Visual impairment refers to a loss of vision or sight that cannot be corrected with glasses or contact lenses. This includes conditions such as cataracts, glaucoma, diabetic retinopathy, and age-related macular degeneration. These diseases and disorders are usually age-related and are becoming more common as the global population ages. Visual impairment products help people with low vision by enlarging printed materials through closed-circuit televisions, computer software, and handheld digital magnifiers.
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 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing geriatric population is one of the major drivers fueling growth of the global visual impairment market. As per the World Health Organization, the number of people aged 65 years and older is projected to grow from an estimated 524 million in 2010 to nearly 1.5 billion in 2050. Older population is more susceptible to age-related eye diseases such as cataracts, glaucoma, and age-related macular degeneration. Hence, rising elderly population worldwide is leading to greater demand for low vision aids and technologies. Additionally, technological advancements in visual impairment products along with increasing adoption of digital magnification devices are also expected to boost market growth over the forecast period.
SWOT Analysis
Strength: The visual impairment market is witnessing high growth owing to the rising geriatric population worldwide. Visual impairment is highly common in the elderly due to aging of the eyes. Furthermore, technological advancements are enabling the development of assistive devices with improved functionalities.
Weakness: High costs associated with assistive devices may restrict adoption in low and middle-income countries. Also, the social stigma surrounding visual disabilities poses a challenge.
Opportunity: Favorable government initiatives in developed economies to promote independent living for the visually impaired present an opportunity. Untapped opportunities exist in developing Asian and African countries with large aging populations.
Threats: Limited healthcare budgets in certain regions can restrain market growth. Stringent regulations for new product approval also acts as a threat.
Key Takeaways
The Global Visual Impairment Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: Asia Pacific is poised to register the highest CAGR during the forecast period, supported by rapidly increasing elderly populations in China and India. The geriatric populations in these countries lack access and awareness regarding assistive devices contributing to untapped opportunities. North America currently dominates the market attributed to advanced healthcare infrastructure and availability of reimbursement.
Key players: Key players operating in the visual impairment market are QuickBooks, AUTOREK, Oracle Corporation, and Broadridge. The market is consolidated in nature with these top players accounting for major market share. Strategic partnerships and product portfolio expansion remain key strategies adopted by these companies to strengthen their positions.
For More details on the topic:
https://www.marketwebjournal.com/visual-impairment-market-trends-size-and-share-analysis/
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