The Global Vision Impairment Market is estimated to be valued at US$ 5388.5 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 deals with products that help individuals with visual impairments carry out daily activities efficiently. This includes magnification devices, Braille displays and notes, screen magnification software, optical character recognition software, screen reading software, and refreshable Braille displays. The need for such products arises due to conditions such as glaucoma, age-related macular degeneration, diabetic retinopathy, and cataracts that cause vision loss or impairment. These products aid in communication, education, employment, and mobility for visually impaired individuals.
Market key trends:
One of the key trends in the vision impairment market is the high adoption of accessibility software. With increasing internet and computer usage, visually impaired people rely significantly on screen reading and magnification software to read text, documents, and web content. These software are compatible with various operating systems and devices such as desktops, laptops, tablets, and smartphones. They are more convenient to use than specialized hardware solutions. Leading companies in the market are focusing on developing more accessible and user-friendly software applications.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the vision impairment market is low as it requires high R&D costs and capital investments to develop new products like assistive technologies and devices for people with vision impairments.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established players providing varying products and services for vision impairment. However, the needs of visually impaired population are specific requiring customized solutions.
Bargaining power of suppliers: The bargaining power of suppliers is low since raw materials used in manufacturing assistive devices are common and available from multiple sources. Suppliers do not have control over pricing.
Threat of new substitutes: The threat of substitutes is low as there are limited alternative treatment options available for people with vision impairments apart from assistive devices and technologies.
Competitive rivalry: High as major players compete on the basis of technological innovations, customizable solutions, and expansion to new geographies.
Key Takeaways
The Global Vision Impairment Market Analysis is expected to witness high growth, exhibiting CAGR of 8.8% over the forecast period 2023 to 2030, due to increasing aging population worldwide and rising incidence of eye disorders.
North America currently dominates the market holding over 30% share owing to the rising geriatric population, increasing healthcare expenditure, and growing awareness about low vision assistive devices in the region. Asia Pacific is expected to grow at a fastest pace due to large population base and improving access to healthcare in developing nations like China and India.
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 focused on developing innovative and customizable vision assistive technologies through extensive R&D and strategic collaborations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
