PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1534530
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1534530
The eye health products market has seen significant growth due to the rising awareness and prevalence of eye-related disorders globally.The market is projected to reach $2.53 billion in 2024 and $4.26 billion by 2031, with a compound annual growth rate (CAGR) of 6.50%. As per Fairfield Market Research, the age-related macular degeneration (AMD) segment holds a prominent position within the market. Eye health products account for a substantial share in the global eye care market, highlighting their importance in maintaining and improving eye health.
Sales Analysis of the Global Market from 2014 to 2022 Vs Market Outlook for 2023 to 2033
Over the past eight years, the global market for eye health products recorded a steady growth rate. This growth is driven by efforts from both manufacturers and government bodies to raise awareness about eye health. These efforts include promoting the use of nutritional supplements and preventive measures to maintain eye health, especially as the global population ages and the prevalence of eye disorders increases.
The forecast period is expected to witness significant growth in the eye health products market. Aging populations are more prone to a range of eye problems, necessitating appropriate treatment and precautionary measures. The use of eye health products, including supplements, is seen as an efficient way to address eye issues associated with aging.
Market Drivers
The market is being driven by the increasing prevalence of myopia and vision impairment, often linked to higher screen usage and virtual meetings from home. High myopia is associated with a greater risk of degenerative eye diseases like cataracts and glaucoma. Additionally, there is a growing preference for eye health products among millennials, who are more susceptible to myopia and digital eye fatigue. This trend is expected to contribute to the market's growth over the coming years.
Factors Driving Market Growth
Development of Novel Supplements and Expanding Distribution Channels
Currently, ingredients such as Lutein, Zeaxanthin, Vitamin A, and Vitamin C make up a significant portion of the eye health products market. Companies are introducing innovative ingredients like astaxanthin, blueberries, omega-3 long-chain PUFAs, DHA, and genistein to differentiate their products. Clinical studies are often conducted to verify the effectiveness of these new ingredients.
For example, Cyanotech Corporation has conducted numerous clinical trials to study the benefits of astaxanthin on eye health.
To boost product sales and reach more consumers, companies are leveraging various distribution channels. Supermarkets, hypermarkets, pharmacies, and retail stores account for the majority of sales, but e-commerce sales have also surged due to the convenience of online shopping. This trend is expected to continue as manufacturers partner with hypermarkets and online retailers to expand their market reach.
For instance, Valeant Pharmaceuticals has collaborated with Costco, Kroger, Walmart, Walgreens, Rite Aid, and Amazon to distribute its eye health products.
Consumers today are more concerned with their health due to changes in dietary patterns, sedentary lifestyles, and increased screen usage. Information about eye care products and new product introductions is readily available through social media, the internet, TV advertisements, and articles. This information helps consumers make informed purchase decisions. Companies are also responding to consumer interests by introducing various eye health-improving products.
Impact of Regulatory Framework and Product Recalls on Market Growth
Stringent regulations surrounding manufacturing, product safety, and efficacy claims can hamper market expansion. Regulatory requirements vary by region, with some areas not permitting any efficacy or health benefit claims. Manufacturers need to carefully navigate these regulations to avoid regulatory actions.
For example, in May 2022, the FDA sent a warning letter to Golden Lab LLC after discovering that the company's eye health supplements were contaminated and did not conform to current good manufacturing practices. Such incidents highlight the importance of stringent regulatory compliance.
Product recalls can also impede market growth. For instance, in July 2019, Altaire Pharmaceuticals initiated a recall of several eye drops due to concerns about sterility. Non-sterile eye drops can cause severe infections, underscoring the importance of maintaining product safety standards.
Country-wise Insights
United States: Broad Availability of Eye Care Products
The U.S. holds a significant share of the global eye health products market. The prevalence of chronic eye disorders like diabetic retinopathy, AMD, dry eye syndrome, and glaucoma, coupled with growing awareness and the widespread availability of commercialized eye health products, drives market dominance. The presence of major players also contributes to the U.S. market's strength.
For example, Bausch & Lomb introduced Ocuvite eye performance vitamin supplements in the U.S.
Germany: Favorable Regulatory Scenarios for Veterinary Products
Germany holds a notable share in the global market, driven by increased R&D activities, rapidly developing insurance sectors, and growing demand for innovative eye health products. Efforts by players to create efficient supply chain systems and distribution channels are expected to support market expansion.
China: High Demand for Eye Health Products
China has a significant share of the global eye health products market, driven by numerous local market players offering effective and affordable supplements. The presence of a large patient pool with eye disorders and rising consumer awareness about eye health are additional factors contributing to market growth.
Category-wise Insights
Popular Ingredients for Eye Health Products
Lutein and zeaxanthin are majorly preferred supplements for eye health, holding a significant market share. The growing public awareness of their benefits in treating a variety of eye disorders, such as AMD, retinopathy, uveitis, and cataract, drives segment growth. Increased recommendations from clinicians and ophthalmologists further support their dominance.
High Demand Indications for Eye Health Products
Age-related macular degeneration (AMD) is the most common cause of blindness and holds a substantial segment share. The increasing prevalence of AMD worldwide impacts market growth. It is the third most prevalent cause of blindness globally and the main cause in high-income countries with aging populations.
Preferred Form of Eye Health Products
Capsules are the leading form of eye health products, driven by their wide availability, consumer preference, and long shelf life. Capsules are also relatively affordable and widely accepted among patients of all age groups.
Competition Analysis
Major players in the global eye health supplements market are acquiring local and small manufacturing companies to increase market share. They are also adopting advertising strategies and online campaigns to promote their products.
Fairfield Market Research has tracked recent developments related to companies in the eye health products space, which are available in the full report.
Key Companies Profiled
Key Segments Covered in Eye Health Products Industry Research