Eye Health Supplements Market Expected To Fuel Industry Growth With $2.4 Billion By 2027: Grand View Research Inc.
San
Francisco, 13 June 2024: The Report Eye
Health Supplements Market Size, Share & Trends Analysis
Report By Ingredient Type, By Indication (AMD, Cataract, Dry Eye Syndrome,
Inflammation), By Formulation, By Region, And Segment Forecasts, 2020 - 2027
The global eye health supplements market size is expected to
reach USD 2.4 billion by 2027, expanding at a CAGR of 6.1%, according to a new
report by Grand View Research, Inc. Rising elderly population, growing exposure
to blue light, and increasing prevalence of various vision disorders such as
macular degeneration, refractive errors, cataract, inflammation, diabetic
retinopathy, corneal opacity, trachoma, and dry eye syndrome are the major
factors driving the market. In addition, uneven quality of eye care services,
workforce shortages, lifestyle changes leading to less time spent outdoors,
poor nutritional habits and dropping food quality, and increasing awareness
regarding eye health is further boosting the market growth.
According to the World Health Organization, in 2020, 2.2
billion people were suffering from vision impairments or blindness globally,
out of which 1.0 billion people have moderate to severe distance vision impairment.
This is owing to unaddressed cataract accounting for 65.2 million, refractive
error accounting for 123.7 million, glaucoma accounting for 6.9 million,
diabetic retinopathy accounting for 3.0 million, trachoma accounting for 2.0
million, and corneal opacities accounting for 4.2 million, as well as near
vision impairment caused due to unaddressed presbyopia accounting for 826.0
million cases. This has led to the rise in the demand and adoption of the
supplements for the prevention of various vision-related problems.
Moreover, an increase in the number of product launches,
partnerships, collaborations, mergers and acquisitions, and government
initiatives is further boosting the market growth. For instance, in November
2020, NovaBay Pharmaceuticals, Inc. announced the launch of NovaSight,
formulated to support ocular health, on Amazon.com. In January 2020, VisiVite
announced the launch of two new supplements- VisiVite Blue Light Basher Formula
for replenishing the macular pigment layer and dissipating high energy blue
light, and VisiVite AREDS 2 Chewable Tablets for maximum ocular nutrition.
However, lack of product availability and high costs associated with the
supplements in emerging countries is anticipated to hamper the market growth.
The growing incidences of vision impairment and rising
myopic population, particularly during the COVID-19 pandemic, owing to an
increased usage of screens and joining virtual meetings while working from
home, is one of the key factors driving the market. High myopia can be
attributable to an increased risk of various progressive eye disorders such as
cataracts, glaucoma, and age-related macular degeneration. Increasing
preference for eye health supplements among the older group of individuals and
millennials highly prone to digital eye fatigue and myopia is further driving
the market worldwide. An increase in the prevalence of various eye conditions
including Age-related Macular Degeneration (AMD), dry eye syndrome, cataracts,
and inflammation along with the glowing recommendation for eye health
supplements by ophthalmologists for the prevention and treatment of these
disorders is further driving the market.
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According to the WHO, around 2.2 billion individuals across
the globe in 2020 have been registered with vision impairment or blindness. Low
and middle-income countries such as South Asia and western and eastern
sub-Saharan Africa have been reported to witness eight times higher rates of
blindness as compared to the high-income countries. Particularly in low and middle-income
countries, women are expected to have a higher incidence of eye disorders such
as cataracts and AMD. Consumers in developed countries, such as the U.S.,
Canada, Australia, and the U.K., have high per-capita expenditures, thus
registering high spending on healthcare products, including eye health
supplements, which contributes to market growth. Moreover, increasing demand
for Lutein and Zeaxanthin supplements and bilberry extract supplements for eye
health and convenient access to these supplements via direct sales and
e-commerce platforms is driving the market.
Eye Health Supplements Market Report Highlights
- Lutein
and Zeaxanthin supplements emerged as the leading ingredient type segment
in 2020 with a revenue share of 31.2% in the market
- The
Age-related Macular Degeneration (AMD) segment accounted for the largest
revenue share in 2020. Whereas, the dry eye syndrome segment is projected
to expand at the fastest CAGR during the forecast period
- Based
on formulation, the tablets segment accounted for the largest revenue
share in 2020, whereas the softgels segment is projected to expand at the
fastest CAGR during the forecast period
- North
America accounted for the largest revenue share in 2020 due to increasing
prevalence of eye-related disorders in the region, developed healthcare
infrastructure, and a high presence of channel distributors for the
supplements.
Moreover, the increasing launch of eye health supplements in
order to cater to the unmet demand from 1.0 billion unaddressed individuals
suffering from vision impairment worldwide is projected to deliver robust
growth in the market. This, in turn, is expected to further drive the sales of
eye health supplements in the near future. For instance, Bausch + Lomb, in
October 2020, launched its eye health supplement - PreserVision AREDS 2 Formula
mini gel eye vitamins in the U.S. The PreserVision AREDS 2 Formula mini gel is
an easier-to-swallow alternative for the company’s PreserVision AREDS 2 Formula
soft gels, indicated for advanced AMD.
Moreover, the presence of a strong sales channel and
distribution network for these supplements contributes significantly to market
growth. As per a study published by NutraIngredients, owing to the COVID-19
situation, the online sales of eye health supplements have increased
drastically to approximately 48.3% in the past few months.
Eye Health
Supplements Market Report Scope
Report Attribute |
Details |
Market size value in 2020 |
USD 1.6 billion |
Revenue forecast in 2027 |
USD 2.4 billion |
Growth rate |
CAGR of 6.1% from 2020 to 2027 |
Base year for estimation |
2020 |
Historical data |
2016 - 2018 |
Forecast period |
2020 - 2027 |
Key companies are adopting various business strategies
including mergers, collaborations, and new product launches to maintain their
market share. For instance, in August 2020, the Japanese company Nippon Flour
Mills entered into the healthcare business with the launch of its eye and brain
flavonoid supplements made of lutein, Ginkgo Biloba, terpene lactone, and
zeaxanthin.
Some of the prominent
players in the eye health supplements market include:
- The
Nature's Bounty Co.
- Vitabiotics
Ltd.
- Pfizer
Inc.
- Amway
International
- Bausch
& Lomb
- Nutrivein
- ZeaVision
LLC
- Kemin
Industries, Inc.
- EyeScience
- Nutrachamps
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