The Asia Pacific Ophthalmic Packaging Market would witness market growth of 13.5% CAGR during the forecast period (2021-2027).
The availability of ophthalmic healthcare would be fueled by the government as well as non-government initiatives like ocular screening and national healthcare programs. Moreover, the market growth would be boosted due to the initiatives like “economical free trade zone” & less time required for approval for creating innovative ophthalmic manufacturing units.
Moreover, the field of ophthalmology is likely to see bright growth from developing countries like India, and China. Currently, the players operating in the global market are witnessing various hurdles like the saturation of the market, expiry patents, and stringent regulations; however, these players would witness lucrative growth opportunities due to the increasing population, the surge in focus on higher life expectancy, and rising disposable income.
Currently, the presence of many emerging countries in the region would create high demand for advanced healthcare infrastructure in these countries. The leading products of the regional market are tear substitutes (for dry eye) and Glaucoma drugs. Factors such as the surge in the penetration of health insurance, the growing number of middle-class households, and technological developments in medical infrastructure in the countries of this region are expected to play a crucial role in boosting the growth of the regional market.
As per the National Health Policy (NHP) 2019, glaucoma is the most common cause of blindness in which at least 12 million people have been infected and around 1.2 million people have become blind by the disease. The prevalence of the disease and subsequent high demand for the treatment drugs would open new growth avenues for the growth of the regional ophthalmic packaging market in the years to come. Hence, these aspects are expected to play a major role in propelling the growth of the regional market.
The China market dominated the Asia Pacific OTC Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $554 million by 2027. The Japan market is showcasing a CAGR of 14.9% during (2021 - 2027). Additionally, The India market is poised to grow at a CAGR of 15% during (2021 - 2027).
Based on Dose, the market is segmented into Multi Dose and Single Dose. Based on Material, the market is segmented into Plastic, Glass and Other Materials. Based on Type, the market is segmented into Prescription and OTC. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Ophthalmic Packaging Market is Projected to reach USD 20.6 Billion by 2027, at a CAGR of 12.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Becton, Dickinson and Company, Amcor PLC, AptarGroup, Inc., West Pharmaceutical Services, Inc., Gerresheimer AG, Schott AG (Carl-Zeiss-Stiftung), Nolato AB, LF of America Corp. (Tekni-Plex, Inc.), and Bormioli Pharma S.p.a.
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