July 22, 2024
Visual Impairment Market

Visual Impairment Market Estimated To Witness High Growth Owing To Rising Prevalence Of Eye Disorders

The visual impairment market is estimated to be valued at US$ 5,950.3 million in 2022 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The visual impairment market involves assistive technologies and products that help visually impaired individuals in performing daily activities independently. This includes screen magnification software, screen readers, Braille displays and notes, and optical character recognition devices. Such assistive technologies and products provide customized solutions to the users as per their impairment levels and needs.

Market Dynamics:
The visual impairment market is primarily driven by the rising prevalence of various eye disorders such as age-related macular degeneration, cataract, diabetic retinopathy, and glaucoma globally. For instance, according to the 2020 report of World Health Organization (WHO), at least 2.2 billion people have a vision impairment or blindness, of whom at least 1 billion have a vision impairment that could have been prevented or is yet to be addressed. Furthermore, increasing adoption of assistive technologies owing to rising awareness regarding independence and accessibility for visually impaired population is also expected to aid market growth over the forecast period. Government initiatives aimed at integrating such technologies in the education system is further supporting the adoption of assistive technologies.

SWOT Analysis
Strength: The visual impairment market comprises assistive technologies that help enhance the lives of people with impairments. Products like magnifiers, braille displays, and screen readers empower individuals to pursue education and careers independently. Support from governments and organizations in providing rehabilitation also strengthens the market.
Weakness: High costs of assistive devices limit their adoption in developing nations. Lack of skilled professionals remains a challenge in certain areas for proper training on assistive tools.
Opportunity: Rising incidence of visual disabilities due to aging and diseases presents an opportunity to meet growing demand. Technological advancements in fields like AI and IoT can help develop smart, affordable solutions.
Threats: Slow government approvals and regulations for newer products may delay market entry. Limited reimbursements especially in the low-income segment pose reimbursment issues.

Key Takeaways
Global Visual Impairment Market Demand is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing prevalence of eye diseases and aging population.

Market size: The visual impairment market size for 2020 was US$ 4,362.8 million.
Regional analysis: North America dominates currently due to supportive government policies and advanced healthcare facilities available. Asia Pacific is growing fastest owing to rising medical tourism, large population base and improving access to healthcare.

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. Larger companies are focusing on R&D to develop high-tech products while smaller ones provide affordable low-tech devices.

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