Increasing Prevalence of Visual Impairment Diseases of Visual Impairment Market
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.
SWOT Analysis
Strength: The visual impairment market has witnessed significant advancements in terms of technology and innovations. Companies are developing more practical and affordable solutions to support the visually impaired population. Advancements like magnification devices, Braille translation software and screen readers have empowered the visually challenged. Additionally, growing awareness aboutvisual disorders and government support is further fueling the adoption ofvisual impairmentassistive devices.
Weakness: High costs associated with visual impairmentassistive technologies remain a key challenge especially in developing nations. Lack of reimbursementpoliciesalso hindersadoption. Availability of generic substitutes also poses a threat to established brands. Differing needs of usersfurther complicateofferings.
Opportunity: Rising geriatric population prone to age-relatedvisual disorderspresents a huge market opportunity. Increasing incidence of diabetes as a leading cause of blindnessalso opensup avenues. Growing penetration ofinternet and smart devices widens the scope of accessibility software solutions. Collaborations between Industry and non-profits to developlow-cost innovations holds promise.
Threats: Persistent stigma aroundvisual disabilitiesremains a social challenge. Budgetary constraints of governments and delayed policy rolloutsstall growth potential. Lockdowns during the pandemicalsodelayedadoption ofdevices insecurity-sensitive domains like education and employment.
Key Takeaways
The Global Visual Impairment Market Size is expected to witness high growth on account of the rising geriatric population and increasing incidence of diabetes as a leading cause of blindness. 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.
Regional analysis: North America dominates currently due to supportive reimbursement policies and high adoption of advanced assistive technologies. Asia Pacific is anticipated to register fastest gains owing to the large underserved population and improving access to care in major countries like India and China. Governments are recognizing visual impairment as a development issue and strengthening provisions.
Key players: 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. Companies aredifferentiating through customized offerings for varying needs like education, work and daily living. Partnerships are enabling faster geographical expansion into high growth regions.
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