According to The Insight Partners latest study on “Eye Health Supplements Market Forecast to 2027 – COVID-19 Impact and Analysis – by Ingredient Type, Indication, and Form,” the market was valued at US$ 1,572.33 million in 2019 and is projected to reach US$ 2,382.96 million by 2027; it is expected to grow at a CAGR of 5.5% from 2020 to 2027. The report highlights trends prevailing in the global eye health supplements market, and the drivers and restraints pertaining to the market growth.
Eye supplements are nutritional products that help maintain eye health and good vision. The eye health supplements prominently comprise vitamin A, lutein and zeaxanthin, omega-3 fatty acids, gamma-linolenic acid, and others. These nutritional supplements help sustain eye function, reduce the development of age-related eye diseases, and protect eyes from harmful radiations. Eye health supplements can be useful to treat eye diseases such as dry eye, age-related macular degeneration, glaucoma, diabetic retinopathy, and cataracts. The increasing prevalence of eye diseases, coupled with rising number of geriatric population, is likely to drive the growth of the eye health supplement market during the forecast period.
Nordic Naturals, Herbalife Nutrition Ltd., The Nature’s Bounty Co., AMWAY, Pfizer Inc., Alcon Inc., Bausch Health Companies Inc., Vitabiotics Ltd., Alliance Pharma PLC., and Allergan plc are among the leading companies operating in the global eye health supplements market.
The COVID-19 pandemic has increased the global demand for various supplements. Despite the growing demand for health supplements such as eye health, vitamin, and mineral products, there is a shortage of supplement ingredients such as lutein and zeaxanthin due to difficulty in sourcing ingredients and interruptions happening in the global supply chain operations.
The APAC countries are facing challenges due to increasing incidences of COVID-19. As per the data of Worldometer, the total number of COVID-19 cases stood at 5,739,512 in APAC on August 17, 2020. The COVID-19 pandemic has accelerated dependency on digital devices and consumers are becoming aware of the negative effects of prolonged use of these devices such as mobile and laptops. These factors have increased the demand of health supplements and presenting lucrative opportunities for market players to gain new customers.3
AMD is a leading cause of irreversible blindness and visual impairment. As per the BrightFocus (a non-profit organization), ~11 million people in the US have some form of AMD. This number is expected to rise to 22 million by 2050.
The global eye health supplements market, by ingredient type, is segmented into lutein and zeaxanthin, antioxidants, omega-3 fatty acids, coenzyme Q10, flavonoids, astaxanthin, alpha-lipoic acid, and others. The lutein and zeaxanthin segment held the largest share of the market in 2019. This growth is ascribed to the increasing applications of lutein and zeaxanthin to reduce the risk of age-related macular degeneration and other eye disorders. However, the flavonoids segment is estimated to register the highest CAGR during the forecast period. This growth is attributed to increasing demand of antioxidants in eye health supplements.
Visual impairment, blindness, and associated conditions are significantly influencing the quality of physical and mental health of patients. Patients suffering from eye disorders are at high risk of going through chronic health conditions, accidents, depression, and social withdrawal. Age-related macular degeneration, glaucoma, cataract, eye allergies, diabetic retinopathy, amblyopia, and strabismus are commonly observed eye disorders among the global population.
According to a study published by the American Academy of Ophthalmology in 2019, ~7.32 million people in the US are projected to suffer from primary open-angle glaucoma by 2050. According to a study conducted by the Centers for Disease Control and Prevention (CDC) in 2019, nearly 20.5 million people in the US were suffering from cataract. Also, according to the estimates by the CDC, the number of cataract patients in the US will rise to 30 million by 2028. Furthermore, according to data published by NHS in 2020, about 360,000 million people in the UK are registered as partially sighted or blind. Such a high prevalence of eye conditions is anticipated to increase the demand and adoption of eye health supplements and this scenario will drive the growth of the market.
The report segments global eye health supplements market as follows:
By Ingredient Type
Lutein and Zeaxanthin
Omega-3 Fatty Acids
Age-Related Macular Degeneration (AMD)
Dry Eye Syndrome