New York, Jan. 19, 2024 (GLOBE NEWSWIRE) -- The global eye care supplement market is projected to grow at a 4.5% CAGR, reaching US$22.9 billion by 2030 from US$16.8 billion in 2023.
A significant driver is the increased occurrence of vision impairment and a rise in myopic individuals, especially during the COVID-19 pandemic. This surge is attributed to heightened screen usage and virtual meetings while working from home, contributing to high myopia and an elevated risk of progressive eye disorders such as cataracts, glaucoma, and age-related macular degeneration.
The market is further fuelled by the growing preference for eye care supplements among older individuals and millennials susceptible to digital eye fatigue and myopia. The rise in various eye conditions like Age-related Macular Degeneration (AMD), dry eye syndrome, cataracts, and inflammation, coupled with ophthalmologists recommending eye care supplements for prevention and treatment, further propels market growth worldwide.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue 2023 | US$16.8 Bn | |
| Estimated Revenue 2030 | US$22.9 Bn | |
| Growth Rate - CAGR | 4.5% | |
| Forecast Period | 2023-2030 | |
| No. of Pages | 147 Pages | |
| Market Segmentation | By Ingredient, Indication, Formulation, Distribution Channel, Region | |
| Regions Covered | North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa | |
| Key Companies Profiled |
| |
Historical Analysis and Forecast Projections of Eye Care Supplement Market
The eye care supplement sector grew at a 6.0% CAGR from 2019 to 2023 and is expected to continue growing moderately at 6.5% from 2024 to 2030.
During the previous period (2019-2023), the market witnessed significant growth, attributed in part to the aging global population leading to increased age-related eye conditions and a greater demand for eye care supplements. The awareness of preventive health measures and the role of nutrition in maintaining eye health also contributed to market expansion.
The rise of digital devices and concerns about the impact of blue light on eye health likely prompted the development of supplements targeting digital eye strain. Ongoing research and innovation, incorporating scientifically proven ingredients, played a role in market growth.
The forecasted period (2023-2030) is expected to see accelerated market growth. Advances in supplement delivery systems and technology are anticipated to enhance the bioavailability and effectiveness of eye care supplements. The trend towards personalized nutrition, possibly guided by genetic testing, may lead to highly customized eye care supplement regimens.
The integration of digital tools, such as mobile apps for tracking eye health and supplement adherence, could boost consumer engagement and contribute to market growth. As healthcare awareness increases in emerging markets, the eye care supplement market may experience expansion into these regions.
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Key Trends in the Eye Care Supplement Market
Notable Growth Anticipated in the Cataract Segment
Cataracts, often described as cloudy lenses, develop behind the colored part of the eye. The growth of the cataract segment is primarily driven by the increasing prevalence of cataracts and the growing elderly population.
Supplements' recognized benefits for cataracts play a crucial role in segment growth. For instance, a study published by PubMed Central in October 2022 highlights the antioxidant and neuroprotective properties of vitamin B, suggesting a potential decrease in cataract incidence. This acknowledgment of supplements' high efficacy for cataracts is expected to propel the segment's growth.
Furthermore, the global rise in the elderly population contributes to the segment's expansion, given the common association of cataracts with older individuals. Data from the World Health Organization (WHO) in October 2022 estimates that 1 in 6 people worldwide will be aged 60 or over by 2030, with the population aged 60 and over reaching 1.4 billion. This anticipated surge in the elderly population aligns with the increasing use of eye care supplements among cataract patients.
Eye Care Supplements Market Segment Overview
Product Types:
The eye care supplements market is segmented into antioxidant, neuro-protective, and anti-inflammatory products. Antioxidants lead the market, contributing to 35% of revenue (0.42 Billion). In developing economies, the use of these products is rising due to increased awareness of their benefits in preventing and treating various eye disorders.
Indications:
Segmented by indications, the market covers age-related macular degeneration (AMD), cataract, glaucoma, eye fatigue, corneal support, eyelid conjunctivitis, and others. Age-related macular degeneration (AMD) generates the most income (70.4%), driven by its increasing prevalence. However, eye fatigue is the fastest-growing category due to rising recommendations for dietary supplements to address it.
Supplement Types:
Categorized by supplement types, the market includes vitamins, minerals, fatty acids, and others. Minerals yield the highest income due to growing awareness of their eye care benefits. Fatty acids, however, are the fastest-growing category, driven by an increasing number of health-conscious consumers.
Forms:
The market, based on forms, comprises tablets/capsules, liquids, gels, gummies, and others. Tablets/capsules generate the most income, primarily due to their availability in various forms like sustained-release and chewable tablets. Gels, on the other hand, are the fastest-growing category, propelled by the high availability of gel eye care dietary supplements from key brands.
Distribution Channels:
Segmented by distribution channels, the market includes online pharmacy, retail pharmacy, and hospital pharmacy. Retail pharmacy leads in income, attributed to the increasing number of independent and chain pharmacies. Online pharmacy, however, is the fastest-growing category, fuelled by the rapid adoption of automation technologies like robots and packaging systems.
Insights by Country
United States: A Center for Eye Health Supplements
Rising Cases of Eye Disorders Drive Demand for Nutritional Supplements
In the United States, eye disorders are widespread, with around 4.2 million Americans aged 40 and above experiencing low vision or blindness, as per the CDC. Major disorders include cataracts, age-related macular degeneration, amblyopia, and glaucoma, exhibiting symptoms like red eyes, eye strain, lazy eyes, and night blindness. Ophthalmologists recommend supplements containing zinc, lutein, zeaxanthin, vitamin C, omega-3 fatty acids, and vitamin B1, anticipating increased sales in the country.
Germany: A Focal Point for Eye Health Supplement Manufacturers
Growing R&D Efforts for Enhanced Eye Health Products
With a 5.2% share of global revenue in 2022, Germany attracts eye health supplement manufacturers due to increased research and development activities. The demand for innovative and more effective eye health products, coupled with a rapidly evolving insurance sector, creates growth prospects. Germany's efficient supply chain management system also contributes to its revenue share.
Competitive Insights and Business Tactics
Leading players such as The Nature’s Bounty Co., Pfizer Inc., Vitabiotics Ltd., Bausch & Lomb, and Kemin Industries, Inc. dominate the eye care supplement market. In this competitive landscape, businesses employ Competitive Intelligence to understand rivals' strategies, market positions, and product offerings. This involves staying informed about industry trends, tracking competitors' product launches, and recognizing potential threats. Analyzing market dynamics and competitors' performance provides valuable insights, enabling companies to refine strategies, differentiate products, and identify growth opportunities. Continuous monitoring of competitors' activities is vital for staying competitive, facilitating quick adaptation to changing consumer preferences and market dynamics.
Business strategies in the eye care supplement market revolve around product distinctiveness, market expansion, and building strong brand identity. Companies focus on developing formulations with unique ingredient blends, supported by scientific research, to set their products apart. Strategic collaborations with healthcare professionals and endorsements from eye care specialists enhance credibility.
Key Questions Answered in the Report:
- What are the contributing factors to the market's growth trends?
- What is the current market size, and how is it expected to change in the upcoming years?
- What are the key elements exerting influence on the market?
- How is the Eye Care Supplement market segmented, considering types, applications, fuels, or other relevant factors?
- Who are the major participants in the Eye Care Supplement market?
- What strategies are these players employing to establish a competitive edge?
- What factors are propelling the expansion of the Eye Care Supplement market?
- Which regions are anticipated to witness notable growth, and what are the driving factors behind it?
- What recent technological advancements are impacting the Eye Care Supplement industry?
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