Global Visual Impairment Market to Surpass US$ 8,130.3 Million by 2027, Says Coherent Market Insights (CMI)

SEATTLE--(BUSINESS WIRE)--#Blindness--According to Coherent Market Insights, 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% during the forecast period (2020-2027).

Key Trends and Analysis of the Global Visual Impairment Market:

Key trends in the market include increasing geriatric population across the globe, which is expected to increase demand for assistive technology devices for visually impaired people. Also, technological advancements for medical devices & tools used for visual impairment is also fueling growth of the global visual impairment market.

Moreover, large number of visual impaired population and untapped market across the globe are also expected to drive demand for assistive technology & tools in the global visual impairment market over the forecast period. For instance, according to October 2019 World Health Organization (WHO) report, globally, around 2.2 billion people suffered from vision impairment or blindness of which, only 5-15% of the population had access to assistive devices and technologies in many low-income and middle-income countries.

Furthermore, increasing awareness campaigns for blindness and tools used for visual impairment is also boosting the growth of global visual impairment market. For instance, World Sight Day is celebrated on the second Thursday of October every year. The event is celebrated across the world by numerous organizations, eye care professionals, and other eye centric businesses. The aim of World Sight Day is to focus global attention to blindness and vision impairment.

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Key Market Takeaways:

The global visual impairment market is expected to exhibit a CAGR of 8.1% during the forecast period, owing to increasing number of people suffering visual impairment, blindness, and related eye disorders such as glaucoma, cataract, etc. For instance, as per National Institutes of Health, more than 120,000 people are blind from glaucoma, accounting for 9% to 12% of all cases of blindness in the U.S.

Among product type, educational devices & software segment is estimated to hold a dominant position in the global visual impairment market in 2020, owing to rising government awareness programs in emerging economies for visual impairment, and increasing demand for Braille duplicators and writers, Braille computers, mathematical & science devices, and reading machines

Among end use, enterprises & social organizations segment accounted for major market share in 2019 in the global visual impairment market due to rise in donations, and growing corporate social responsibilities for visual impaired people

North America is estimated to hold largest market share in the global visual impairment market in 2020, owing to larger patient pool of ophthalmic disorders & blind people, favorable reimbursement policies, and early adoption of advanced medical devices in the region. For instance, according to National Federation of the Blind, in 2016, a total of 7,675,600 people had visual disability in the U.S.

Competitive Landscape:

Key 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

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Market Segmentation:

• Global Visual Impairment Market, 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
• Global Visual Impairment Market, By End Use:
  • Blind Schools
  • Enterprises & Social Organizations
  • Personal Use
  • Hospitals
  • Others
• Global Visual Impairment Market, By Region:
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • Central Africa
    • North Africa

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