July 22, 2024
Visual Impairment Market

Visual Impairment Market is Expected to be Flourished by Growing Adoption of Assistive Technologies

Visual impairment refers to a substantial reduction in vision that cannot be corrected with regular glasses or contact lenses. Common causes of visual impairment include cataracts, glaucoma, age-related macular degeneration (AMD), and diabetic retinopathy. People with visual impairment rely on assistive technologies to carry out daily tasks that most sighted individuals take for granted. Assistive technologies include screen readers, magnifiers, braille displays and notetakers that convert text to speech or braille. The global visual impairment market is primarily driven by the growing adoption of assistive technologies. These technologies help people with visual impairments gain access to education, employment opportunities and participate in daily activities independently. For instance, screen readers are useful for reading web content aloud and reviewing documents, while electronic magnifiers enlarge parts of the screen to improve visibility.

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 Dynamics:
The global visual impairment market is expected to be flourished by the growing adoption of assistive technologies. As highlighted in the heading, assistive technologies help people with visual impairments lead independent lives and gain access to education and employment opportunities. For example, screen readers allow visually impaired individuals to access the internet independently and reviewers documents autonomously. Furthermore, the rising geriatric population is another key driver fueling the growth of the visual impairment market. According to the World Health Organization (WHO), the number of people aged 65 years and older is projected to reach 1.5 billion in 2050 from 703 million in 2019. Old age is one of the major risk factors associated with various eye conditions, thereby driving the demand for assistive technologies and low vision aids.

Segment Analysis
The visual impairment market is segmented into product type and region. Based on product type, it is segmented into braille displays, magnifiers, note takers, braille printers, and braille embossers. The braille display segment dominates the market and accounts for around 25% share due to the increasing number of visually impaired people adopting braille displays for navigation purposes.

PEST Analysis
Political: Governments across the globe are focusing on formulating regulations and providing reimbursement for low vision aids and appliances. Many countries have mandatory requirements for public places to provide infrastructure support for visually impaired people.
Economic: The rising aging population and increasing cases of diabetes and other eye-related diseases are fueling the demand for visual impairment products. However, high costs associated may restrain market growth.
Social: Growing awareness about visual impairment assistive technologies and their benefits in independent living is positively impacting the market growth. Additionally, increasing support from NGOs is promoting the adoption of these products.
Technological: Technological advancements are aiding product development with improved features like larger displays, tactile keyboard, speech synthesis, and OCR capabilities in braille displays and note-takers. AI and IoT integration is also opening new opportunities.

Key Takeaways
Global Visual Impairment Market Demand 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.

Regionally, North America holds the major share currently due to growing geriatric population and favorable reimbursement policies in the US and Canada. The Asia Pacific region is anticipated to grow at the fastest pace during the forecast period on account of improving healthcare infrastructure, rising medical tourism, and increasing focus of leading 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. Key players are focusing on product launches and geographic expansion to increase their market shares. For instance, Adaptivation launched Luna, a new braille display to assist users with visual impairments. The rising aging population and increasing cases of eye-related diseases will drive demand in the future, providing opportunities for established players to solidify their positions and new entrants to foray into the market.

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