Dublin, Sept. 11, 2024 (GLOBE NEWSWIRE) -- The "Eye Health Supplements Market - Global Outlook & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The Eye Health Supplements Market was valued at USD 2.22 billion in 2023, and is expected to reach USD 3.28 billion by 2029, rising at a CAGR of 6.72%
The global eye health supplements market is growing and has witnessed significant competition among leading and emerging players. Amway, Bausch Health Companies, Nature's Bounty, Vitabiotics, and ZeaVision are some of the major companies operating in the eye care industries and achieve significant market penetration, consumer base, and strong brand image.
Amway is a global leader in the eye care industry, where Bausch Health Companies deliver high competition to Amway with an expanding geographical presence and product portfolio. Furthermore, emerging market players and local vendors are shifting towards natural health ingredient-based products that have gained popularity in eye health supplement industries. It again increases competition among leading and emerging vendors.
North America accounted for the largest share of the global eye health supplements market in 2023, accounting for over 30% of the global market share. In North America, the growing aging population, rising screen time, and high awareness and concern about eye health due to modern lifestyles are accelerating the significant demand for eye health supplements. In North America, several leading market players' marketing and promotional activities are accelerating the demand for eye health supplements.
Further, APAC is the second leading market and is expected to have the highest CAGR in the global eye health supplements market during the forecast period. Globally, the APAC is one of the leading geographies that contributes disproportionality to the world's burden of eye diseases and vision impairment. Around two-thirds of patients with moderate to severe vision impairment compared to South, East, and Central Asia, even though the population of the APAC accounts for 51% of the global population.
Furthermore, most of these vision impairments come from eye conditions that are yet to be addressed or could have been prevented. The factor behind this trend is the rapidly growing aging population across the region. Such factors have supported the market growth in the region during the forecast period.
MARKET TRENDS & DRIVERS
Increasing Focus on Eye Health
Eye health is becoming a major public health concern among every age group. However, in the past few years, the growing burden of eye diseases, such as in children, younger people, and adults, has been gaining attention in eye health improvement. The government's rising support and awareness program for eye care created awareness about eye health and associated eye health supplements. The key recommendations by the WHO, through the World Report of Vision 2019, are strengthening awareness and empowering and engaging people in eye care.
Desire for New Natural Ingredient-based Eye Health Supplements
The growing awareness about eye care and eye health supplements is a parallel trend for natural ingredients-based eye health supplements. Most vitamins and other ingredients that help maintain eye health are derived from natural sources. For instance, eye health supplements contain carotenoids, lutein, and zeaxanthin. These ingredients are typically found in natural sources. Bilberries, astaxanthin, and Ginkgo biloba are newly discovered ingredients that have become more popular in the eye health supplement market.
Presence of Significant Burden of Eye Diseases
Globally, blindness and vision impairment are a public health concern. Around 2.2 billion people have a near or distant vision impairment, of which at least 1 billion of these vision impairments are yet to be addressed or could have been prevented. Vision impairment and blindness are majorly caused due to cataracts and refractive errors. Vision impairment occurs when an eye health condition impacts the visual system and its vision functions. Vitamins A, C, and E are important for maintaining eye health. Vitamin B is also effective in some conditions. Vitamin deficiencies increase the risk of severe eye health conditions, such as cataracts, age-related macular degeneration, and glaucoma. Thus, the growing burden of eye diseases and available eye health supplements that effectively manage and reduce their risk fueling the market growth
Increasing Screen Time
The impact of the COVID-19 pandemic made people spend significant time on screens. Hours spent in front of the computer or mobile screen put lots of strain on the eyes, leading to severe eye conditions such as dryness, redness, bad eyesight, watery eyes, itchiness, and several other issues. Furthermore, with "Work from Home" becoming a major mainstream after the pandemic, people started spending hours in front of the screen, leading to high demand for eye care.
At the same time, most leisure time is also centered around a mix of social media and streaming platforms. This extended/excessive screening has been associated with significant issues in physical, mental, and eye health. With the increasing screen time, the increased exposure to blue light demands better eye care for younger age. To avoid these consequences, people use eye care health supplements such as vitamins, minerals, and others to support eye health, thereby supporting the growth of the eye health supplements market.
Rising Geriatric Population with Eye Diseases
The prevalence of eye diseases has started increasing rapidly around 40 years of age. Furthermore, it increases even steeper, beginning at around 60. Specifically in low- and middle-income countries, the demand for eye health promotions and curative and rehabilitative services for the visually impaired geriatric population is significantly high. The possibility of the occurrence of ocular diseases increases at the age of 40.
