Eye Health Supplements Market

Global Eye Health Supplements Market Size (2023 to 2028)

The global eye health supplements market is predicted to grow from USD 2.3 billion in 2023 to USD 3.7 billion by 2028, growing at a CAGR of 6.3% from 2023 to 2028.

Impact of COVID-19 on the eye health supplements market:

The pandemic crisis has significantly impacted the global eye health supplements market. The strict isolation condition and restriction resulted in the cancellation of many ophthalmic clinical visits and surgeries, which could potentially lead to significant harm to patient’s vision; such decline in patient visits impacted the emerging adoption of eye health supplements among the patient population, the rising adoption of digital health services such as telemedicine and virtual care practices increases the demand for the eye health supplement during the crisis. The emerging adoption of online pharmacies during the pandemic has increased the growth of the eye health supplements market.

MARKET DRIVERS:

The growing prevalence of eye disorders globally is one of the primary key drivers propelling the market growth during the forecast period. The emerging software services led to the widespread use of digital devices like smartphones and tablets, leading to increased screen time, which can strain the eyes and contribute to the rising prevalence of eye disorders. Globally, 2 billion people suffer from various eye disorder condition; hence, this rising prevalence need appropriate medication, and this factor majorly boosts the market growth during the forecast period.

The growing geriatric population further propels the market growth. In 2022, the global population was 730 million people worldwide who were 65 or older, and by 2028, this number is expected to have doubled to 680 million. The World Health Organization estimates that at least 2.2 billion individuals worldwide suffer from a near- or distance vision impairment as of 2022. Vision impairment may have been avoided in at least 1.2 billion cases, or about half of these, or has not yet been addressed. Furthermore, between 17 million and 48 million Americans already suffer from dry eyes, according to data from the Dry Eye Directory for 2022. It accounts for 5% to 15% of the population, hence this factor boosting the market growth during the projected period.

The launches of innovative products are the third factor fuelling the growth of the eye health supplements market. For instance, Healthy Directions announced the launch of Vision Essentials ULTRA, a ground-breaking one-a-day vision supplement, in July 2022. This product is part of the company's extremely effective and popular Whitaker Nutrition range. Similarly, PharmaLinea launched a range of preventative eye health supplements in user-friendly formats in May 2021. The pandemic, which has increased screen time and contributed to a rise in eye health problems, was the cause of the decision. A cooperation between Unibar Corporation and Health Thru Nutrition was also announced in February 2021, along with the launch of the Health Thru Nutrition Capsanthin supplement that contains CapsiClear, and the increasing product approval and launches fuel the market growth during the forecast period. The growing demand for eye health products and emerging eye conditions, including eye syndrome, AMD, and cataracts, are contributing to the growth of the eye health supplements market.

MARKET RESTRAINTS:

The stringent regulatory guidelines and the lack of scientific evidence are the two major factors hampering the growth of the market during the projected period. For instance, the Food Safety and Standards Authority of India (FSSAI), an Indian regulatory body, alerted the state food safety commissioners in June 2021 to ensure that products met the Recommended Dietary Allowance (RDA) values for health supplements, including eye health supplements like vitamins, minerals, and amino acids. The recommended dietary allowance (RDA) for the Indian population should not be exceeded by this figure. This restraint can be effectively addressed by biopharmaceutical companies' strong resistance to changing the regulations to their advantage. The high cost associated with the eye health supplement and the lack of availability of the product in emerging countries further hinder the market growth during the forecast period.

REPORT COVERAGE:

This research report on the eye health supplements market has been segmented and sub-segmented into care type, end user, and region.

Eye Health Supplements Market- By Type:

• Antioxidants
• Fatty Acids Anti-inflammatory Supplements
• Neuro-Protective Supplements
• Others

Based on the type, the antioxidant segment is anticipated to hold the major share of the market during the projected period. Antioxidants are essential in protecting the eyes against oxidative stress, which can harm the tissues and cells of the eyes. Due to their continual exposure to light and oxygen, the eyes are especially exposed to oxidative damage. Antioxidants such as zinc, lutein, zeaxanthin, vitamin C, and E fight free radicals and lower the risk of age-related eye disorders like cataracts and macular degeneration.

