July 12, 2024
Visual Impairment Market

Visual Impairment Market is estimated to Witness High Growth Owing To Trends Increased Adoption of Electronic Devices

The 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 Overview:-

The visual impairment market consists of products and devices that assist individuals with visual impairments. This includes closed-circuit televisions (CCTVs), braille embossers and refresher, magnifiers, note-taking devices, braille computers and displays, and assistive technology software among others. The demand for these products is rising owing to the growing prevalence of visual impairment disorders globally.

Market key trends:-

One of the key trends fueling market growth is the increased adoption of electronic devices and assistive technologies by visually impaired individuals. With advancements in technology, companies are focusing on developing assistive devices such as braille displays, smart mobile apps, note-taking apps and more that can be easily integrated with smartphones, tablets and computers. This is allowing individuals to access information, work on documents, and stay connected independently without relying on others. The digital revolution has made access to information easier for the visually impaired population and boosted the adoption of high-tech assistive devices. This widespread use of electronic solutions is expected to drive the visual impairment market during the forecast period.

Porter’s Analysis:-

  • Threat of new entrants: The visual impairment market requires high capital investment in R&D which makes the threat of new entrants moderate.
  • Bargaining power of buyers: The bargaining power of individual buyers is low due to the consolidated nature of the market and specialized needs of customers.
  • Bargaining power of suppliers: The market has high dependence on technology providers for optoelectronics components which gives suppliers a bargaining edge.
  • Threat of new substitutes: Technological advancements in fields such as optogenetics may emerge as substitutes in future.
  • Competitive rivalry: Being a consolidated market, rivalry among existing players is high.

SWOT Analysis:-

  • Strengths: Established distribution networks and brand recognition of key players. Adaptive tools and software offer independent living assistance.
  • Weaknesses: High costs of specialized products limit the addressable market. Lack of consumer awareness in developing nations.
  • Opportunities: Rapid adoption of smart assistive technologies presents an opportunity. Growing geriatric population increases demand.
  • Threats: Short product life cycles due to technological advances. Stringent regulatory framework for medical devices.

Key Takeaways:-

The Global Visual Impairment Market Demand is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing prevalence of eye diseases and age-related visual impairments. The market size for 2023 is US$ 5511.15 Mn.

Regionally, North America dominated the global market in 2023 with over 30% market share. Increasing adoption of smart vision aids and presence of major players drive the region’s growth. The Asia Pacific region is expected to exhibit the fastest CAGR of 12.3% during the forecast period due to rise in disposable incomes, growing medical infrastructure and increasing awareness.

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. These players are focusing on new product development and strategic collaborations to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it