Eye Health Supplements Market to Expand US$ 2.85 Billion by the end of 2024The growing importance of having perfect 20/20” eyesight is fueling the demand for eye care and eye health supplements. Macular degeneration, increasing prevalence of cataracts, glaucoma and several other eye disorders is driving the growth of the global market for eye health supplements.
Eye specialists recommend regular consumption of eye health supplements for visually-impaired people in order to retain the remainder percentage of vision. As per the recent data released by Persistence Market Research (PMR) eye health supplements over US$ 2.85 Billion is expected to sold worldwide over 2024-end.
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Key factors influencing the global eye health supplements market include:
• In 2017 and beyond, product recalls and stringent regulatory norms are expected to impede the market, however, increasing focus on product line expansion that is clinically approved is benefiting manufacturers in achieving their market aspirations.
• The consumption of medical supplement has grown higher in recent times owing to increasing sense of self-reliance amongst buyers. These supplements were previously taken only under expert supervision.
• Novelty in eye health products and supplements are further supporting the market growth and are being highlighted as preventive medications. Demand for such production has gained traction due to their efficiency in preventing ocular ailments.
• The widespread availability of raw materials is translating into manufacturing of cost-effective eye health supplements. Some of the manufacturers are also using multiple distribution channels in order to offer doorstep delivery services.
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PMR in its latest outlook on the global market for eye health supplements has profiled some of the leading manufacturers and suppliers of eye health supplements including Valeant Pharmaceuticals International Inc., Amway Corp., The Nature’s Bounty Co., Vitabiotics Ltd., Alliance Pharma, Novartis AG, and Pfizer Inc. Most of these players are spanned across Europe and North America making these regions highly significant to the overall development of the market. According to the projection, the market in North America will continue its dominance, accounting for over 30% share in revenues by the end of forecast period. Whereas, Europe is set to witness as robust CAGR of 6.3% of its market. Meanwhile, the market in Asia Pacific excluding Japan (APAC) will exhibit a more than 6% CAGR over 2024.
As per PMR’s report, demand for lutein & zeaxanthin and antioxidants based eye health supplements will be relatively higher during the forecast period. In addition, eye health supplements formulated with these ingredients are expected to account for over 60% share of the market. Demand for eye health supplements particularly for treating age-induced macular degeneration will be notably high, which is projected to account more than 50% of the market. Moreover, preference of prefer tablet supplements is expected to be more amongst consumers as compared to capsules. In 2016, tablet supplements worth US$ 587 Million were sold globally.
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