Eye Health Supplements Market Size, Share & Trends Analysis Report By Ingredient Type, By Indication (AMD, Cataract, Dry Eye Syndrome, Inflammation), By Formulation, By Region, And Segment Forecasts, 2020 - 2027
Eye Health Supplements Market Growth & Trends
The global eye health supplements market size is expected to reach USD 2.4 billion by 2027, expanding at a CAGR of 6.1%, according to a new report by Grand View Research, Inc. Rising elderly population, growing exposure to blue light, and increasing prevalence of various vision disorders such as macular degeneration, refractive errors, cataract, inflammation, diabetic retinopathy, corneal opacity, trachoma, and dry eye syndrome are the major factors driving the market. In addition, uneven quality of eye care services, workforce shortages, lifestyle changes leading to less time spent outdoors, poor nutritional habits and dropping food quality, and increasing awareness regarding eye health is further boosting the market growth.
According to the World Health Organization, in 2019, 2.2 billion people were suffering from vision impairments or blindness globally, out of which 1.0 billion people have moderate to severe distance vision impairment. This is owing to unaddressed cataract accounting for 65.2 million, refractive error accounting for 123.7 million, glaucoma accounting for 6.9 million, diabetic retinopathy accounting for 3.0 million, trachoma accounting for 2.0 million, and corneal opacities accounting for 4.2 million, as well as near vision impairment caused due to unaddressed presbyopia accounting for 826.0 million cases. This has led to the rise in the demand and adoption of the supplements for the prevention of various vision-related problems.
Moreover, an increase in the number of product launches, partnerships, collaborations, mergers and acquisitions, and government initiatives is further boosting the market growth. For instance, in November 2019, NovaBay Pharmaceuticals, Inc. announced the launch of NovaSight, formulated to support ocular health, on Amazon.com. In January 2020, VisiVite announced the launch of two new supplements- VisiVite Blue Light Basher Formula for replenishing the macular pigment layer and dissipating high energy blue light, and VisiVite AREDS 2 Chewable Tablets for maximum ocular nutrition. However, lack of product availability and high costs associated with the supplements in emerging countries is anticipated to hamper the market growth.
Eye Health Supplements Market Report Highlights
Lutein and Zeaxanthin supplements emerged as the leading ingredient type segment in 2019 with a revenue share of 31.2% in the market
The Age-related Macular Degeneration (AMD) segment accounted for the largest revenue share in 2019. Whereas, the dry eye syndrome segment is projected to expand at the fastest CAGR during the forecast period
Based on formulation, the tablets segment accounted for the largest revenue share in 2019, whereas the softgels segment is projected to expand at the fastest CAGR during the forecast period
North America accounted for the largest revenue share in 2019 due to increasing prevalence of eye-related disorders in the region, developed healthcare infrastructure, and a high presence of channel distributors for the supplements.
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