Eyeglasses, magnifiers, screen readers, Braille displays and note-takers are commonly used vision aids for low vision conditions. Guide dogs specially trained to lead the blind through obstacles are also part of this market. Rapid advancements in sensor technologies, artificial intelligence, augmented reality and smart devices have enabled the development of innovative assistive technologies. Text-to-speech and speech recognition tools facilitate computer and Internet access for visually impaired individuals. Mobility canes equipped with GPS and obstacle detection features ensure safer mobility outdoors.
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 Dynamics:
One of the key drivers for the visual impairment market is rapid technological advancements in assistive technologies. For instance, AI and IoT enabled smart glasses are being developed to help the vision impaired recognize objects, read text, navigate places independently and improve their quality of life significantly. These next generation assistive devices collect data from cameras and numerous sensors to recognize objects and enable object identification through gesture or voice commands to the wearer. Such innovative technologies expand the scope of independent living and thus propel the demand in this market. Advancements have also made elderly assistive devices more affordable and user-friendly thereby encouraging wider adoption. As the disabling effects of aging population and lifestyle diseases intensify globally, demand for such technologies is likely to rise tremendously in the coming years.
Segment Analysis
The visual impairment market can be segmented into age group, disease type, product and end user. Based on age group, the market is divided into pediatric and geriatric. The geriatric segment is dominating as visual impairment is highly prevalent in older population. Based on disease type, the market is classified into macular degeneration, diabetic retinopathy, cataract and glaucoma. Macular degeneration holds a major market share due to high risk of vision loss associated with it. Based on product, the market is bifurcated into assistive devices and surgical devices. Assistive devices segment rules the roost due to large consumer base requiring low cost vision aids. Based on end user, the market is segmented into hospitals, ophthalmology clinics and home care settings. Hospitals dominate being the primary point of care.
PEST Analysis
Political: Governments across nations are implementing stringent regulations to enhance visual screening and diagnostic measures. Favorable reimbursement policies for low vision aids will boost the market.
Economic: Rising geriatric population worldwide increasing economic burden of eye diseases. Growing healthcare expenditure is propelling the market growth.
Social: Increasing awareness about low vision and its management through patient education programs augmenting the demand. Charity organizations are funding research on untreatable causes.
Technological: Advancements in intraocular lenses, refractive surgeries and stem cell therapies improving vision outcomes. Portable digital devices and AI based diagnostic tools are enhancing access and convenience.
Key Takeaways
The Global Visual Impairment Market Size is expected to witness high growth over the forecast period.
Regional analysis: North America is the dominant region in the global visual impairment market due to conducive reimbursement scenarios and new product launches. The US holds the largest share.
Key players operating in the visual impairment market are QuickBooks, AUTOREK, Oracle Corporation. QuickBooks dominates the assistive technology segment with its magnification devices and screen readers catering to low vision patients.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it