Neuro-protective supplement segment is also anticipated to hold a significant share of the market during the forecast period. Neurodegenerative processes in the eye are characteristic of diseases like glaucoma and age-related macular degeneration (AMD). As the world's population ages, certain illnesses are more common. By promoting the well-being of retinal ganglion cells and other neurological structures in the eye, neuroprotective supplements help prevent or stop the progression of these disorders.

Eye Health Supplements Market – By Indication:

• Age-Related Macular Degeneration (AMD)
• Cataract
• Dry Eye Syndrome
• Diabetic Retinopathy
• Others

Based on the indication, the diabetic retinopathy segment is predicted to hold a significant share of the market during the forecast period. The eye health supplements market's diabetic retinopathy segment is primarily driven by the rising prevalence of diabetes, increased awareness of diabetic eye complications, recommendations from healthcare professionals, scientific research; patient concerns about preserving their vision, lifestyle factors, the approach to managing diabetes, and ongoing product innovation.

Dry eye syndrome is another segment anticipated to hold a notable share of the market during the projected period. The growing use of digital devices, such as smartphones, computers, and tablets, has increased the amount of time that many individuals spend in front of screens. Dry eye symptoms might be increased by prolonged screen use. The demand for supplements that can help treat and prevent dry eye is increasing due to the use of digital devices. Hence, the rapid digitalization of the world contributes to the generation of dry eye disorders. This factor propels the segment’s growth during the projected period.

Eye Health Supplements Market – By Region:

• North America
• Latin America
• Europe
• Asia-Pacific
• Middle East and Africa

The North American region is expected to dominate the market during the projected period. The aging population, the rising prevalence of diabetes, and eye illnesses such as age-related macular degeneration (AMD), cataracts, diabetic retinopathy, and other eye disorders. Additionally, macular degeneration, also referred to as age-related macular degeneration (AMD), is an eye condition linked to aging that impairs sharp and centered vision. Macular degeneration is a primary cause of visual loss in Americans 60 years of age and older, according to the Macular Degeneration Research 2022. The number of Americans who suffer from age-related macular degeneration could reach 7 million. By 2028, the number of people is projected to nearly triple to 22 million. Hence, these factors contributed to the expansion of the market during the projected period.

APAC region is expected to show lucrative growth in the market during the forecast period. This region has an increasingly aging population; one in four people will be over the age of 60. The growing aging population is associated with a higher risk of age-related eye conditions, which drives the demand for eye health supplements to maintain and protect vision. Rapid urbanization led to increased screen time due to digitalization and the use of smartphones. This has contributed to the prevalence of digital eye strain and other eye-related issues, which drive the demand for eye health supplements. Hence, these factors propel the market growth in this region.

Europe region is anticipated to grow at a healthy CAGR during the forecast period. In Europe, people become more and more conscious of the value of frequent vision evaluations and maintaining good eye health. Consumers are becoming more aware of the importance of certain vitamins, antioxidants, and nutrients for preserving healthy vision. Interest in eye health supplements is rising as a result of this enhanced awareness. In Europe, many people use digital gadgets, including laptops, cell phones, and tablets. Digital eye strain and other eye-related problems can be increased by prolonged screen usage, which drives the demand for eye health supplements in this region.

Latin America, the Middle East, and Africa are also expected to grow at a significant CAGR during the projected period.

KEY MARKET PLAYERS:

The prominent key player in the global Eye health supplements market are Alliance Pharma PLC, Amway International (Alticor), Bausch & Lomb Incorporated, Eyescience Labs, Kemin Industries Inc., Novartis AG, NutraChamps, Nutrivein, Pfizer Inc., The Nature's Bounty Co., Vitabiotics Ltd. and ZeaVision LLC.

RECENT MARKET DEVELOPMENTS:

• In April 2022, the first all-natural eye vitamin in the world, "Melts Eye Care," was released by Wellbeing Nutrition. Their well-known brand, Melts, uses cutting-edge nanotechnology to deliver vitamins straight into the bloodstream, increasing their bioactivity and bioavailability compared to conventional capsules and tablets.
• In January 2022, In India, Entod Pharmaceuticals, a research-based pharmaceutical business with over 40 years of experience in dermatology, ophthalmology, and ENT medicine, introduced the Macusaff pill, a saffron-based eye care supplement.
• In February 2022, A Multi-level Marketing (MLM) business with headquarters in the United States called mway India Enterprises Pvt. Ltd. has introduced nutrition eye supplements in the form of gummies and jelly strips that contain lutein and zeaxanthin to support eye health.