February 26, 2024

Visual Impairment Market is driven by Increasing Geriatric Population

The visual impairment market offers a wide range of products catering to the growing needs of visually impaired patients. Products ranging from screen magnifiers and video magnifiers to navigation aids like smart canes help improve mobility and independence. Screen magnifiers help enlarge text and images on the computer screen for patients with low vision. They are affordable, effective tools that can magnify content up to 16x the original size. Video magnifiers allow patients to see objects closer by capturing the image and displaying a magnified digital image on a television or computer monitor. They are ideal for tasks like reading, writing, and identifying colors. Navigation aids like smart canes emit audio signals when obstacles are detected to assist safe navigation. The need for such assistive devices is growing owing to the increasing incidence of age-related visual impairment and rising healthcare expenditure.

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 14 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Researchers are developing advanced assistive devices leveraging cutting-edge technologies like artificial intelligence, augmented reality and 3D printing. For instance, AI-based screen readers can recognize text, describe images and navigate interfaces more effectively than traditional software. Startups are also exploring uses of augmented reality to enhance object recognition for low vision patients. 3D printing allows for creation of customized prosthetics and gadgets tailored as per an individual’s need. Another notable trend is the rising popularity of accessibility mobile applications. Applications that can read text aloud, describe scenes, navigate maps and identify objects using the phone’s camera are improving the quality of life of many patients. Their widespread availability over app stores and affordable pricing are driving the adoption of such assistive mobile apps.

Porter’s Analysis
Threat of new entrants: The visual impairment market poses a moderate threat as developing and launching new products require sizable investments in R&D. Bargaining power of buyers: Individual buyers have low bargaining power due to availability of limited treatment options. However, large healthcare organizations have moderate bargaining power. Bargaining power of suppliers: Suppliers of treatment devices and medicines have moderate bargaining power due to patent protection and specialized product development process. Threat of new substitutes: Developing new substitutes requires extensive clinical testing and regulatory approvals. Hence, threat from substitutes is low. Competitive rivalry: The market is highly competitive due to presence of many global players. However, product differentiation and patent protection restrict competition to some extent.

Key Takeaways

The Global Visual Impairment Market Size is expected to witness high growth over the forecast period.

Regional analysis- Asia Pacific is poised to exhibit fastest growth owing to growing medical tourism coupled with rising healthcare expenditure in nations like China and India. Presence of untapped growth opportunities and improving healthcare infrastructure will further support market growth.

Key players operating in the visual impairment market are QuickBooks, AUTOREK, Oracle Corporation, and Broadridge. QuickBooks holds leading market share due to its wide product portfolio and global presence. AUTOREK specializes in developing software for ophthalmology clinics. Oracle Corporation provides cloud-based visual impairment management solutions. Broadridge focuses on offering financial software and technology outsourcing solutions.

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