April 12, 2024
Visual Impairment Market

Rising Elderly Population to Boost Growth 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.

Market Overview:

The visual impairment market offers a wide range of products catering to the needs of visually impaired individuals. This includes video magnifiers, screen magnifiers, braille embossers & displays, braille writers, optical character recognition, note takers and electronic braille displays. Video magnifiers use a closed-circuit television camera system along with a video monitor to magnify text and images for individuals with low vision. Screen magnifiers are software programs installed in computers that can magnify the screen content and change colors to improve visibility. Braille embossers and displays help the visually impaired read and write Braille. Braille writers with embossing capabilities assist in communication. Optical character recognition helps convert printed text into digital audio format. Note takers and electronic braille displays aid in productivity and education. The growing elderly population who are prone to visual impairment and rise in lifestyle diseases causing blindness are major drivers boosting demand in this market.

Market key trends:

The key trends in the visual impairment market include increased adoption of assistive technologies and a rise in smart assistive products. Traditional assistive technologies for visual impairment like Braille writing and reading are slowly being replaced by electronic devices and solutions. Advancements in text-to-speech and optical character recognition have enabled visually impaired access computerized devices. There is a rising demand for screen magnifiers, note-taking software and braille displays that can integrate with tablets and smartphones. Furthermore, the market is witnessing developments in artificial intelligence led solutions like object recognition and navigation assistance for the blind. Wearable low vision aids that use augmented reality are gaining popularity. Lastly, the market players are innovating accessible smart home appliances and collaborative smart glasses to improve the lives of visually impaired people.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the visual impairment market requires large investments in R&D for new products and technologies. However, the growing market size provides opportunities for new players.

Bargaining power of buyers: The bargaining power of buyers is high due to the availability of various product options from different manufacturers. Buyers can negotiate on price depending on their requirements.

Bargaining power of suppliers: The bargaining power of suppliers is moderate since they supply components to several players in the market. However, suppliers need to ensure compliance with quality & safety standards.

Threat of new substitutes: The threat of new substitutes is low as there are limited alternatives to visual impairment assistive devices and technologies given the nature of the condition.

Competitive rivalry: The competitive rivalry is high among the key players to gain market share through innovation, new product launches, and partnerships.

Key Takeaways

The Global Visual Impairment Market Share is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing geriatric population and the prevalence of various eye conditions. The market size for visual impairment is estimated to reach US$ 5511.15 Mn by 2030.

Regional analysis: North America dominated the market and accounted for more than 35% of the global revenue in 2023 due to supportive government policies regarding disability assistance in the US and Canada. Asia Pacific is expected to be the fastest-growing region owing to the rising healthcare expenditure and a large patient pool in China and India.

Key players: 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. Key players are focusing on new product launches, partnerships, and strategic acquisitions to strengthen their market presence. For instance, in 2022, Dolphin Computer Access partnered with Zygo to expand its product portfolio and better serve customers in the Asia Pacific region.

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