Eye Health Products Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Eye Health Products Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The eye health products market is experiencing significant growth, driven by increasing awareness and the rising prevalence of eye-related disorders, particularly among the aging population.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 various eye problems are associated with aging, there is a growing demand for appropriate treatment and preventive measures, including the use of eye health supplements and products.

Sales Analysis of the Global Market

The market has shown consistent growth in recent years, with manufacturers and government bodies actively promoting eye health awareness. This increase in awareness is essential due to the aging population and the prevalence of eye disorders globally. Public bodies are encouraging the use of nutritional supplements to maintain eye health and reduce treatment costs.

The market for eye health products is expected to continue its upward trend, driven by the need to address various eye disorders, especially in the elderly. These products are effective in treating issues like macular degeneration, retinopathy, cataracts, infections, diabetes mellitus, optic neuritis, trachoma, and dry eye syndrome.

Market Drivers

A major driver of the market is the increasing prevalence of myopia and vision impairment, exacerbated by increased screen usage and virtual meetings. High myopia is linked to a higher risk of degenerative eye diseases such as cataracts and glaucoma. The market is also seeing increased interest from millennials, who are more susceptible to digital eye fatigue.

Factors Influencing Market Growth

Development of Novel Supplements and Expanding Distribution Channels

Lutein, zeaxanthin, vitamin A, and vitamin C dominate the market, accounting for a significant portion of eye health products. Companies are innovating with new ingredients like astaxanthin, blueberries, omega-3 PUFAs, DHA, and genistein. Clinical studies are being conducted to verify the effectiveness of these new substances.

To boost sales, companies are expanding their distribution channels. Traditional outlets like super/hypermarkets, pharmacies, and retail stores remain important, but e-commerce is growing rapidly due to increased internet usage and the convenience of online shopping. Companies are partnering with hypermarkets and online retailers to reach more consumers.

Advertising and Branding Campaigns

With changing dietary patterns, sedentary lifestyles, and increased screen usage, consumers are more health-conscious. Various media platforms, including social media, TV, and online articles, provide comprehensive information about eye care products and new market introductions. This information helps consumers make informed purchase decisions. Companies are introducing products based on consumer interests, leveraging advertising and branding to increase market penetration.

Market Challenges

Regulatory Framework and Product Recalls

The market's growth is hindered by stringent regulations regarding manufacturing, product safety, and efficacy claims. Regulations vary by region, with some areas not allowing any health benefit claims. Manufacturers must be cautious with their product claims to avoid regulatory actions.

Product recalls and regulatory warnings can impact market growth. For example, in May 2022, Golden Lab LLC received an FDA warning for drug claims on its products. The company's manufacturing facility was found to have non-compliant conditions, leading to contamination concerns. Similarly, in July 2019, Altaire Pharmaceuticals recalled several eye products due to sterility concerns, highlighting the importance of compliance with regulatory standards.

Country-wise Insights

United States

The U.S. holds a significant share of the market, driven by the high prevalence of chronic eye disorders, growing awareness, and the availability of commercialized eye health products. The presence of major players and new product introductions, such as Bausch & Lomb's eye vitamins, contribute to the market's dominance.

Germany

Germany is a key market in Europe, with substantial R&D activities, a developing insurance sector, and increased demand for innovative eye health products. Efforts to establish efficient supply chains and distribution channels further support market growth.

China

China is emerging as a prominent market due to numerous local players offering affordable eye health supplements, an expanding contract-manufacturing hub, and rising consumer awareness. The large patient pool suffering from eye disorders also drives market demand.

Category-wise Insights

Ingredients

Lutein and zeaxanthin are the most widely adopted ingredients, holding a significant market share. Public awareness of their benefits in treating various eye disorders, along with recommendations from clinicians and ophthalmologists, contributes to their dominance.

Indications

Age-related macular degeneration (AMD) is the leading indication, accounting for a major portion of the market. The increasing prevalence of AMD globally impacts market growth, with projections indicating a rise in cases in the coming years.

Form

Capsules are the preferred form of eye health supplements, holding a substantial market share. Their popularity is due to wide availability, acceptance among all age groups, affordability, and longer shelf life compared to other forms.

Competition Analysis

Major players in the eye health products market are focusing on acquiring local and small manufacturers to increase market share. Advertising strategies and online campaigns are being employed to boost product visibility and sales.

Key developments in the market include:
• Bausch + Lomb: Approval of LUMIFY® Redness Reliever Eye Drops by Health Canada.
• PreserVision AREDS 2 Formula: Introduction of mini gel eye vitamins by Bausch and Lomb in the U.S.

Fairfield Market Research continues to track recent developments in the eye health products market, providing detailed insights in their full report.

Key Companies Profiled
• The Nature's Bounty Co.
• Pfizer Inc.
• Amway International
• Bausch + Lomb
• Nutrivein
• ZeaVision LLC
• Kemin Industries, Inc.
• EyeScience
• Nutrachamps
• Bausch Health Companies Inc.
• Vitabiotics Ltd.

Key Segments Covered

Ingredient:
• Lutein and Zeaxanthin
• Antioxidants
• Omega-3 Fatty Acids
• Coenzyme Q10
• Flavonoids
• Astaxanthin
• Alpha-Lipoic Acid
• Other Ingredients

Indication:
• Age-related Macular Degeneration (AMD)
• Cataract
• Dry Eye Syndrome
• Other Indications

Form:
• Tablet
• Capsule
• Others

Region:
• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East & Africa

Please note: Delivery Timelines - 5 working days.