The vision impairment market is estimated to be valued at US$ 5388.5 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.
Market Overview:
The vision impairment market covers products and services that help people with vision impairment in their daily activities. This includes magnifiers, screen magnification software, braille embossers and displays, optical character recognition software, audio labelers and readers. These products assist people with low vision or blindness in daily tasks like reading, using technology devices, managing finances and navigating environments.
Market Dynamics:
The vision impairment market is driven by increasing prevalence of eye diseases globally. Age-related macular degeneration, diabetic retinopathy, glaucoma, cataract and retinal diseases are major causes of vision impairment. As per estimates by 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 has yet to be addressed. Rising geriatric population is also contributing to growth of this market as risk of vision impairment increases with age. Additionally, ongoing technological advancements are bringing more innovative products for low vision such as smart glasses and cameras, portable magnifiers and virtual/augmented reality systems for navigation. This is expanding functional capabilities of people with vision impairment and driving demand.
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