February 21, 2024
Visual Impairment Market

The Visual Impairment Market Is Estimated To Witness High Growth Owing To Increasing Geriatric Population

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 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:-

The visual impairment market consists of technologies and devices that assist people with visual impairments in their daily lives. This includes braille displays and notetakers, magnifiers, Braille printers, screen magnification software, and voice assistance software. These products help the visually impaired community in navigation, reading, writing and other tasks. With rising cases of chronic eye diseases and visual disorders due to aging population and changing lifestyle factors, the demand for visual assistance devices is growing significantly.

Market Dynamics:-

Rising geriatric population: Visual impairment is more common among the geriatric population. According to the WHO, the number of people aged 65 years and older is expected to rise from 703 million in 2019 to 1.5 billion in 2050. As the geriatric population is more susceptible to eye disorders like age-related macular degeneration, diabetic retinopathy, and glaucoma, the demand for visual assistance devices is expected to grow markedly over the forecast period.

Growing cases of myopia: Short-sightedness or myopia has become a major global eye problem. According to a study published in the British Journal of Ophthalmology, the prevalence of myopia has increased significantly from 1990 to 2020, owing to lifestyle and environmental factors. This has fueled the adoption of visual assistance devices like magnifiers and screen readers to support daily activities.

SWOT Analysis:-

  • Strength: The visual impairment market has a large customer base globally as the prevalence of visual impairment is increasing. Technological advancements have led to creation of innovative products to assist the visually impaired. Rising awareness about products available is driving greater adoption of visual impairment assisting devices.
  • Weakness: High costs associated with treatment and assistive devices limits their adoption in low and middle income countries. Lack of specialized professionals for guidance on available treatment options is a challenge faced.
  • Opportunity: Untapped growth opportunities exist in developing nations due to increasing awareness and improving access to treatment and products. Launch of affordable devices specifically designed for needs in these regions can boost market revenues.
  • Threats: Threat from alternative technologically advanced products. Slow regulatory approvals can delay product launches.

Key Takeaways:-

The Global Visual Impairment Market Growth is expected to witness high, exhibiting CAGR of 10% over the forecast period, due to increasing prevalence of visual impairment disorders among the aging population. As perWHO, at least 2.2 billion people have vision impairment or blindness, of whom at least 1 billion have a vision impairment that could have been prevented or is yet to be addressed.

Regional analysis:

North America dominates the global visual impairment market supported by availability of advanced treatment options and devices in the region. However, Asia Pacific is expected exhibit fastest growth owing to improving access to healthcare infrastructure and focus of key players to tap into opportunities in developing nations. China, India and Southeast Asian countries will be major revenue generators for the visual impairment market in Asia Pacific.

Key players:

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 companies are focused on developing innovative products catering to specific needs of patients and expanding access through affiliations and subsidized access programs.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it