The global Visual Impairment Market is estimated to be valued at US$ 5511.15 Mn or Mn 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:-

The Visual Impairment Market comprises products such as magnifiers, braille displays/note takers, Braille translators, smart glasses, and voice assistants. These products provide independence to the visually impaired individuals by enabling them to read, write and navigate independently.

Market key trends:-

One of the key trends in the Visual Impairment Market is the increasing adoption of smart glasses and voice assistants. Smart glasses integrated with object recognition and navigation capabilities are helping the visually impaired in identifying objects and navigating independently. For instance, products like OrCam MyEye assist the users in identifying text, products, faces and colors through built-in cameras and artificial intelligence. Similarly, voice assistants are being widely used for sending messages, making calls, reading books or documents aloud, setting reminders and navigating through voice commands which are improving the quality of life of many visually impaired individuals.

Market key trends:-

The visual impairment market has been witnessing increased adoption of advanced technologies, such as AI and VR for visually impaired people. Companies are developing smart home devices and mobile apps integrated with AI, VR and AR technologies to help the visually impaired in performing their daily tasks independently. For instance, Adaption has developed smart home devices that can identify objects using computer vision and describe them out loud. Similarly, ambient assisted living technologies allow remotely controlling lights, locks and thermostats through voice commands.

SWOT Analysis:-

• Strength: Growing ageing population worldwide prone to visual impairments. Also, increasing government support for developments in assistive technologies.
• Weakness: High costs associated with development of advanced visual impairment assisting devices. Lack of accessibility in underdeveloped regions.
• Opportunity: Untapped markets in developing countries present large growth opportunities. Continued adoption of AI, VR and AR technologies can further enhance products.
• Threats: Stringent regulations around data privacy and security pose challenges. Changing consumer preferences can threaten existing product portfolios.

Key Takeaways:-

The Global Visual Impairment Market Size was valued at US$ 5511.15 Mn in 2023. The market is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period 2023 to 2030.

The regional analysis indicates that North America dominates currently due to supportive regulations and advanced healthcare infrastructure. Asia Pacific is poised to witness fastest growth owing to rising ageing population, growing health awareness and improving access to healthcare in countries like China and India.

Some of the 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 launching innovative products integrated with advanced technologies like AI and VR to expand their global footprints.

Read More - https://www.insightprobing.com/visual-impairment-market-forecasts-and-outlook-analysis/