Global eye health supplement market, by Ingredients Type (Lutein and Zeaxanthin, Omega-3 Fatty Acids, Vitamin A, Beta- carotene, Bilberry extracts, and Others), by Indication Type (Age-related Macular Degeneration (AMD), Cataract, Dry Eye Syndrome, Glaucoma, and Others), by Dosage Type (Tablets, Capsules, Soft gels, and Others (powders, gummies, liquids)) by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 2,258.8 million in 2020 and is expected to exhibit a CAGR of 7.7% during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
Global Eye Health Supplement Market- Impact of Coronavirus (COVID-19) Pandemic
Lockdown in various countries due to the pandemic has placed an economic burden on the private healthcare sector. Healthcare providers are facing shortage of raw materials required for the production of health supplements including eye health supplements, across the globe. Many manufacturers are facing issues such as shortage of labor and transportation of raw materials, which has affected the production of the eye health supplements. Most of the vehicles used for transportation of these products are stuck at the state borders or at the country’s borders.
For instance, in July 2020, Alcon, an eye care organization, conducted a survey during dry eye awareness month. Alcon hired Ipsos a research company for the survey. The survey was conducted among 1,005 nationally representative U.S. adults, uncovers the impact the COVID-19 pandemic on consumers’ screen time and how it impacted on eye health. The survey concluded that around 80% of the Americans reported their screen time increased during the COVID-19 pandemic. Among those who had increased screen time, nearly 45% reported their eyes feel dry as a result of it.
The increasing number of clinical trials, product launches, collaborations, and partnership strategies adopted by key players are the major factors, which are expected to drive growth of the global eye health supplements market during the forecast period.
The increasing number of clinical trials is expected to contribute significantly to the global eye health supplement market growth. For instance, in January 2018, Lycored, a nutritional supplement company announced results of a pre-clinical phase-I study showing a powerful biological synergy attributable to the ingredients in its LycoInvision nutrient complex for vision health. The ex vivo study1-funded by Lycored and designed to assess the nutrient complex’s effects on immune cells from patients with age-related macular degeneration (AMD)-appears in the peer-reviewed journal Molecular Vision.
Key players in the global eye health supplement market are focused on adopting organic growth strategies such as product launches, which is expected to drive growth of the market during the forecast period. For instance in 2019, Covalent Medical (a patient-focused company that produces eye vitamins which are sold directly through eye care professionals) launched reformulated version of their leading omega-3 formulation Focus Relief Plus, under the brand name Focus Vision Supplements.
The increasing approvals of eye health supplements from the regulatory bodies are also expected to drive growth of the global eye health supplement market during the forecast period. For instance, in February 2016, Kemin, holder of FloraGLO Lutein brand, announced that ANVISA, Brazil’s national Health Surveillance Agency, has approved for sale of its product, ZeaONE Zeaxanthin. ZeaONE is a dietary free-form zeaxanthin ingredient naturally sourced from marigolds produced by Kemin. Zeaxanthin, like lutein, is proven to act as a protective antioxidant and filter of blue light in the eye and skin.
Browse 42 Market Data Tables and 40 Figures spread through 223 Pages and in-depth TOC on Global Eye Health Supplement Market, by Ingredients Type (Lutein and Zeaxanthin, Omega-3 Fatty Acids, Vitamin A, Beta-carotene, Bilberry extracts, and Others), by Indication Type (Age-related Macular Degeneration (AMD), Cataract, Dry Eye Syndrome, Glaucoma, and Others), by Dosage Form (Tablets, Capsules, Soft gels, and Others (powders, gummies, liquids)), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Forecast to 2027"
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The rising adoption of inorganic growth strategies such as partnerships by major companies is expected to drive growth of the global eye health supplement market. For instance, in November 2020, Atacama Bio Natural Products S.A announced its partnership with Heamin Co, Ltd., in order to distribute eye health supplements such as Astaxantin in South Korea.
Key Takeaways of the Global Eye Health Supplement Market:
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