by Visual impairment refers to a wide range of physical, optical, or neurological conditions that diminish or distort visual perception. Factors like age-related macular degeneration, diabetic retinopathy, glaucoma, and cataracts can lead to vision loss. Products like CCTVs or magnifiers help increase text size, video players provide audio descriptions for visual content, and Braille displays convert text into tactile outputs.
The global 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 key trends:
Technological advancements are propelling the visual impairment market growth over the forecast period. The introduction of rehabilitation technologies like artificial vision implants, smart glasses, and augmented reality hold promising prospects. For instance, the retinal implant developed by Intelligent Medical Implants GmbH transmits images captured by a miniature video camera mounted on glasses, directly to the retina through electrodes. This provides basic visual perception to those with severe visual impairment. Companies are also focusing on portable, cost-effective solutions like portable video magnifiers and Braille note-takers for mobility. The use of AI and machine learning further aids in the development of solutions tailored to individual impairments and lifestyles. This is expected to significantly expand the consumer base in coming years.
SWOT Analysis
Strength: The visual impairment market sees opportunities with the rising geriatric population globally which is the major consumer segment afflicted with visual impairment and blindness.
Weakness: Limited funding and investment opportunities available for research and development activities to develop assistive devices and therapies for visual impairment treatment.
Opportunity: Increasing awareness programs by governments and NGOs regarding visual impairment and available treatment options can boost the market growth. Growing healthcare expenditure in developing economies also provides new opportunities.
Threats: High costs associated with marketed devices and therapies may restrict the market to only a section of customers who can afford such visual assistive technologies. Lack of skilled professionals to operate assistive devices can also challenge the visual impairment market.
Key Takeaways
Global Visual Impairment Market Demand is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising geriatric population worldwide. The global 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.
Regional analysis indicates that Asia Pacific region is fast emerging as the fastest growing regional market for visual impairment assisted devices and therapies. Countries like China and India have a huge aged population base which is constantly increasing the demand. Additionally, improving access to healthcare in these developing Asian countries through government schemes is supporting the growth of regional visual impairment market.
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.
Key players operating in the visual impairment market are focusing on new product launches catering to specific needs of low vision patients. Strategic collaborations between device manufacturers and healthcare providers is another notable trend. The global visual impairment market is expected to be highly lucrative with continued demand driven by the rising prevalence of eye disorders worldwide.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
