July 21, 2024
Visual Impairment Market

Visual Impairment Market Is Projected To Driven By Rising Cases Of Eye Disorders

Visual impairment refers to a decreased ability to see that cannot be corrected with common treatments and aids, such as eyeglasses or contact lenses. Some common forms of visual impairment include cataracts, glaucoma, diabetic retinopathy, and age-related macular degeneration. Visual impairment can make daily tasks difficult, such as reading, watching television, cooking, driving or recognizing faces. To help visually impaired people perform routine activities independently, various assistive devices have been developed including magnifiers, screen readers, Braille displays and note takers. Magnifiers and CCTVs help enhance vision by enlarging words and images on a computer screen or printed page. Screen readers are software programs that speak text on the screen out loud, allowing blind and low-vision users to access digital documents. Braille embossers and displays allow visually impaired users to read Braille output of text, web pages, and documents. Portable note takers help record and organize information through speech or Braille.

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:

The rising prevalence of various eye diseases and vision disorders across the world is one of the major factors driving the growth of the visual impairment market. According to a report issued by the World Health Organization, at least 2.2 billion people have vision impairment or blindness globally. Cataract, age-related macular degeneration, glaucoma, diabetes and eye injuries account for over 95% of cases of visual impairment. As the global population ages and cases of diabetes continue to rise in developing countries, the demand for visual assistive devices and gadgets is expected to increase significantly over the forecast period. Technological advancements are also promoting the development of novel assistive tools for visually impaired people. For instance, new camera-based devices are allowing users to recognize text, currency notes, faces and other objects through audio output. There is also a growing focus on making electronic devices like e-books and computers more accessible through customized software and accessories. This is helping expand market access.

Porter’s Analysis

Threat of new entrants: The visual impairment market requires high investments in R&D for product development. Regulations also act as a barrier for new companies.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of a variety of products from different vendors in the market.

Bargaining power of suppliers: The suppliers have low bargaining power due to the availability of substitute raw materials and components.

Threat of new substitutes: New substitutes have low threat currently. However, with technological advancements, digital products can emerge as substitutes.

Competitive rivalry: The market is highly competitive with the presence of global as well as regional players. Players compete based on product features, pricing, and quality.

Key Takeaways

The Global Visual Impairment Market Size is expected to witness high growth. 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: North America dominates the market currently due to high awareness and healthcare expenditure. Asia Pacific is expected to grow at the fastest pace during the forecast period with increasing medical tourism and improving healthcare facilities in countries like China and India.

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. Players compete based on innovative product offerings, pricing, and partnerships with hospitals and NGOs involved in aiding the visually impaired.

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