July 18, 2024

The Rise Of More Advanced Assistive Devices Is Anticipated To Open Up The New Avenue For Vision Impairment Market

The Vision Impairment Market is estimated to be valued at US$ 5388.5 Mn in 2023 and is expected to exhibit a CAGR of 8.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The vision impairment market consists of products and services that assist individuals who are either partially sighted or blind. This includes assistive devices like magnifiers, Braille displays and writers, note-taking devices, audio books and e-books, and signage. These devices help people with vision impairments to perform daily tasks independently. With technological advancements, products today have features like text-to speech conversion, screen-magnification, optical character recognition, navigation assistance etc. This has enabled a better quality of life for individuals with vision loss.

Market Dynamics:
The vision impairment market is driven by the growing geriatric population globally as age is one of the major risk factors for vision loss. According to the World Health Organization, the number of people aged 65 years and older is projected to grow from an estimated 524 million in 2010 to nearly 1.5 billion in 2050, with most of the increase in developing countries. The other driver is the increasing cases of diabetic retinopathy, age-related macular degeneration and other eye diseases causing vision loss. As per the National Eye Institute, the global prevalence of diabetic retinopathy has increased from 4.8% in 1990 to 8.0% in 2020. Also, increasing awareness about assistive technologies and government initiatives to provide rehabilitation services are supporting market growth.

Segment Analysis
The global vision impairment market is dominated by the presbyopia segment, accounting for nearly 30% share. Presbyopia refers to the gradual vision loss that occurs as people age and is caused by the eye’s decreasing ability to focus on nearby objects and text. The condition affects nearly everyone over the age of 40. With an increasingly aging global population, the prevalence of presbyopia has been rising significantly, driving demand for vision enhancement devices.

PEST Analysis
Political: Governments around the world are introducing favorable policies and regulations to promote access to assistive technologies for people with vision impairment. Several countries have implemented laws mandating workplace accommodations.
Economic: The global economy has been recovering post-pandemic, increasing people’s disposable incomes and allowing greater spending on vision aids. Furthermore, aging populations in developed nations are driving healthcare spending.
Social: Growing social awareness about vision disorders and disability inclusion has reduced the stigma around using low vision devices. Many organizations also provide support programs to help people adapt.
Technological: Advanced technologies like AI, virtual reality, and augmented reality are enabling the development of more effective and user-friendly vision enhancement solutions. Devices are becoming smaller, wireless, and integrated with smartphones.

Key Takeaways

The Global Vision Impairment Market Analysis  is expected to witness high growth, exhibiting a CAGR of 8.8% over the forecast period of 2023 to 2030, due to increasing aging populations and rising prevalence of eye conditions worldwide. The market size for vision impairment devices was valued at US$ 5388.5 Mn in 2023 and is projected to reach over US$ 9000 Mn by 2030.

Regional analysis shows that North America currently dominates the global market, owing to the region’s advanced healthcare infrastructure and high acceptance of new technologies among consumers. Asia Pacific is poised to be the fastest growing region during the forecast period, driven by economic development, growing medical expenditure, and large geriatric demographics in countries like China and India.

Key players operating in the vision impairment market are Adaptivation, Inc., AbleNet, Inc., Amedia Corporation, Access Ingenuity, LVI Low Vision International, American Thermoform, Cambium Learning, Dolphin Computers Access Ltd., HumanWare Group, ViewPlus, VFO, Eyedaptic, Inc., and Envision. Major players are focusing on product innovation through integrating newer features like virtual reality and developing customized solutions for low vision patients with specific conditions.

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