The visual impairment market covers products aimed at aiding people with visual disabilities. This includes solutions like braille displays and notetakers, magnifiers, optical character recognition devices, and screen readers. These help the visually impaired perform daily tasks independently through text-to-speech output, audio descriptions, and overall usability enhancements.

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 increasing geriatric population remains one of the key drivers propelling the growth of the visual impairment market. Age-related visual disabilities such as cataract, glaucoma, and age-related macular degeneration (AMD) are common among the elderly. Approximately 8.7 million older adults in the US suffer from visual impairment according to the National Eye Institute. Assistive devices for the visually impaired provide vital support to this growing demographic in daily tasks through enhanced accessibility. Additionally, advancements in screen reader and magnification technologies have made it possible to customize solutions as per individual needs, further expanding the addressable market. New AI-based features enabling object recognition and description are also augmenting the functionality of assistive technologies.

SWOT Analysis

Strength: The visual impairment market has seen steady growth over the past few years due to the rising prevalence of visual impairment disorders globally. The market leaders have strong R&D capabilities and have introduced innovative products to aid the visually impaired. Several government initiatives have increased awareness and provided funding for development of assistive technologies.

Weakness: The costs associated with visually assistive devices remain high limiting widespread adoption. Low awareness regarding available solutions in underdeveloped regions is another concern. Differences in regulations across countries pose challenges for companies operating globally.

Opportunity: The geriatric population worldwide is surging rapidly creating the need for low vision aids. Developing economies offer immense scope for market expansion. Productivity tools that leverage latest technologies like AI, VR can drive new revenue streams. Investments in educational and rehabilitation programs will further stimulate demand.

Threats: Changing reimbursement policies and cuts to healthcare budgets pose risks. Intense competition from local players may squeeze profit margins. Delays in approvals and certified approvals for new offerings can undermine timely market access. Vulnerabilities to cyber threats associated with smart vision aids need to be addressed.


Key Takeaways

Global Visual Impairment Market Demand is expected to witness high growth over the forecast period supported by increasing elderly population globally and higher incidence of eye disorders. 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.

North America currently dominates led by advanced healthcare spending and presence of major industry players. Asia Pacific region is expected to witness fastest growth in the Visual Impairment market. Factors such as the rapidly rising geriatric population, growing burden of diabetes and improving access to healthcare is driving the need for these assistive devices in Asia Pacific countries. China and India in particular have huge populations affected by visual impairment and are witnessing increased government focus on rehabilitation programs, this will significantly propel the Visual Impairment market growth in these nations.

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.

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