The visual impairment market is estimated to be valued at US$ 4,362.8 million in 2022 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The market caters to products such as screen magnifiers, braille watches and displays, braille embossers, braille printers, and assistive listening devices which help people with impaired vision perform daily tasks more easily. These products assist in education, occupation and independent living.
Market Dynamics:
Rising geriatric population prone to age-related visual impairment is a major factor driving the growth of the visual impairment market. It is estimated that over 90 million people worldwide are affected by age-related visual impairment. Furthermore, increasing prevalence of diabetes as one of the leading causes of blindness also contributes to the market growth. Diabetic retinopathy caused by prolonged effects of high blood sugar levels damages the tiny blood vessels inside the retina.
Market key trends:
One of the key trends in the visual impairment market is the growing adoption of specialized computing devices and assistive technologies. The prevalence of visual impairments such as cataracts, glaucoma, and age-related macular degeneration have increased the demand for assistive technologies like screen magnifiers, screen readers, Braille displays and note-takers. Additionally, advances in object recognition, localization, navigation and gesture recognition have enhanced the capabilities of assistive devices for low vision and blind individuals.
SWOT Analysis
Strength: The growing elderly population and increased life expectancy have elevated the risk of age-related visual impairments, driving the need for assistive technologies.
Weakness: High costs associated with specialized visual impairment assisting devices limit their adoption in low and middle-income countries.
Opportunity: Integration of technologies like artificial intelligence, 3D printing, and virtual/augmented reality can further expand the capabilities of assistive devices.
Threats: Limited investments in R&D for visual impairment solutions and lack of reimbursement policies restrict the market potential.
Key Takeaways
Global Visual Impairment Market Demand is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing prevalence of ocular conditions like glaucoma and cataract. The market was valued at US$ 4,362.8 million in 2020.
Regional analysis: North America dominated the visual impairment market in 2020 owing to supportive government initiatives for blind and low vision people. Asia Pacific is expected to be the fastest growing region during the forecast period rising geriatric population and increasing healthcare expenditure in countries like China and India.
Key players operating in the visual impairment market are Adaptivation, Inc., AbleNet, Inc., Amedia Corporation, Access Ingenuity, LVI Low Vision International, American Thermoform, Cambium Learning, Dolphin Computer Access Ltd., HumanWare Group, ViewPlus, and VFO.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it