Global Eye Health Supplements Market Continues To Grow Owing To Rising Awareness of Maintaining Good Eye Health and Increased Cases of Vision Impairment across the Globe
Eye health supplement products are used to maintain good vision and eye health. Apart from helping in preserving eye health, eye supplements are also utilized in treating eye-related diseases such as dry eye, diabetic retinopathy, glaucoma, cataract, and muscular degeneration. These supplements have nutrients that can prevent or delay the onset of eye diseases such as age-related macular degeneration (AMD), which is one of the leading cause of vision loss in the U.S., affecting over 10 million people in the region. Though this disease is associated with aging, some researches have proven the fact that it can affect younger people too.
Market Dynamics
The driving factor enhancing growth of the eye health supplements market is the worldwide increased cases of vision impairment. According to the World Health Organization (WHO), in 2018, 188.5 million people worldwide were suffering from normal vision impairment and concerning distant vision, 217 million people had severe to moderate vision impairment.
Rising awareness among individuals for maintaining a healthy eye has also resulted in increased demand for eye health products. According to the National Eye Institute, in the U.S., around 2.1 million population had an advanced stage of ADMA in 2014, which is estimated to increase to 3.7 million by 2030. Owing to the COVID-19 situations, the major global population are working from home, resulting in a noteworthy rise in screen timings. This factor is also stimulating the demand for eye health supplements market.
Growth of the market is also influenced by the advanced research technologies to find out a better daily supplement for the eyes. For instance, according to a study published in Nutrients in July 2018, Lutemax 2020 a naturally obtained ingredient was discovered, which is present in the marigold flower. This ingredient can regulate genes that cause endoplasmic reticulum stress, hence preventing the sensitive photoreceptors present in the eyes. Curcumin, a compound, which is extracted from turmeric has also shown good results in detecting and treating neurodegeneration implications.
However, the main restraining factors hindering growth of the eye health supplements market are episodes of product recalls and alternative treatment methods.
This market is distributed in five regions that include North America, Europe, Asia-Pacific, Middle East, and Africa, and Latin America. Among these, North America is estimated to hold a bigger share of the global eye supplements market, owing to increased R&D expenditure, the presence of local manufacturers, and better availability of eye health supplements. According to the American Academy of Ophthalmology in 2011, in the U.S. 2.71 million people were suffering from primary open-angle glaucoma (POAG) and the number is estimated to become 7.32 million by the year 2050. The market in the Asia Pacific is also estimated to witness significant growth, owing to the increased concern on eye health and improving affordability and accessibility of eye health products.
Competitive Analysis
Major players operating in the eye health supplements market include Akorn Incorporated, Butterflied Healthcare Ltd., Bausch and Lomb Incorporated, nature's Bounty Co., Pfizer Inc., Alliance Pharma, Amway Corp, Novartis AG, and Vitabiotics Ltd.
In April 2019, Algatechnologies announced that it is going to launch the AstaPure-EyeQ, a natural astaxanthin powder, which can be dissolved in cold water and aids in protecting the eye from oxidative stress and radiations.
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