Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Antioxidants such as Lutein and Zeaxanthin of the carotenoid family are some of the eye health supplements. Lutein and Zeaxanthin are two types of carotenoids found in green leafy vegetables and other plants. These supplements protect eyes from harmful high energy wavelengths of light. Antioxidants such as Vitamin A, Vitamin C, and Vitamin E protect eyes from free radicals.
The global eye health supplements market is estimated to account for US$ 2,236.6 Mn in terms of value in 2020 and is expected to reach US$ 3,418.3 Mn by the end of 2027.
Global Eye Health Supplements Market: Drivers
Increasing prevalence of various eye disorders is expected to propel growth of the global eye health supplements market over the forecast period. For instance, according to the study, “Prevalence of refractive errors, uncorrected refractive error, and presbyopia in adults in India: A systematic review”, published in the Indian Journal of Ophthalmology, in April 2019, the prevalence of refractive errors, of at least 0.50 D of spherical equivalent ametropia was 53.1%. Moreover, the prevalence of uncorrected refractive error was 10.2% in the study population.
Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
Capsules segment held dominant position in the global eye health supplements market in 2019, accounting for 43.4% share in terms of value, followed by tablet and others, respectively
Figure 1. Global Eye Health Supplements Market Share (%), by Form, 2019
Global Eye Health Supplements Market: Restraints
Stringent regulations for production of eye health supplements are expected to hinder growth of the market. Regulations vary from region to region. Moreover, several manufacturers give exaggerated health claims, which further limits market growth.
Moreover, low bioavailability of Anthocyanin and its instability at neutral pH limits its adoption as eye health supplement. This in turn is expected to limit growth of the market.
Global Eye Health Supplements Market: Opportunities
Majority of the products are putting claims on their product label based on the ingredient specific clinical trials. However, very few products in the market are backed by product-based clinical trials. Conducting product-based clinical trials is expected to offer lucrative growth opportunities for players in the market.
Majority of products used for eye health contain Lutein, Zeaxanthin, Vitamin A, and Vitamin C. To differentiate eye health products, companies may focus on launching novel ingredients such as Astaxanthin, Blueberry, Omega-3 long chain PUFAs, DHAs, and Genistein.
The global eye health supplements market was valued at US$ 2,105.2 Mn in 2019 and is forecast to reach a value of US$ 3,418.3 Mn by 2027 at a CAGR of 6.2% between 2020 and 2027.
Figure 2. Global Eye Health Supplements Market Value (US$ Mn), and Y-o-Y Growth (%), 2019-2027
Market Trends/Key Takeaways
Increasing number of eye surgery centers is expected to boost growth of the market. For instance, in March 2019, Covenant Surgical Partners partnered with U.S.-based De La Peña Eye Clinic to expand its eye surgery centers.
Major organizations are focused on assessing eye health in emerging economies, which is also expected to aid in growth of the market. For instance, in January 2020, Fred Hollows Foundation, Australia, in collaboration with Tilganga Institute of Ophthalmology, Nepal, reported a programmatic design and knowledge translation process that aims to increase women’s uptake of eye health services in rural Nepal.
Global Eye Health Supplements Market: Competitive Landscape
Major players operating in the global eye health supplements market include, Bausch + Lomb, Vitabiotics Ltd., Valeant Pharmaceuticals International Inc., Life Extension, Pfizer Inc., OmniActive Health Technologies, Algatechnologies, Alliance Pharma, The Nature's Bounty Co., Novartis AG, and Amway Corp.
Global Eye Health Supplements Market: Key Developments
Major players in the market are focused on adopting partnership and collaboration strategies to enhance their market share. For instance, in December 2019, OmniActive Health Technologies entered into an exclusive distribution partnership with Shanghai Prochin for sell of Lutemax 2020 Lutein and Zeaxanthin Isomers in China.
Major players in the market are also focused on launching new products to expand their product portfolio. For instance, in November 2019, Life Extension developed Gummy Science Digital Eye Support, a new, science-based supplement for eye health.