Telemedicine is fastest growing segment fueling the growth of Visual Impairment market
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Visual Impairment Market |
The 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 2023-2030, as highlighted in a new report
published by Coherent Market Insights.
Market Overview:
The visual impairment market
consists of technologies and devices that assist people with visual impairments
in their daily lives. This includes braille displays and notetakers,
magnifiers,Braille printers, screen magnification software, and voice assistance
software. These products help the visually impaired community in navigation,
reading, writing and other tasks. With rising cases of chronic eye diseases and
visual disorders due to aging population and changing lifestyle factors, the
demand for visual assistance devices is growing significantly.
Market Dynamics:
Rising geriatric population:
Visual impairment is more common among the geriatric population. According to
the WHO, the number of people aged 65 years and older is expected to rise from
703 million in 2019 to 1.5 billion in 2050. As the geriatric population is more
susceptible to eye disorders like age-related macular degeneration, diabetic
retinopathy, and glaucoma, the demand for visual assistance devices is expected
to grow markedly over the forecast period.
Growing cases of myopia:
Short-sightedness or myopia has become a major global eye problem. According to
a study published in the British Journal of Ophthalmology, the prevalence of
myopia has increased significantly from 1990 to 2020, owing to lifestyle and
environmental factors. This has fueled the adoption of visual assistance
devices like magnifiers and screen readers to support daily activities.
SWOT Analysis
Strength: The visual impairment
market has a large customer base globally as the prevalence of visual
impairment is increasing. Technological advancements have led to creation of
innovative products to assist the visually impaired. Rising awareness about
products available is driving greater adoption of visual impairment assisting
devices.
Weakness: High costs associated
with treatment and assistive devices limits their adoption in low and middle
income countries. Lack of specialized professionals for guidance on available
treatment options is a challenge faced.
Opportunity: Untapped growth
opportunities exist in developing nations due to increasing awareness and
improving access to treatment and products. Launch of affordable devices
specifically designed for needs in these regions can boost market revenues.
Threats: Threat from alternative
technologically advanced products. Slow regulatory approvals can delay product
launches.
Key Takeaways:
The Global
Visual Impairment Market Share is expected to witness high growth,
exhibiting CAGR of 10% over the
forecast period, due to increasing prevalence of visual impairment disorders
among the aging population. As per WHO, at least 2.2 billion people have vision
impairment or blindness, of whom at least 1 billion have a vision impairment
that could have been prevented or is yet to be addressed.
Regional analysis:
North America dominates the
global visual impairment market supported by availability of advanced treatment
options and devices in the region. However, Asia Pacific is expected exhibit
fastest growth owing to improving access to healthcare infrastructure and focus
of key players to tap into opportunities in developing nations. China, India
and Southeast Asian countries will be major revenue generators for the visual
impairment market in Asia Pacific.
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 companies are focused on developing innovative
products catering to specific needs of patients and expanding access through
affiliations and subsidized access programs.
Get More Insights Here
https://ceocolumn.com/tech/what-are-field-programmable-gate-arrays-fpgas/
https://www.newswirestats.com/visual-impairment-market-size-share-growth-outlook-2023/
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