by Visual impairment refers to decreased vision caused by damage or disease in the eye. Some common forms of visual impairment are caused by macular degeneration, glaucoma, diabetic retinopathy, and cataracts. Assistive technologies help those with visual impairments perform daily activities more independently. These technologies include visual aids, such as magnifiers and closed-circuit televisions, as well as screen readers and screen magnifiers that operate operating systems and applications. The global visual impairment market is growing due to the rising geriatric population and increasing incidence of eye-related disorders. According to data by the World Health Organization, around 1.3 billion people globally are affected by visual impairment with blindness or low vision.
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 growing adoption of assistive technologies is expected to drive the growth of the global visual impairment market over the forecast period. Assistive technologies help those with visual impairments perform functions easily by magnifying text and images on screens. Technologies like screen readers and screen magnification software have enabled visually impaired individuals to use computers and access Internet independently. Another key driver for the market growth is the increasing initiatives by governments and non-profit organizations to provide assistive devices to low-income groups. For example, organizations like the American Foundation for the Blind provide resources and financial assistance to help those with visual impairments obtain assistive technologies.
Segment Analysis
The visual impairment market is segmented into disease type, device, end user and geography. Based on disease type, the market is categorized as age-related macular degeneration, cataract, glaucoma, diabetic retinopathy and others. The age-related macular degeneration segment currently dominates the market due to rising geriatric population globally which are more prone to get age-related macular degeneration and low availability of effective treatment.
PEST Analysis
Political: Governments across the globe are increasingly focusing on accessibility programs and policies for visually impaired people. For instance, Section 508 of the U.S. Rehabilitation Act mandate all electronic devices used by federal agencies to be accessible for people with disabilities including visual impairment.
Economic: Rising healthcare spending coupled with increasing vision impairment disorders due to growing geriatric population and changing lifestyle is driving the growth of the visual impairment market.
Social: Growing awareness about various low vision aids and devices for visually impaired is supporting the market growth. Visually impaired peoples are more accepting of assistive technologies which is creating high demand.
Technological: Introduction of advanced technologies such as virtual reality, augmented reality, text-to-speech and speech recognition is further enhancing the capabilities of assistive devices for visually impaired. Developers are also focusing on portable devices to improve accessibility.
Key Takeaways
The Global Visual Impairment Market Demand 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.
The global visual impairment market is expected to witness high growth over the forecast period. North America region currently dominates the market due to rising prevalence of diabetes and growing elderly population which are majorly suffering from vision loss. As per the National Eye Institute (NEI), around 3 million Americans aged 40 and above are either blind or have significant vision impairment and this number is expected to double by 2050.
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. Early diagnosis and availability of low cost devices especially in developing countries will provide numerous growth opportunities for players in the coming years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
