The global Visual Impairment Market is estimated to be valued at US$ 5511.15 Million 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 Overview:

Visual impairment products include magnifiers, Low Vision Aids (LVA) devices, CCTVs, Braille embossers and displays, Braille printers and software. These technological products help visually impaired individuals perform daily tasks independently with ease and also improve their functionality and efficiency.

Market key trends:

One of the key trends driving the visual impairment market is the growing adoption of telemedicine. Telemedicine enables optometrists and ophthalmologists to remotely monitor, diagnose and treat patients through digital platforms. This has been gaining traction due to the flexibility and convenience it offers to visually impaired patients, especially those in remote locations with limited access to healthcare. Telemedicine prevents unnecessary travel while ensuring continuity of care for chronic conditions. Its rising popularity is expected to contribute significantly to the growth of the overall visual impairment market over the forecast period.

Segment Analysis

The global visual impairment market is segmented on the basis of condition, product, end-user and geography.

By condition, the market is segmented into refractive errors, cataract, glaucoma, diabetic retinopathy,amblyopia, age-related macular degeneration and others. The cataract segment dominated the global market in 2022 and is expected to remain dominant during the forecast period. This is due to the rising geriatric population globally coupled with high occurrence of cataract condition among the elderly population.

By product, the market is segmented into magnifiers, Braille displays & notetakers, screen magnifiers and others. The magnifiers segment accounted for the largest share of the global visual impairment market in 2022 due increased usage of magnifying aids like magnifying sheet, handheld magnifiers and others among the visually impaired population.

By end-user, the market is segmented into hospitals, ophthalmology clinics, individuals and others. The hospitals segment dominated the global market in 2022 due to preference of visually impaired individuals to seek treatment in hospitals.

Key Takeaways

The Global Visual Impairment Market Share is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing geriatric population and rising prevalence of various vision impairing conditions.

The North America region dominated the global market in 2022 and is expected to continue its dominance during the forecast period. This is attributed to factors such as higher healthcare spending, increasing number of people with visual disability in the region and presence of key players. Asia Pacific region is expected to witness fastest growth during the forecast period owing to improved healthcare infrastructure and services, rising medical tourism and presence of untapped opportunities in the developing countries of Asia Pacific.

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. Major players are focusing on new product launches, collaborations and strengthening their distribution network to garner greater market share.

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