Eye Health Ingredient Market Worth More Than $290 Million by 2024
Vision Health
The eye health ingredients market size is set to surpass $290 million (U.S.) by 2024, according to a new research report by Global Market Insights, Inc. Rising diseases including age-related macular degeneration (AMD), diabetic retinopathy, glaucoma and cataracts will propel product demand. Protection from UV radiation, elimination of free radicals and enhancing strong vision are other key features stimulating the industry growth.
Zeaxanthin and lutein are the broadly used eye care ingredients; high efficiency and effectiveness in lower dosages causes low zeaxanthin consumption compared to lutein. Lutein will witness CAGR (compound annual growth rate) exceeding 6.5 percent up to 2024. Rising demand for infant supplementary to overcome vision deficiency among children are the main factors driving lutein demand.
Bilberry extracts will be worth more than $25 million by 2024. Potential application outlook in the health care industry to treat vision disorders will enhance the product penetration. Retinal health enhancement and blood sugar level maintenance are the key substantial benefits.
Demand for the animal eye health ingredients market will witness more than 7 percent growth up to 2024. Preventive care among owners of pet and commercial animals will remain a key-driving factor for the segment.
Shifting consumer preference toward naturally sourced products will drive the industry growth. Synthetic eye health ingredients market is driven by low processing costs with high benefits, which will impact natural eye health ingredients market price trend.
High surgery costs are the factors influencing consumers toward over-the-counter supplements to avoid substantial costs on clinical treatments. Development and innovation in terms of product personalization and customization will be a key strategy for the nutraceutical industry.
Capsules, soft gels and tablets accounted for more than 40 percent of the industry share in 2016. Reduced side effects along with ease in consumption are the factors positively influencing the product penetration.
Age related macular degeneration treatment is the leading segment for the product consumption. Rising dry eye syndrome diseases globally is another factor fueling the eye health ingredients market.
U.S. eye health ingredients market could witness more than 5 percent growth through to 2024. Growing consumer health consciousness coupled with increasing product launches will drive the regional demand. Low vision and blindness is observed in over 3.2 million people in the North America in 2015, which is estimated to surpass six million by 2024.
Europe, led by Germany and U.K. will witness growth of more than 5.5 percent. High geriatric population along with increasing consumer spending on health care will propel the regional industry growth.
China and India together will witness CAGR of more than 6.5 percent up to 2024. Increase in consumer purchasing power along with growing consumer interest for a healthy lifestyle will stimulate industry growth.