Market Overview:

The vision impairment market involves products that assist and improve visual disabilities. These include magnification devices, low vision aids, Braille translators, optical and non-optical devices as well as mobility aids. Growing geriatric population, rising rates of age-related macular degeneration and diabetic retinopathy has resulted in an increasing demand for these products. As per stats, globally around 1 billion people are visually impaired and 190 million have disabling vision loss. Products that help maximize remaining vision as well as offer independence are crucial for quality life.

The global Vision Impairment Market is estimated to be valued at US$ 4,951.3 Mn 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.

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Market key trends:

One of the key trends in the vision impairment market is the growing adoption of smart vision aids. Technological advancements have led to smart glasses, smart cameras and advanced software that combine object recognition, wayfinding assistance through navigation cues and text-to-speech. These smart devices offer portability, ease of use and integration with smartphones for connectivity. Another trend is the rising popularity of eco-friendly and sustainable products. Companies are focusing on greens materials, recyclable/biodegradable components and renewable energy sources to reduce carbon footprint.

Porter’s Analysis

Threat of new entrants: The vision impairment market requires large investments in RD for product development and also in manufacturing facilities. This poses high entry barriers for new players.

Bargaining power of buyers: The bargaining power of buyers in the vision impairment market is moderate. The market has several product options from different manufacturers and buyers can choose products based on their requirements and budget.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to the differentiated nature of products. However, vision impairment treatment devices rely on few raw material suppliers which puts suppliers in a better position.

Threat of new substitutes: There are limited substitutes for vision impairment treatment devices currently available. However, with technological advancements, new substitutes may emerge in future.

Competitive rivalry: The global vision impairment market is a highly fragmented space with the presence of several global as well as regional players. Market players focus on product innovation and expansion to consolidate their market presence.

Key Takeaways

The global vision impairment market is expected to witness high growth, exhibiting CAGR of 8.8% over the forecast period, due to increasing occurrence of eye disorders and rising geriatric population. The market size for 2023 is estimated to reach US$ 4,951.3 Mn.

North America currently dominates the global market due to supportive government initiatives and advanced healthcare infrastructure. Asia Pacific is expected to grow at the fastest pace during the forecast period with increasing healthcare spending and large patient population.

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 focusing on new product launches and geographical expansion to gain higher market share.

*Note:

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it