Vision Impairment Market Is Estimated To Witness High Growth Owing To Increase In Geriatric Population

Vision Impairment Market

The Vision Impairment Market is estimated to be valued at US$ 5388.5 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.

Market Overview:

The vision impairment market comprises of various medical devices and aids that help individuals with low vision and blindness. Some of the key products in this market are CCTVs, magnifiers, braille embossers and displays, note takers, reading machines and software. These products enable vision impaired individuals to read, write and use computers that help them in their daily activities and education.

Market key trends:

One of the key drivers of growth in the vision impairment market is the rising geriatric population globally. Age is one of the major risk factors for vision impairment and eye diseases. According to WHO, the number of people aged 65 years and above is expected to reach 1.5 billion by 2050 from 703 million in 2019. With advancing age, the risk of vision loss from eye diseases like age-related macular degeneration, cataract, glaucoma and diabetic retinopathy increases significantly. As a result, the demand for low vision aids and assistive devices is growing substantially to assist the geriatric population with impaired vision. This rising pool of aged individuals with vision impairments is expected to propel the vision impairment market during the forecast period.

Porter’s Analysis

Threat of new entrants: Vision impairment treatment being a niche market requires significant investment and expertise. This creates moderate barriers for new companies.

Bargaining power of buyers: Individual customers have low bargaining power due to limited treatment options available. However, large organizations can negotiate on price and demands.

Bargaining power of suppliers: Major players dominating the supply of key assistive devices and technology leaves suppliers with moderate bargaining power.

Threat of new substitutes: Alternate assistive technologies evolving at constant pace, but current substitutes do not fully address all vision impairment needs.

Competitive rivalry: Market fragmented with global and regional players. Intense competition on innovation, quality, and expanding product portfolio.

SWOT Analysis

Strengths: Large customer base and growing market demand due to aging population and visual disorders prevalence. Well-established brands and domain expertise.

Weaknesses: High reliance on healthcare reimbursements. Significant upfront costs of R&D limits innovation.

Opportunities: Emerging economies with large population offer high growth potential. Adjacent areas like low vision rehabilitation and eye health present opportunities.

Threats: Stringent regulations and compliance requirements. Threat from low-cost alternatives and substitutes in future.

Key Takeaways

The Global Vision Impairment Market Analysis is expected to witness high growth, exhibiting CAGR of 8.8% over the forecast period, due to increasing prevalence of ocular disorders, growing geriatric population and rising healthcare expenditure. By 2030, the market size is projected to reach USD 15.7 billion.

Regionally, North America dominates currently with over 40% market share led by the United States due to supportive reimbursement policies and technological advancements. However, Asia Pacific is anticipated to grow at fastest pace owing to rising disposable incomes, increasing awareness and expanding medical infrastructure in major countries 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. Major players are focused on strengthening product portfolio through strategic acquisitions and licensing agreements. They are also investing extensively in development of assistive AI technologies and digital solutions.

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