Contacts are cool, but eye infections are not! FMI reports a surge in contact lens use for both vision correction and aesthetics, leading to concerns about eye infections. This is driving the global market for eco-friendly ophthalmology packaging. The report offers a deep dive into this trend, analyzing the market’s growth, potential challenges, and exciting opportunities. They even provide investment insights and strategic decision-making tools to help you capitalize on this growing market.
NEWARK, Del., March 27, 2024 /PRNewswire/ — According to Future Market Insights (FMI), the global ophthalmology packaging market is expected to grow from US$ 1,816.5 million in 2024 to US$ 3,063.9 million by 2034. By 2034, the market is projected to surge at 5.4% CAGR.
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The use of contact lenses has increased in recent times to enhance appearance and eyesight. This is generating the risk of ocular infections among the population.
Around 1 million eye infections occur in the United States because of keratitis, a fungal corneal infection. These infections are increasing the need for medical attention, which is directly associated with surging demand for ophthalmology packaging.
Prevalence of viral and bacterial conjunctivitis caused by bacteria, viruses, amoeba, and fungi are continuously on the rise. Leading players in diagnostics are investing in rapid point-of-care diagnostic technology that enhances the accurate usage of anti-infective therapeutics. Manufacturers incorporate user-friendly graphics, pictograms, and color coding to simplify instructions and dosage information.
Integration of antimicrobial protection is the recent trend in ophthalmology packaging, which manages the concern of possible contamination. Manufacturing companies are including antimicrobial additives or coating directly into the packaging materials to eliminate microbial growth for increased safety and shelf life.
Key Takeaways from the Global Ophthalmology Packaging Market
- The global ophthalmology packaging market is expected to reach US$ 3,063.9 million by 2034.
- By 2034, the global market is projected to surge at 5.4% CAGR.
- India is projected to surge at a CAGR of 8.3% through 2034.
- Based on region, Canada is set to rise at 6.2% CAGR during the forecast period.
- Based on application, the eye drop segment is set to surge at 5.0% CAGR through 2034.
“The evolving landscape of ophthalmic formulations has led manufacturers of ophthalmic packaging to actively innovate for accommodating modern formulations. This trend reflects a proactive approach to meet the dynamic needs of the industry, where innovations in pharmaceuticals and treatments necessitate adaptable packaging solutions.”- says Ismail Sutaria (Lead Consultant, Packaging and Materials at Future Market Insights, Inc.).
Competitive Landscape
Amcor plc, Tekni-Plex Inc., Recipharm AB, Gerresheimer AG, SCHOTT AG, Berry Global Inc., West Pharmaceutical Services, Inc., Aptar Group, ALPLA Group, and Hoffmann Neopac, Nemera Development SA are the leading companies in the market. The tier 1 players in the market hold 5 to 7% of the overall ophthalmology packaging market.
Leading companies are developing and launching new and advanced products in the market. Companies are integrating with different firms and expanding their geographical presence. They are collaborating and partnering with brands and companies for product development. Recent activities and developments implemented by leading players in the market are:
- In March 2023, Nemera and Nelson Labs Europe underwent a strategic partnership to offer integrated services to customers.
Purchase now and gain full access to the Ophthalmology Packaging Industry report, featuring comprehensive Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives.
More Insights into Global Ophthalmology Packaging Market Report
Future Market Insights (FMI), in its new report, offers an unbiased analysis of the global market for ophthalmology packaging, analyzing historical demand from 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals market growth based on packaging type (tubes, bottles, syringes, flexible pouches, and ampoules & vials), capacity (2ml, 2 to 5 ml, 6 to 10 ml, and above 10 ml), order type (OTC, and prescription), distribution channel (institutional sales, retail sales, and e-commerce), application (eye drops, ophthalmic gels, ophthalmic ointment, and anti-VEGF drugs), and end-use case (refractive errors, cataracts & glaucoma, retinal disorders, corneal diseases, pediatric ophthalmology, neuro-ophthalmology, ophthalmic plastic surgery, uveitis and ocular inflammation) and region.
About the Packaging Division at Future Market Insights (FMI)
The packaging division at Future Market Insights (FMI) provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials and packaging machinery to packaging designs & formats, Future Market Insights (FMI) has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 3,000+ reports, the team has analyzed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
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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SOURCE Future Market Insights
