Eye Care Supplements Market Size : Industry Growth Factors, Applications, Growth Analysis, Key Players and Forecasts by 2023
The global Eye Care Supplements Market is witnessing a continual rise in its size. The market growth majorly attributes to the penetration of various vision care brands. The prevalence of various eye diseases and disorders is constantly growing over the last few years. This is mainly due to environmental changes, pollution, and the adoption of an unhealthy lifestyle.
Moreover, the increasing myopic population worldwide pushes sales of eye health supplements. Additionally, vision corrective & surgical processes and ophthalmic diseases increase the consumption of eye health products. Also, increasing screen use led by the rising popularity of smartphones and mobile games escalates the market growth to furthered height. Average screen time is soaring during COVID 19 Lockdown as more people work from home and join virtual meetings.
According to Market Research Future (MRFR), the global Eye Care Supplements Market is poised to create a valuation of USD 9,355.09 MN by 2025, registering 6.36% CAGR during the review period (2019 – 2025). High myopia increases the risk of eye disorders later in life, such as early cataracts, glaucoma, and macular degeneration. Hence, it is not only the older group of people, but younger customers are also turning to eye care supplements to improve their eyesight damaged due to long hours of screen-time, causing dry and tired eyes.
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Global Eye Care Supplements Market – Segments
The report is segmented into six dynamics;
By Indication : Cataract, Age-Related Macular Degeneration (AMD), Glaucoma, Eye Fatigue, Corneal Support, Eyelid Conjunctivitis, and others.
By Product Type : Antioxidant, Neuro-Protective, Anti-Inflammatory, and others.
By Supplement Type : Vitamins, Minerals, Fatty Acids, and others.
By Form : Tablet/Capsule, Liquid, Gels, Gummies, and others.
By Distribution Channel : Online Pharmacy, Hospital Pharmacy, Retail Pharmacy, and others.
By Regions : Europe, North America, APAC and Rest-of-the-World.
Eye Care Supplements Market – Regional Analysis
North American dominates the global Eye Care Supplements Market. The largest market share attributes to the growing prevalence of various eye-related diseases and disorders. Besides, the strong presence of many notable players such as Pfizer Inc., Amway, and Bausch & Lomb Incorporated, increases the penetration of vision care supplements in the region. Also, the high consumption of eye health nutrition in countries such as the US and Canada contributes to a considerably large market.
Moreover, factors such as the growing R&D investments and rising numbers of research institutions, including Independent Research Institutes (IRIs) and universities, support the market growth. Growing adoption of advanced technology positively contributes to regional market growth by improving manufacturing techniques. The North American Eye Care Supplements Market is expected to retain its leading position in the global market throughout the forecasted period (2019-2025).
Europe stands second in the global Eye Care Supplements Market. The market is driven by the rising numbers of glaucoma patients and the growing elderly population in the region. Additionally, factors such as the presence of prominent manufacturers and distributors and increasing emphasis on the diagnosis and treatment of eye diseases and eye disorders foster the regional market growth.
Moreover, the increasing expenditure on healthcare by major European countries also accelerates the growth of the market. Germany and the U.K. are major growth contributors to the European Eye Care Supplements Market.
The Eye Care Supplements Market in the Asia Pacific region is growing rapidly. Factors such as the increasing healthcare expenses and widening access through new distribution channels foster regional market growth. Also, increasing numbers of multinational companies seek opportunities in the region to expand their global footprints. This, as a result, boosts the market growth, increasing the production plants in the region.
Moreover, the growing aging population, rising health issues, and diabetes in rapidly growing countries such as Japan, China, India, South Korea, and Australia push the market demand. Also, the improving quality of life of demographics, alongside the influence of western culture, impacts the market growth. The APAC Eye Care Supplements Market is projected to create a substantial revenue pocket over the assessment period.
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Global Eye Care Supplements Market – Competitive Analysis
Highly competitive, the Eye Care Supplements Market appears fragmented due to the strong presence of many notable industry players. To gain a larger competitive share, market players incorporate strategic initiatives such as mergers and acquisitions, collaborations, expansion, and product/ technology launch. Manufacturers strive to discover and develop innovative products that can deliver more than just safe and effective results. Hence, they make substantial investments to drive R&D and their expansion plans. They are increasingly investing in companies in emerging economies for product development and manufacturing activities.
Players leading the global Eye Care Supplements Market include Alcon, Bausch & Lomb Incorporated, Pfizer, Inc., Alliance Pharma PLC, Vitabiotics Ltd, NUSAPURE, Amway, EyeScience, Akorn Incorporated, and Nordic Naturals, among others.
Industry/ Innovation /Related News:
May 28, 2020 —- VitaHealth (Malaysia), a leading health supplements and nutritional products company, announced its plans to tap into growing demand among Singapore’s myopic population to push sales of its eye health supplements. VitaHealth sees growing opportunity with vision care supplements as screen time soars due to the COVID-19 pandemic that has increased screen use as more people work from home and join virtual meetings. VitaHealth Eye-Care is a herbal extracts blend providing zeaxanthin, lutein, anthocyanidinsn, and lycopene for overall eye health.