Market Overview
The increasing need for maintaining healthy 6/6 eyesight has propelled the demand for eye supplements in the market. Rising awareness about eye diseases is a major factor boosting the global eye supplements market, says Fortune Business Insights in their new study. The study is titled, ”Eye Supplements Market Size, Share and Global Trend by Product Type (Antioxidants, Fatty Acids, Anti-inflammatory Supplements, Neuro-protective supplements), By Form (Liquid, Gels, Capsule, Tablet), By Application (Eye Health, Muscular Degeneration, Diabetic Retinopathy, Cataract, Glaucoma), By Distribution Channels (Hospital Pharmacy, Retail Pharmacy, Online Pharmacy)and Geography Forecast till 2026”.
The World Health Organization reported an estimate of 188.5 million people to suffer from severe vision impairment in terms of distant vision in the year 2018.In 2014, the National Eye Institute stated an estimate of 2.7 million Americans suffered from glaucoma that is expected to reach 4.3 million by the end of 2030. In the same year, the National Eye Institute also estimated that an approximate of 2.1 million of the American population suffered from advanced age-related muscular degeneration (AMD). This is further anticipated to increase and reach 3.7 million Americans by the end of 2030.
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COVID-19 Impact
The number of COVID-19 cases in the world is increasing at an alarming rate, driving the demand for accurate testing kits to identify the number of infected people. As per the World Health Organization (WHO), the number of cases in the US has reached around 59 lakhs in August 2020. Several countries are focusing on developing COVID-19 diagnostic testing kits and procedures to rapidly test, identify, and track coronavirus cases and containthe spread of the virus. Companies such as Roche, Bio-Rad, Thermo Fischer Scientific, CovidMD, and others have developed various technologies and services to enhance the detection of viruses. For example, CovidMD announced the launch of a new virtual video consultant platform for handling potential virus infections in May 2020. It incorporates a Salesforce Service Cloud that offers personal guidance to consumers by studying their health background and provides solutions to avoid infections. The implementation of advanced technologies in detection kits and services is enabling governments to contain the contagion to a certain extent and lessen the suffering of patients, thereby influencing market growth.
Rising Awareness about Eye Infections and their Preventive Measures to Drive Growth
Increasing awareness about eye diseases and preventive eye care measures for avoiding such problems is a major booster for the global eye supplements market. Major causes of eye problems include exposure to harmful agents and pollutants, long working hours in front of computer screens, increase in eye stress. All such problems propel the demand for eye supplements in the market and this is likely to increase during the forecast period.
Additionally, the increasing prevalence of eye diseases, such as cataract, AMD, dry eye, low vision, macular degeneration, and others, especially among the geriatric population is a major factor driving the market for eye supplements worldwide.
However, the presence of alternative eye treatment procedures may restrict the growth of eye supplements in the market. This, cou0pled with, the problem of product recalls may also hinder the growth of the market during the forecast period.
Nevertheless, the increasing research and development projects by various companies and new product launches, are expected to bring lucrative opportunities of growth for the global eye supplements market in the long run.
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Increasing Number of Eye Care Centres to Help Market Witness Fastest Growth in Asia Pacific
Fortune Business Insights foresees the global eye supplements market to be dominated by North America owing to better access to healthcare facilities and easy accessibility to medicines and supplements in developed nations of the U.S. and Canada. The presence of leading companies in the region is a major factor boosting the market in North America. It is likely to remain dominantin the coming years as well. Besides this, the global eye supplements market is anticipated to witness growth at a faster rate in Asia Pacific due to the rising awareness about eye problems and improved affordability and accessibility for eye care products. This, coupled with the increasing number of eye care centers and ophthalmologists in the emerging economies such as China and India, is anticipated to bring lucrative growth opportunities for the eye supplements market in Asia Pacific during the forecast duration.
Companies operating in the global eye supplements market are Nature’s Bounty Co., Amway Corp., Butterflies Healthcare Ltd, Valeant Pharmaceuticals International Inc., Novartis AG, Bausch & Lomb Incorporated, Akorn Incorporated, Alliance Pharma, Pfizer Inc., Vitabiotics Ltd, and others.
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