by Visual impairment refers to a decreased ability to see to a degree that causes problems not fixable by usual means, such as glasses. Major causes of visual impairment include unoperated cataracts, glaucoma, diabetic retinopathy, age-related macular degeneration (AMD) and corneal opacity. Early detection and treatment can help prevent vision loss or restore vision.
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 key trends:
The rising incidence of visual impairment especially in the elderly population is the major driver of the visual impairment market growth. As per the World Health Organization (WHO) data, at least 2.2 billion people have a vision impairment or blindness, of whom at least 1 billion have a vision impairment that could have been prevented or has yet to be addressed. The majority of people with vision impairment are aged 50 years and above. Growing geriatric population worldwide has led to surge in prevalence of age-related ocular diseases such as cataract, glaucoma and AMD, which require early screening, diagnosis and treatment. This is expected to propel the demand for visual impairment treatment devices over the forecast period.
SWOT Analysis
Strength: The visual impairment market caters to an important unmet medical need. There are limited treatment options available for improving visual impairment.
Weakness: High costs associated with treatment options and devices for visual impairment. Lack of awareness about new treatment options in developing regions.
Opportunity: Rising geriatric population prone to age-related visual impairments presents an opportunity. Growing demand for low-cost treatment devices from developing markets.
Threats: Stringent regulatory framework delays market approval of new treatment devices. Reimbursement issues act as a pricing challenge.
Key Takeaways
The Global Visual Impairment Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America currently dominates the market owing to availability of advanced treatment options and high healthcare spending. The Asia Pacific region is expected to grow at the fastest pace on account of rising geriatric population, growing awareness and availability of low-cost devices.
Key players operating in the visual impairment market are QuickBooks, AUTOREK, Oracle Corporation. These key players are focused on developing innovative devices to expand their market share. The market is anticipated to reach US$ 5511.15 Mn by 2024. Innovation in affordable treatment devices will be crucial for market success especially in developing regions.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
