Eye Health Products Market
Global Market Study on Eye Health Supplements: High Incidence of Cataract to Positively Impact Market Growth
Eye Health Products Market is segmented by Ingredient that is Lutein and Zeaxanthin, Antioxidants, Omega-3 Fatty Acids, Coenzyme Q10, Flavonoids, Astaxanthin, Alpha-Lipoic Acid, Also by Disease Indication that is Age-related Macular Degeneration (AMD), Cataract, Dry Eye Syndrome and by its forms such as Tablets, Capsules.
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.
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- Pfizer Inc.
- Novartis AG
- Baush Health
- Amway Corp.
- Vitabiotics Ltd.
- Alliance Pharma
- The Nature's Bounty Co
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
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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.
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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.
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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.
Key Segments of Eye Health Supplements Market
Key Questions Answered in Report
- How much is the eye health products market worth?
The global eye health products market is expected to reach US$ 4.3 Bn by the year 2031.
- What will be the demand outlook?
The global eye health products market is expected to witness a CAGR of 6.5% between 2021 and 2031.
- What was the last 5 year market CAGR?
The eye health products market witnessed a CAGR of 5.5% between 2015 and 2020.
- What are the key trends of eye health products market?
New product launches are amongst the key trends of eye health products market.
- What is driving the demand for eye health products?
Increasing occurrences of vision impairment are driving the demand for eye health products.
- What is the market share of top 5 players?
The top 5 players like The Nature’s Bounty Co., Vitabiotics Ltd., Pfizer Inc., Bausch & Lomb, and Novartis AG hold more than 60% of the market share.
- What are the top 5 countries driving demand?
The top 5 countries driving demand include the US, UK, India, China, and Philippines.
- What is North America’s market Outlook?
North America holds the largest market share with the US holding the baton.
- At what percentage eye health products market is going to register growth in Europe?
Europe is expected to witness growth at the rate of 4.5% between 2021 and 2031.
- What is the key market statistics in Korea and Japan?
Japan and South Korea are expected to pick up a significant share of eye health products market between 2021 and 2031.