Report: Eye Health Supplements Market to Reach $2.85 Billion by 2024
Source: Persistence Market Research
Tuesday, March 14, 2017 | Medical Studies
Prevalence of cataracts, macular degeneration, glaucoma and many other eye diseases is prompting people to get eye health supplements prescribed from their ophthalmologists. For visually-impaired people, eye specialists are also promoting the benefits of regularised consumption of eye health supplements in order to safeguard the remainder of their eyesight. Persistence Market Research's recently published report on the global eye health supplements market projects that by the end of 2024, more than $2.85 billion worth of eye health supplements will be sold across the globe.
Factors driving the adoption of eye health supplements include:
- Growing sense of self-reliance among consumers has propelled the adoption of medical supplements, which were ones reluctantly consumed under supervision of prescribed physicians.
- Easier access to raw ingredients is facilitating cost-effective manufacturing of eye health supplements. Companies are also adopting multiple distribution routes to get their product at the customer's doorstep.
- While stringent regulatory network and product recalls are acting as growth deterrents for the market, manufacturers are gradually expanding their product line through clinically-backed products.
- Innovative eye health supplements are also entering the market and garnering the attention as preventive medications. People are opting for such products as a measure to avoid occurrence of any ocular disease.
In the report, titled "Global Market Study on Eye Health Supplements: High Incidence of Cataract Across the Globe Projected to Positively Impact the Eye Health Supplements Market Between 2016 and 2024," companies such as Vitabiotics Ltd., Valeant Pharmaceuticals International Inc., Alliance Pharma, Novartis AG, Amway Corp., Pfizer Inc., and The Nature's Bounty Co. are profiled as leading manufacturers & suppliers of eye health supplements in the world. These companies are spanned across North America and Europe, making these regions highly lucrative for eye health supplements market.
Key findings in the report indicate that North America will dominate the global market with more than 30% revenue share, while Europe's eye health supplements market will exhibit speedy revenue growth at 6.3% CAGR. Meanwhile, with 6.7% CAGR, the Asia-Pacific excluding Japan region will record impressive sales of eye health supplements through 2024.
The report further reveals that demand for eye health supplements containing antioxidants and lutein & zeaxanthin as core ingredients will remain fairly higher. By accounting for more than 60% share, demand for these ingredients will continue gain traction during the forecast period. And, it has been projected that more than two-third of eye health supplements produced in the world will be used for treatment of age-induced macular degeneration. Consumers of eye health supplements are also expected to prefer tablet supplements as opposed to capsules. In 2016, around US$ 587 Mn worth of tablet supplements were sold in the global market for eye health supplements.
A sample of this report is available upon request at http://www.persistencemarketresearch.com/samples/5465
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