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Vision impairment refers to a limitation in vision that persists despite treatment or corrective lenses. It includes visual impairment due to age-related macular degeneration, diabetic retinopathy, cataract, glaucoma, and others. Treatment options for vision impairment include glasses, contact lenses, medication, surgery, low vision devices, orientation and mobility training among others. Low vision devices such as magnifiers, video magnifiers and screen readers are often used by those with low vision to carry out various tasks including reading, writing, performing household activities.
The global Vision Impairment Market is estimated to be valued at US$ 4,951.3 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.
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Market key trends:
One of the major trends in the vision impairment market is the introduction of advanced low vision devices. With technological advancements, low vision devices are getting smaller, more portable and more affordable. For instance, handheld video magnifiers and iPad magnifiers allow people with low vision to easily magnify and optimize images and text on tablets and smartphones. Wearable low vision devices such as OrCam MyEye and Aipoly are also gaining popularity as they offer more mobility. In addition, AI and augmented reality based assistive technologies are being explored to develop smart glasses and head-mounted displays for visually impaired individuals. Such advances are improving independence and quality of life for people with vision impairment.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as high capital requirement and regulatory barriers make industry difficult to new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are limited options available for customers with vision impairment.
Bargaining power of suppliers: The bargaining power of suppliers is low due to presence of several device manufacturers in the market.
Threat of new substitutes: Threat of new substitutes is low as there is no direct substitute for vision impairment devices.
Competitive rivalry: The competitive rivalry is high among existing players to gain maximum market share.
Key Takeaways
The global vision impairment market is expected to witness high growth.
Regional analysis- Asia Pacific is expected to witness fastest growth during forecast period supported by rising medical tourism, large patient pool and increasing healthcare expenditure. China and India are emerging as lucrative markets in the region.
Key players- 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., operating in the vision impairment market. Key players are focusing on new product launches and geographical expansion strategies to gain maximum revenue share.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
