The Visual Impairment Market is estimated to be valued at US$ 5511.15 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The visual impairment market deals with products and services that help people with visual disabilities carry out their day-to-day activities independently. Key products in this market include CCTVs (closed-circuit televisions), braille displays and note takers, magnifiers, and computer software and hardware designed for the visually impaired. With advances in adaptive technologies like computer screen readers, magnifiers, braille embossers and displays, people with visual impairments now have access to education, communication and employment opportunities on par with their sighted peers.
Market Dynamics:
The growing aging population worldwide is one of the major drivers of the visual impairment market. As per the World Health Organization (WHO), the number of people aged over 65 years is expected to reach 1.5 billion by 2050 from an estimated 524 million in 2010. Age-related visual impairments like glaucoma, age-related macular degeneration (AMD), and diabetic retinopathy are quite common. Secondly, rising cases of diabetes and obesity are also contributing to the market growth. Diabetic retinopathy is a leading cause of blindness among the working-age population. Uncontrolled diabetes and obesity can damage the eyes’ blood vessels over time. These key drivers have created significant demand for low vision assistive devices and adaptive technologies.
Segment Analysis
The visual impairment market can be segmented into low vision and blindness based on the severity of visual impairment. The blindness segment currently dominates the market due to the increasing geriatric population worldwide who are more prone to eye disorders resulting in blindness. According to WHO, nearly 1.3 billion people suffer from some form of vision impairment globally, with 36 million being completely blind.
PEST Analysis
Political: Governments across countries are formulating regulations and policies to promote solutions that help the visually impaired population. For example, section 508 of the U.S. Rehabilitation Act.
Economic: The rising GDP and per capita income is increasing the spending on healthcare and assistive technologies. The global visual impairment market is expected to grow at a double-digit CAGR during the forecast period.
Social: With increasing life expectancy and aging population, eye disorders resulting in visual impairment are rising. Also, growing disability rights movement is enhancing the social acceptability of assistive products.
Technological: AI, VR/AR, computer vision, and IoT are allowing the development of more sophisticated and affordable vision assistive solutions. Advancements in low vision aids like magnifiers, video magnifiers are improving the lives of the visually impaired.
Key Takeaways
The Global Visual Impairment Market Share was valued at US$ 5511.15 Mn in 2023 and is expected to reach over US$ 10000 Mn by 2030, expanding at a CAGR of 10% during the forecast period.
The blindness segment held over 60% share of the market in 2023 due to the growing prevalence of eye disorders among the geriatric population globally. The Asia Pacific region is expected to witness tremendous growth and emerge as the largest market owing to rising incomes, awareness, and expanding healthcare infrastructure in major countries like India and China.
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. These players are focusing on introducing AI-based solutions, portable devices, affordable screen magnification software, and accessories.
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