Visual impairment can be any kind of vision loss, whether it is the condition in which someone cannot see at all or someone has partial vision loss. Some conditions which can cause vision loss after birth are cataracts, amblyopia, diabetic retinopathy, glaucoma, macular degeneration, etc. When one or more parts of the eye or brain that are needed to process images become diseased or damaged, severe or total loss of vision can occur. In these cases, vision cannot be fully restored with medical treatment, surgery or corrective lenses like glasses or contacts. In such situations of visual impairment, assistive technologies for visual impairment can be used. This assistive technology for visual impairment can be assistive, adaptive, and rehabilitative devices for the people with disabilities.
The global visual impairment market is estimated to be valued at US$ 4,362.8 million in 2020 and is expected to exhibit a CAGR of 8.1% over the forecast period (2020-2027).
Figure 1. Global Visual Impairment Market Share (%) in Terms of Value, By Region, 2020
Rising prevalence of visual impairment & blindness and growing prevalence of eye disorders are expected to drive the market growth over the forecast period
The increasing prevalence of visual impairment & blindness is a major factor responsible for growth of the global visual impairment market. For instance, as per World Health Organization (WHO), at least 1 billion people had a near or distance vision impairment globally in 2019.
Furthermore, increasing prevalence of eye disorders such as diabetic retinopathy, refractive error, glaucoma, cataract, and age-related macular degeneration is projected to increase the number of visually impaired people globally, thereby fueling demand for assistive technologies in visual impairment. This will, in turn, drive growth of the global visual impairment market. For instance, as per World Glaucoma Association, it is estimated that 79.6 million individuals will have glaucoma in 2020. This number is likely to increase to 111.8 million individuals in 2040.
|Base Year:||2019||Market Size in 2020:||US$ 4,362.8 Mn|
|Historical Data for:||2016 to 2019||Forecast Period:||2020 to 2027|
|Forecast Period 2020 to 2027 CAGR:||8.1%||2027 Value Projection:||US$ 4,362.8 Mn|
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
|Restraints & Challenges:||
Figure 2. Global Visual Impairment Market Share (%), by Product Type, 2020
Government initiatives for increasing awareness of advanced devices is expected to drive the market growth over the forecast period
Increasing government initiatives to promote assistive technology and provide assistive technology devices to disabled people is also expected to drive the global visual impairment market growth. Governments are focusing on investing in NGOs who are developing assistive technology for impaired people. For instance, in 2018, the Government of India announced that the Karnataka State Government initiated country’s first disability-focused technology accelerator, Assistive Technology Accelerator (ATA), in partnership with Samarthanam Trust, a non-profit organization (NGO) working for the disabled people. Moreover, the Government of India announced to fund US$ 1.5 million for this initiative.
Global Visual Impairment Market – Impact of Coronavirus (Covid-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization declared it a public health emergency. According to the World Health Organization’s report, the manifestation of coronavirus disease (COVID-19) has resulted in more than 68.1 million infected individuals worldwide as of December 10, 2020. Due to the increasing prevalence of COVID-19, key players operating in the visual impairment market are focusing on research and development of novel products to support and combat the effect of COVID-19. COVID-19 pandemic has impacted the global economy and in turn, the visual impairment market. Quarantines, traveling constraints, and social distancing measures are likely to lead to a steep decline in business and consumer spending until the end of the third quarter of 2020.
Global Visual Impairment Market - Restraint
Stringent regulatory scenario is the major factor that is expected to hinder growth of the global visual impairment market. Stringent global regulatory policies on quality assessments of medical device regulation & approval in some countries, and increased supply chain security issues across emerging economies have a large impact on the global visual impairment market.
Major players operating in the global visual impairment market include 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.
Visual impairment is the loss of vision that cannot be corrected by refraction (glasses). There are number of eye disorders that can lead to visual impairments. Visual impairment can also be caused by trauma, and brain and nerve disorders. Visual impairments affect people differently. It can range from no vision (blindness) or very low vision to not being able to see particular colors. There are many assistive devices for managing visual impairment, which range from educational devices such as Braille Writers and reading machines, to mobility devices such as canes & crutches, etc. These devices help visually impaired people to read printed material or surf the web using assistive technology devices such as screen readers, screen magnifiers, and others.
Rising population with visual impairment & blindness due to different eye conditions, and increasing geriatric population who are more prone to visual impairment are some of the major factors responsible for growth of the global visual impairment market. For instance, according to the report published by the United Nation (UN), the global population of age 60 and above was around 962 million in 2017, which is expected to reach 2.1 billion by 2050. Also, as per National Federation of the Blind, in 2016, an estimated 3,171,100 people over the age of 65 years and older were reported to have visual disability in the U.S.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.