The global visual impairment market is estimated to be valued at US$ 4,362.8 Bn in 2022 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The visual impairment market includes a range of assistive devices, magnifiers, and treatment aimed at helping people with impaired or low vision. Companies in this space offer a variety of technologies to assist those suffering from conditions like macular degeneration, diabetic retinopathy, and glaucoma. Advances in lighting, magnification, and even implantable devices now allow many to maintain independence with vision challenges. The growing elderly population and rising incidence of chronic diseases drive ongoing need for visual assistance products and care.
Market key trends:
One major trend in the visual impairment market is the advancement of sight-restoring technologies. Where options were once limited to glasses, magnifiers, and low vision aids, novel therapies like gene therapies and retinal prosthetics now promise treatment rather than just accommodation of impairment. Embryonic stem cell therapies also show promise to regenerate retinal cells and nerve connections. Implantable miniature telescopes and electronic retinal stimulators have already helped many recover functional vision. As technology evolves rapidly, continued innovation is expected to expand treatment options and potentially restore sight for more patients over the forecast period.
Porter's Analysis
Threat of new entrants: The visual impairment market requires high R&D investments and established distribution channels. Thus, the threat of new entrants is moderate.
Bargaining power of buyers: The bargaining power of buyers is high as there are many established players providing substitutable products. Buyers can easily switch between products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers for raw materials and few players dominating the market can negotiate prices.
Threat of new substitutes: The threat of new substitutes is low as most patients do not prefer alternatives once a solution/therapy is prescribed by the doctors.
Competitive rivalry: The competitive rivalry is high due to the presence of many global and regional players targeting the same customer segment with differentiated products.
Key Takeaways
Global Visual Impairment Market Demand is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing prevalence of visual disorders. The market was valued at US$ 4,362.8 million in 2020.
North America dominated the visual impairment market in 2020 owing to the increasing per capita healthcare expenditure and availability of advanced devices. Asia Pacific is anticipated to exhibit the fastest growth due to growing awareness and rising healthcare expenditure in China and India.
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 players are focusing on new product launches and acquisitions to expand their reach. For instance, in 2019, HumanWare Group launched new BrailleNote touch Plus devices.
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