Global Visual Impairment Market Is Estimated To Witness High Growth Owing To Rising Demand for Assistive Technologies and Increasing Prevalence of Visual Impairment
The global Visual Impairment Market is estimated to be valued at US$ 4,362.8 Mn in 2022 and is expected to exhibit a CAGR of 8.1% over the forecast period 2020-2027, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The Visual Impairment Market focuses on providing assistance to individuals with visual impairments. It includes various products such as braille displays, screen readers, magnifiers, and wearable devices that help individuals with visual impairments to navigate daily tasks and improve their quality of life. These technologies play a crucial role in enabling individuals with visual impairments to access information, education, and employment opportunities.
B) Market Dynamics:
1. Driver: Rising Demand for Assistive Technologies
The increasing demand for assistive technologies among visually impaired individuals is a major driver for the market. Assistive technologies such as braille displays, screen readers, and magnifiers help individuals with visual impairments to access information, communicate, and perform various tasks independently. These technologies have significantly improved the quality of life for visually impaired individuals and are expected to drive market growth.
For example, screen readers such as JAWS (Job Access With Speech) and NVDA (NonVisual Desktop Access) convert on-screen text into speech or braille, allowing visually impaired individuals to navigate computer systems, browse the internet, and access digital content.
2. Driver: Increasing Prevalence of Visual Impairment
The prevalence of visual impairment is increasing globally, primarily due to aging populations and the higher incidence of chronic diseases such as diabetes. According to the World Health Organization, around 253 million people are visually impaired worldwide, of which 36 million are blind and 217 million have moderate to severe visual impairment.
For instance, the number of people with age-related macular degeneration (AMD), a leading cause of visual impairment among the elderly, is expected to reach 196 million by 2020 from 196 million in 2010, according to the International Agency for the Prevention of Blindness.
C) SWOT Analysis:
Strengths:
1. Technological Advancements: Continuous advancements in technology have led to the development of innovative products and solutions for visually impaired individuals.
2. Increasing Awareness: Growing awareness about visual impairment and the availability of assistive technologies among healthcare professionals, patients, and caregivers.
Weaknesses:
1. High Cost: The high cost of assistive technologies and devices may limit the adoption among economically disadvantaged individuals.
2. Limited Access: Limited access to healthcare services and assistive technologies in underdeveloped regions.
Opportunities:
1. Emerging Markets: The untapped potential of emerging markets such as Asia-Pacific and Latin America provides significant growth opportunities for market players.
2. Collaboration and Partnerships: Collaborations between technology companies, healthcare organizations, and non-profit organizations can drive the development and adoption of innovative solutions.
Threats:
1. Lack of Regulations: The absence of standardized regulations for assistive technologies may pose challenges in terms of quality control and patient safety.
2. Limited Awareness: Limited awareness among visually impaired individuals and healthcare professionals regarding the benefits of assistive technologies.
D) Key Takeaways:
- The Global Visual Impairment Market Demand is expected to witness high growth, exhibiting a CAGR of 8.1% over the forecast period, due to increasing demand for assistive technologies and the rising prevalence of visual impairment.
- In terms of regional analysis, North America is expected to dominate the market, owing to the presence of key players, high healthcare expenditure, and favorable reimbursement policies.
- Key players operating in the global Visual Impairment market include 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.
In conclusion, the Visual Impairment market is witnessing significant growth driven by the increasing demand for assistive technologies and the rising prevalence of visual impairment. Technological advancements and the availability of innovative solutions are expected to further drive market growth. However, challenges such as high costs and limited access to healthcare services and assistive technologies in underdeveloped regions need to be addressed. Collaborations and partnerships among key stakeholders can play a crucial role in advancing the market and improving the quality of life for visually impaired individuals globally.
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