Visual impairment refers to a significant reduction in vision that cannot be fully corrected with medication, surgery, or corrective lenses and hampers a person’s ability to perform daily activities. Visual impairment includes partial sight, blindness, and color vision deficiency. The major causes of visual impairments include eye diseases like cataracts, glaucoma, diabetic retinopathy, and age-related macular degeneration. These diseases have significantly increased worldwide due to factors like aging population, changes in lifestyle and dietary habits. Advancements in medical technology have enabled early diagnosis and effective treatment of these eye diseases, which has improved the quality of life of visually impaired people.
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 key trends:
Increasing adoption of assistive technologies like Braille displays, magnifiers, note-taking devices and screen readers has aided in independent living of visually impaired individuals. Braille displays enable reading and writing of Braille on electronic devices like tablets and smartphones. Advancements in machine learning algorithms have enabled development of smart magnifiers that can amplify and adjust contrast of images on screens to improve clarity for low vision users. Mainstream technology brands like Apple and Microsoft are also integrating accessibility features like magnifier, voiceover and color inversion modes in their operating systems and apps to make digital content inclusive for visually impaired population. Rising internet and smartphone penetration has augmented demand for accessibility applications and devices that can convert text to speech, identify objects and currency notes to enable digitally enabled lifestyle.
Threat of new entrants: The threat of new entrants is moderate. The visual impairment market requires technical expertise and significant capital investments to develop assistive devices and technologies. However, declining costs of technology could enable smaller players to enter the market.
Bargaining power of buyers: The bargaining power of buyers is low to moderate. Buyers have a limited number of options to choose from for their visual impairment needs. However, increased awareness is expanding treatment choices.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key components and assistive technologies manufacturers work with multiple organizations in this market. However, specialized suppliers for niche segments can exert pricing pressure.
Threat of new substitutes: The threat of new substitutes is low. No major substitute technologies have emerged that can replace visual impairment assistive devices and technologies. Emerging technologies aim to enhance existing solutions.
Competitive rivalry: The competitive rivalry is moderate to high. Major players compete on innovation, features, and pricing. Smaller regional companies focus on customization and local knowledge to gain market share.
Global Visual Impairment Market Demand is expected to witness high growth over the forecast period. 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.
Regional analysis: The North American region leads the global visual impairment market due to rising incidence of eye disorders among the aging population and presence of advanced healthcare and supporting infrastructure. However, Asia Pacific is expected to grow at the fastest pace during the forecast period. This can be attributed to factors such as rising medical tourism, improving access to healthcare facilities and availability of low-cost assistive devices and technologies.
Key players: Key players operating in the visual impairment market are 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. These players are focusing on developing innovative products and using advanced technologies like AI to expand their product portfolio and market share.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it