Visual Impairment Market Is Estimated to Witness High Growth Owing to Opportunity

Visual Impairment Market


Visual Impairment is on the rise globally due to increasing cases of diabetes, eye disorders, and aging population. Visual impairment products like Braille displays, screen magnification software, optical and non-optical aids are used to help people with visual disabilities carry out daily tasks and live independently. The global visual impairment market provides assistive technologies and rehabilitation services for low vision and blind individuals.

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 Opportunity:

The rising geriatric population suffering from age-related visual impairment presents a significant market opportunity. As per the WHO, the number of people aged over 60 years is expected to double from 12% to 22% between 2015 and 2050 globally. Age-related visual impairment like cataracts and age-related macular degeneration is higher among the elderly. With the growing elderly populace globally, the demand for visual impairment assistive devices and low vision care services is expected to increase considerably over the forecast period. Manufacturers can strengthen their market presence by developing advanced visual impairment products customized for the elderly population with age-related visual disabilities.

Porter's Analysis
Threat of new entrants: The visual impairment market has moderate threat of new entrants due to high regulatory barriers and high capital requirements. However, growth opportunities in assistive technologies are attracting new players.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of alternatives and undifferentiated nature of products. Buyers can negotiate on price and switch between providers easily.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials are common. However, switching costs from established suppliers are high.
Threat of new substitutes: Threat of substitutes is low as there are limited alternatives to address visual impairment. However, developing assistive technologies pose a potential threat.
Competitive rivalry: Market is fragmented with well-established players. Intense competition on pricing keeps rivalry high.

SWOT Analysis
Strengths: Growing elderly population and demand for innovative products. Rising government funding and awareness.
Weaknesses: High cost of customized products limits access. Lack of skilled professionals in certain regions.
Opportunities: Untapped growth potential in developing nations. Expanding application areas like education, navigation etc.
Threats: Stringent approval process increases delivery timelines. Data privacy and security concerns over connected devices.

Key Takeaways
Global Visual Impairment Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. 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.

Asia Pacific dominates currently with over 35% share led by countries like China and India. Growing concerns over eye care and favorable initiatives are driving the regional market. North America also holds a significant share and is anticipated to grow at a steady rate during the period. Presence of major manufacturers and continual technological advancements support the regional growth.

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. The players focus on new product launches catering to evolving needs. Strategic collaborations are also witnessed to expand geographical presence. R&D investments aim at developing assistive devices integrated with advanced features like AI for better user experience. 

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