The visual impairment market is estimated to be valued at US$ 4,784.3 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 deals with products and services that help visually impaired individuals to function independently in daily activities. Some key products in this market include magnifiers, screen magnification software, braille embossers and displays, optical character recognition software, braille printers, note takers, and braille watches. Such products assist the visually impaired in tasks like reading, writing, navigation, and communication through digital formats.
Market Dynamics:
Increasing access to healthcare facilities along with favorable public health policies is one of the major factors fueling the growth of this market. For instance, according to the World Health Organization, over 1 billion people worldwide are affected by avoidable vision impairment and visually impairment. To address this issue, governments across various countries are taking initiatives to improve access to eye care services. This is helping in early diagnosis and treatment of preventable vision impairment conditions, thus driving the adoption of assistive products in this market.
Growing technological advancements is another key factor boosting market growth. Product manufacturers are focusing on development of innovative assistive devices integrated with technologies like artificial intelligence, augmented reality, and 3D printing. This is enabling devices to offer advanced functionalities like object recognition, text-to-speech conversion, and interactive navigation support. Such technologically advanced solutions are witnessing high demand, as they provide more independent lifestyles to visually impaired individuals.
Segment Analysis
The global visual impairment market is segmented based on product type, end-use, and geography. By product type, the market is divided into signage, graphics & display systems, assistive technology products, and low vision products. The assistive technology products segment currently dominates the market due to the availability of diverse products such as Braille translators/note takers, magnifiers, reading machines, signage systems, video magnifiers, optical and non-optical aids, voice synthesizers, and closed circuit televisions. These enable independence, safety, and productivity for individuals with visual impairments.
PEST Analysis
Political: Regulations on the use of assistive technology for visual impairments have been supportive of market growth. Standards ensure effectiveness and safety of products.
Economic: Developing nations have shown higher spending on visual impairment management due to rising income levels and awareness.
Social: Social stigmas related to visual impairments are declining with better acceptance and independence tools. This has empowered more individuals to seek assistance.
Technological: Advancements in fields such as digital imaging, electronics, batteries, and computing have enabled compact, portable, feature-rich assistive devices with affordable price points.
Key Takeaways
Global Visual Impairment Market Demand is expected to witness high growth, exhibiting a CAGR of 8.1% over the forecast period, due to increasing awareness regarding management of visual impairments, rise in geriatric population, and availability of advanced assistive products.
By region, North America currently dominates the global market due to supportive regulatory framework, high incidence of visual impairment among the elderly, and early adoption of novel technologies. Asia Pacific is expected to exhibit the highest growth during the forecast period on account of large consumer base, rising healthcare expenditure, and technological innovations tailored for emerging markets.
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. These companies focus on product development, partnerships, mergers, acquisitions, and expansion into emerging markets for sustained leadership.
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