by The global Visual Impairment Market is estimated to be valued at US$ 7,572.8 Mn 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 global visual impairment market consists of products such as magnifiers, braille displays/note takers, reading machines and electronic equipment which help patients with low vision to enhance, manipulate or convert text and graphics into braille or speech. These products help people with low vision by enlarging images and text or producing speech output. They allow people with visual impairment to read, write and navigate more easily.
Market key trends:
There is an increasing adoption of assistive technology devices such as braille displays and note takers, screen magnification and screen reading software among individuals with visual impairment. Braille displays and note takers allow blind and visually impaired individuals to read and write in braille on electronic devices like computers, tablets and smartphones. They present digital braille which can be read using touch. Their enhanced functionality, portability and affordable prices are driving their adoption.
Segment Analysis
The global visual impairment market is segmented by application, end-user, product and geography. Based on application, the market is segmented into academic uses, daylight simulators, low vision aids and braille writers. The low vision aids segment currently dominates the market due to the increasing prevalence of vision impairment disorders globally. Based on end-user, the market is segmented into households, hospitals and clinics, schools and other end-users. The households segment is expected to exhibit high growth during the forecast period owing to the rising healthcare expenditure on vision impairment treatment among individuals.
Key Takeaways
Global Visual Impairment Market Demand is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to the increasing prevalence of eye disorders such as diabetes, cataracts, age-related macular degeneration, and glaucoma. By 2027, the market size is projected to reach US$ 8,523.7 million.
North America currently dominates the visual impairment market owing to high affordability and healthcare infrastructure in countries like the US and Canada. Asia Pacific is expected to witness the fastest growth due to rising geriatric population and healthcare spending in China and India.
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. Major players are focusing on new product launches and strategic collaborations to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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