Vision impairment market

Visual Impairment Market, by Product Type (Educational Devices & Software (Raille Duplicators and Writers, Braille Computers, Mathematical & Science Devices, Reading Machines, and Others), Mobility Devices (Canes and Others), Low Vision Devices (Smart Glasses, VTS Link, Magnifying Lenses, and Others), and Others), by End Use (Blind Schools, Enterprises & Social Organizations, Personal Use, Hospitals, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

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Dec 2020
CMI4337
176 Pages
Excel & Pdf
Medical Devices

Summary

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.

Visual Impairment Market Report Coverage

Report Coverage	Details
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$ 8,130.3 Mn
Geographies covered:	North America: U.S. and Canada Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific Middle East: GCC Countries, Israel, and Rest of Middle East Africa: South Africa, North Africa, and Central Africa
Segments covered:	By Product Type: Educational Devices & Software: Braille Duplicators and Writers, Braille Computers, Mathematical & Science Devices, Reading Machines, Others. Mobility Devices: Canes, Others. Low Vision Devices: Smart Glasses, VTS Link, Magnifying Lenses, Others. Others By End Use: Blind Schools, Enterprises & Social Organizations, Personal Use, Hospitals, Others.
Companies covered:	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
Growth Drivers:	Increasing prevalence of visual impairment & blindness Rising prevalence of eye disorders Growing government initiatives for awareness & funding for advanced devices
Restraints & Challenges:	Strict regulatory norms for approval of medical devices

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.

Key Players

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.

Table of Content

*Browse 28 market data tables and 32 figures on "Visual Impairment Market” - Global Forecast to 2027

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- Frequently Asked Questions -

What is the current market size and compound annual growth rate (CAGR) of the market during the forecast period (2020-2027)?

The global visual impairment market size is estimated to be valued at US$ 4,362.8 million in 2020 and is expected to exhibit a CAGR of 8.1% between 2020 and 2027.

What are the major factors driving the visual impairment market growth?

Increasing prevalence of visual impairment & blindness, rising cases of eye disorders, and increasing government initiatives for funding & awareness of advanced products used for visual impairment are expected to drive the market growth over the forecast period.

Which is the leading product type segment in the visual impairment market?

Educational devices & software is the leading product type segment in the visual impairment market.

Which region holds the largest market share in the visual impairment market?

North America is expected to hold the largest market share in the global visual impairment market.

What are the key factors hampering growth of the market?

Strict regulatory norms for medical device approval is the major factor restraining growth of the visual impairment market.

Vision impairment market

Visual Impairment Market Report Coverage

Table of Contents

- Frequently Asked Questions -

What is the current market size and compound annual growth rate (CAGR) of the market during the forecast period (2020-2027)?

What are the major factors driving the visual impairment market growth?

Which is the leading product type segment in the visual impairment market?

Which region holds the largest market share in the visual impairment market?

What are the key factors hampering growth of the market?

Which are the major players operating in the market?

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