Rising eye disorders, such as age-related macular degeneration (AMD), and increasing eye health awareness among the general population, are expected to fuel the growth of the eye health supplements market. Older people are at greater risk of eye disorders, and hence, globally, the increasing aged population is further expected to generate traction for the eye health supplements market over the forecast period of 2019 to 2029. Moreover, manufacturers are generating awareness about eye health through age-specific advertisements and awareness drives.
Potential Impact of COVID-19 Outbreak
Nutritional supplements are likely to witness an increase in demand during and post the Covid-19 crisis. Vitamin A deficiency is most commonly observed, and as people are inclined more toward a preventive approach to enhance their immunity as a preventive measure during the COVID-19 pandemic, the outbreak will create an opportunity for eye health supplement manufacturers in the near future.
Increasing Collaborations and Acquisitions to Increase Market Presence
Leading companies in the global eye health supplements market are striving to consolidate their position by means of acquiring small and regional manufacturing firms in the landscape. Manufacturers are adopting commercial and social media campaigns to promote their products in the market, in order to enhance their sales and market share. For example, in June 2016, Alcon Laboratories, a division of Novartis, launched a cataract awareness campaign in the U.S. by partnering with Hollywood actress Cheryl Ladd. This is expected to raise public awareness about cataract and fuel the uptake of eye health supplements.
Eye Health Supplements Market: Increasing Products Offerings
Expanding product line offerings by adopting different formulation strategies and launching products focused on eye disorders and relevant age groups are expected to increase regional product penetration, generating high traction for the eye health supplements market. Carotenoids such as lutein, beta-carotene, and astaxanthin usually have poor bioavailability due to their lipophilic nature, hampering their effectiveness. To enhance bioavailability of the ingredients, companies are adopting new formulation technologies. Generally, capsules, pills, and tablets are most commonly used in eye health supplements. However, a few companies are trying to tap new formulation technologies in the eye health supplements market to enhance the bioavailability of the ingredients.
North America to Dominate Eye Health Supplements Market
North America remains the most lucrative region with a noteworthy market share of over 30% in global eye health supplements market. Growing prevalence of chronic eye disorders, rising elderly population, improving reimbursement scenario, rising awareness, and availability of high-end commercialised eye health supplements are factors contributing to the dominance of North America in the global eye health supplements market. In 2014, the U.S. witnessed 45% of eye health supplement product launches across the world. Increase in research & development activities, rapidly improving insurance sectors, and increase in demand for innovative products will make Europe the second-most lucrative region in the global eye health supplements market during the forecast period. With rapidly improving healthcare access, product availability, surging treatment seeking rate, increasing eye health awareness, etc., Asia Pacific will be the fastest growing market in the global eye health supplement market through 2029.
Competitive Landscape of Eye Health Supplements Market
The eye health supplements market is characterized as a consolidated market space with key players across the globe, such as Vitabiotics Ltd., Pfizer Inc., Bausch Health Companies Inc., Novartis AG, Amway Corp., Alliance Pharma, and The Nature's Bounty Co. Manufacturers are actively involved in geographic expansion and acquisition of other companies to gain a larger market share in the eye health supplements market. Further, investments toward R&D and collaborations with different healthcare organizations to launch new product lines are key strategies being adopted by manufacturers in the eye health supplements market.
Increasing prevalence of eye disorders coupled with rising eye health awareness among consumers is expected to accelerate the growth of the eye health supplements market over forecast periods. Besides, the continuous focus of manufacturers toward improvements in formulation technologies and clinical validation of eye health products are also responsible for market growth at an impressive rate. North America and Europe will hold a substantial share of the global eye health supplements market, and are expected to continue to do so with the launch of various advanced eye health supplements in the coming years.
Eye Health Supplements Market - Scope of the Report
Persistence Market Research (PMR) recently published a market study on the global eye health supplements market. The study provides detailed assessment on key market dynamics, including the drivers, trends, opportunities restraints, and detailed information about the eye health supplements market structure. The market study presents exclusive information about how the eye health supplements market will grow during the forecast period (2019-2029).
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market and compound annual growth rate (CAGR) are explained in PMR’s study in a comprehensive manner. Other information includes definition, drivers and opportunity analysis by region and by product type, which helps in the deep understanding of the market segment details by researchers, suppliers, manufactures, and distributors. This information can help readers understand the quantitative growth prospects of the eye health supplements market for forecast period.
The study is relevant for manufacturers, physicians, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Business researcher, shareholders, and industry experts can leverage the information and data presented in PMR’s study.
The study also includes statistics as well as facts related to the macroeconomic factors that are impacting developments in the market. It also offers actionable insights based on the future trends in the eye health supplements market. Furthermore, small businesses and new entrants in the eye health supplements market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
PMR’s study on the eye health supplements market offers information divided into four important segments—ingredient, disease indication, form, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
Key Segments of Eye Health Supplements Market
Questions Answered in PMR’s Eye Health Supplements Market Report
Eye Health Supplements Market: Research Methodology
In PMR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the eye health supplements market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the eye health supplements market study include statistics from government healthcare organizations, medicines journals, research journals, press release, annual reports, white papers, directories, and databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary resources and secondary resources acts as a validation from companies in the market, and makes PMR’s projections on the growth prospects of the eye health supplements market more accurate and reliable.