, which took place in Paris, France, to highlight its industry leadership and knowledge of developments in confinement and packaging.
- Three new products have been introduced by the company, expanding its innovations for global customers and their patients: the FluroTec® 5-10mL Cartridge Plunger, the Daikyo Crystal Zenith® 2.25mL Insert Needle Syringe System, and the West Ready PackTM with Corning Valor® RTU Vials, which utilizes Stevanato Group’s EZ-fill® SG EZ-fill® technology.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the ophthalmic drug packaging market, providing historical data for 2019 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the ophthalmic drug packaging market, the market is segmented on the basis of dose (multi-dose, single-dose), material type (glass, plastic), end use (over-the-counter (OTC), prescription) and region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East & Africa).
About the Packaging Domain at Future Market Insights
The packaging domain at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
About the Author:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading market intelligence and consulting service provider, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, the U.S., and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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