Published on : Jan 14, 2016
The rising expansion in wearer base, increasing rate of renewal in lenses, and the increasing disposable incomes of consumers are amongst the major factors fuelling the overall market for eye care. In this market, players have been targeting mid-priced segments for increasing the customer base. The high-priced cutting advanced segment is experiencing increased demand within developed economies of North America but aren’t highly demanded in emerging economies.
Eye care has been experiencing various developments and trends. These are presented as under.
- Growing Need for Eye Health Products: The global market for eye health is majorly outsized via mainstream industry categories including multivitamins and analgesics. The globally rising aging population within the developed markets, the growing incidence of allergies, pollution, and medication causing side-effects have resulted in a number of cases of allergic eyes, dry eyes, and age-related macular degeneration (AMD).
- Restrictions on Allergy Care to Impede Experiments by Manufacturers: A number of restrictions that have been posed on allergy eye care within a number of emerging markets, such as Indonesia, China, Turkey, and Brazil and this is restraining the advancement of eye care and have prevented manufacturers from experimenting the portfolios of ingredients used in allergy eye care such as ketotifen
- Difficulty Faced by Manufacturers and Sellers in Establishing a Strong Hold in Busy Markets: A tough competition is faced by the manufacturers and marketers within various major markets in the world, especially in Japan. The highly evolved markets present retail value sales via a number of channels and also provide access to a number of new ingredients. This has given rise to competition and rivalry amongst market players, thus putting a premium on cutting-edge product innovations.
- Large Contribution by G20 Countries: G20 countries held a share of approximately 90% in the global eye care market in comparison with the 80% OTC and dietary and vitamin supplement sales. The countries such as Japan and the U.S. have contributed to a great extent in the market development. Starting from 2015, Canada, the UK, and Australia are predicted to expand as swiftly as the conventional growth powerhouses of Brazil and Russia.
Thus, in the coming future, a combination of lifestyle and demographic factors might advantage the market by making eye health a priority amongst consumers.