SEGMENTATION INSIGHTS
INSIGHTS BY INGREDIENTS
In 2023, the lutein & zeaxanthin segment held the most significant market share. These ingredients are considered the most effective ingredients in eye health management. Their efficacy, effectiveness, and safety make them more popular, and their demand for eye health supplements continuously increases. These ingredients are present in most of the eye health supplement products that are available globally.
INSIGHTS BY INDICATIONS
The age-related macular degeneration (AMD) indication segment dominated the global eye health supplements market share 2023. AMD is the most common eye disease among the geriatric population. As the age increases, the severity and prevalence of AMD is growing rapidly. It is one of the major eye diseases that has led to an increased prevalence of blindness and visual impairment globally.
Eye health supplements for AMD are vital and generate the highest revenue for market growth. the dry eye disease (DED) indication segment is expected to grow rapidly, with the highest CAGR in the eye health supplements industry during the forecast period.
INSIGHTS BY PRODUCT FORM
The capsules and soft gels segment accounted for around 37% of the market share in 2023 and dominated other segments during the forecast period. Capsules and soft gels are the most preferred formats in eye health supplements due to their ease of use and effectiveness in the targeted areas of dissolution.
Also, for manufacturing purposes, capsules do not require coating, blinder disintegrants, or other aids. In short, capsules are a convenient way to supplement eye health nutrients with additional nutrients throughout the day. Furthermore, some new forms are becoming more popular and are expected to deliver new growth opportunities.
INSIGHTS BY DISTRIBUTION CHANNELS
In 2023, the pharmacies and drugstore segment held the most dominant market share. Pharmacies and drug stores are the primary healthcare and nutritional product sources for every patient/consumer.
Most patients purchase their eye health supplements from pharmacies and drug stores during and after the eye care procedures as these distribution channels are primary sources; in such scenarios, the eye health supplements commonly prescribed by medical professionals are majorly sold at pharmacies or drug stores. Also, pharmacies form one of the major sales channels in developing markets. Most people consider pharmacies the first point of contact for healthcare solutions.
KEY QUESTIONS ANSWERED:
- How big is the eye health supplements market?
- Which region dominates the global eye health supplements market share?
- What is the growth rate of the global eye health supplements market?
- Who are the key players in the global eye health supplements market?
- What are the significant trends in the eye health supplements industry?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 322 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $2.22 Billion |
| Forecasted Market Value (USD) by 2029 | $3.28 Billion |
| Compound Annual Growth Rate | 6.7% |
| Regions Covered | Global |
MARKET DYNAMICS
Market Opportunities & Trends
- Increasing Focus on Eye Health
- Introduction of New Eye Health Supplements, Formulation, and Forms
- Desire for New Natural Ingredient-based Eye Health Supplements
Market Growth Enablers
- Presence of Significant Burden of Eye Diseases
- Increasing Screen Time
- Rising Geriatric Population with Eye Diseases
Market Restraints
- Concern About Eye Health Supplements and Their Label Claim
- Side Effects Associated to Eye Health Supplements
- Available Alternative Solutions for Eye Health Supplements
VENDOR LANDSCAPE
Key Company Profiles
- Amway Corp.
- Bausch Health Companies Inc.
- Nature's Bounty
- Vitabiotics Ltd.
- ZeaVision, LLC.
Other Prominent Vendors
- Alcon
- Alliance Pharma PLC
- Allied Biotech Corporation
- BASF SE
- Basic Brands Inc. (EyeScience)
- Butterflies Healthcare Ltd
- Cooper Aerobics
- ENTOD INTERNATIONAL
- Guardion Health Sciences
- Kemin Industries
- Herbalife International of America
- Nutrivein
- nuzena
- NOW Foods
- Nordic Naturals
- Nutravita
- Pfizer
- Performance Lab
- Setu
- Theia Bio
- The Synergy Company
- The Himalayan Organics
- Wellbeing Nutrition
- Zenith Labs
Segmentation by Product Form
- Capsules & Softgels
- Tablets
- Powder & Liquid
- Other Product Forms
Segmentation by Indication
- Age-related macular degeneration (AMD)
- Cataract
- Dry Eye Syndrome (DED)
- Inflammation
- Other Indications
Segmentation by Ingredients
- Lutein & Zeaxanthin
- Antioxidants
- Omega-3 Fatty Acids
- Other Ingredients
Segmentation by Distribution Channels
- Pharmacies & Drug Stores
- Supermarkets & Hypermarkets
- E-commerce
- Other Distribution Channels
For more information about this report visit https://www.researchandmarkets.com/r/gzqk44
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