by The Global Vision Impairment Market is estimated to be valued at US$ 5388.5 Mn in 2023 and is expected to exhibit a CAGR of 8.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The vision impairment market comprises of products and services for people with impaired vision and blindness. These include corrective lenses, magnifiers, braille devices, note takers, and assistive software. Corrective lenses help improve vision conditions like nearsightedness, farsightedness and astigmatism.
Market key trends:
One of the major trends in the vision impairment market is the rise in technological innovations. Manufacturers are developing advanced assistive technologies leveraging Artificial Intelligence (AI) and augmented reality. For instance, OrCam Device is an AI-powered wearable device that reads text aloud and detects faces. It helps the visually impaired in day to day tasks like reading documents, price tags and identifying people. Such innovations are improving independence and quality of life of people affected with vision loss.
SWOT Analysis
Strength: The rising awareness about vision impairment and various initiatives by governments and non-profit organizations to assist visually impaired individuals present strong growth opportunities.
Weakness: High costs associated with customized vision assistive technologies & lack of trained physicians in underdeveloped regions.
Opportunity: Growing geriatric population prone to age-related vision loss and increasing investments in innovations for assistive technologies.
Threats: Limited medical reimbursements and availability of alternative cheaper substitutes may hamper the market growth.
Key Takeaways
The Global Vision Impairment Market Analysis is expected to witness high growth, exhibiting a CAGR of 8.8% over the forecast period, due to increasing investments in innovative assistive products.
Regional analysis: North America dominates the global vision impairment market currently and is expected to continue its dominance over the forecast period. This is attributed to growing incidences of eye disorders in the region coupled with high adoption of advanced vision assistive technologies. Asia Pacific is anticipated to grow at the fastest pace during the projected timeline owing to the rising geriatric population, growing awareness about vision impairment, and improving healthcare infrastructure in the region.
Key players: Key players operating in the Vision Impairment market are Adaptivation, Inc., AbleNet, Inc., Amedia Corporation, Access Ingenuity, LVI Low Vision International, American Thermoform, Cambium Learning, Dolphin Computers Access Ltd., HumanWare Group, ViewPlus, VFO, Eyedaptic, Inc., and Envision. These players are focusing on new product launches and partnerships with medical device companies 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
