The vision impairment market comprises products such as screen magnifiers, Braille displays/notes, screen reading software, and voice assisted technology that help visually impaired individuals perform daily tasks efficiently. These products assist in enlarging text and images on screen, reading digital text out loud, and navigating smartphones and computers using voice commands. With the growing number of people with low vision, there is a rising demand for such assistive technologies.The global vision impairment market is estimated to be valued at US$ 5864.31 million in 2024 and is expected to exhibit a CAGR of 8.8% over the forecast period 2024 to 2031.Key TakeawaysKey players: 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.Key opportunities:Increasing adoption of smartphones and tablets along with integration of assistive technology apps present significant Vision Impairment Market Size Growing geriatric population susceptible to age-related vision impairments will further boost demand.Global expansion: Leading companies are expanding globally through partnerships and distribution agreements to cater to the growing needs in developing markets. Favorable regulations and increasing awareness about vision assistive solutions will drive the market across regions.Market drivers:The rising geriatric population is the major driver of the Vision Impairment Market Size And Trends According to the World Health Organization (WHO), the number of people aged over 65 is projected to reach 1.5 billion by 2050 globally. Old age brings along various vision related conditions like glaucoma, cataract, and age-related macular degeneration. This is expected to fuel demand for assistive devices for the visually impaired.PEST AnalysisPolitical: Increasing government initiatives focusing on visually impaired patients is a driving factor. For instance, bills focusing disability rights and healthcare accessibility aid the market growth.Economic: Rising disposable incomes increase affordability of vision impairment products and solutions. Growing healthcare expenditures from individuals and insurance firms help profitability.Social: Rise in lifestyle diseases, ageing population, and vision disorders due to excessive screen time boost product adoption. Improving patient awareness bolsters demand.Technological: Innovations in magnifying solutions, adaptive technologies, and portable devices enhance viability. Virtual and augmented reality advance digital accessibility.Geographical concentrationThe United States represents the largest market for vision impairment globally in terms of value, owing to the high disposable incomes, surging geriatric population susceptible to age-related vision disorders, and strong demand for advanced devices.Fastest growing regionThe Asia Pacific region is poised to witness the fastest growth in the vision impairment market during the forecast period. Factors such as the rising prevalence of diabetes and increasing healthcare expenditures are driving the market in the region. Additionally, improving patient awareness regarding available treatments and devices supplements the regional growth.Get More Insights On, Vision Impairment MarketAbout Author:Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191
