Visual Impairment Market Growth Accelerated by Integration of Visual Technologies
Visual impairment products such as magnifiers, low vision aids and Braille displays play a crucial role in improving vision and supporting independent living in visually impaired population. Braille displays are the most preferred devices due to easy accessibility of text content in readable format.
The global Visual Impairment Market is estimated to be valued at US$ 5511.15 Mn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
AI and AR based apps can help low vision individuals perform various tasks independently by converting real-time objects into readable text with speech output. For instance, mobile apps that can read text from real-time scenes using AI and AR are gaining popularity. As the disabilities are rising globally due to increased life expectancy and lifestyle diseases, technologies facilitating independent living will witness higher adoption. This in turn will propel the visual impairment market growth over the coming years.
Segment Analysis
The global Visual Impairment market is segmented based on product type, disease type and distribution channel. Among product type, the low vision aids segment currently dominates the market owing to the increasing geriatric population and rising prevalence of eye disorders. Low vision aids help enhance visual functioning and improve mobility for individuals with vision loss.
Key Takeaways
The Global Visual Impairment Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America currently accounts for the largest share in the global Visual Impairment market. Factors such as increase in healthcare expenditure, strong presence of key players and growing awareness about eye disorders are expected to drive the market growth in the region. The Asia Pacific region is poised to witness the fastest growth during the forecast period. Rising patient pool, increasing healthcare expenditure and adoption of advanced technologies are expected to boost the Visual Impairment market in Asia Pacific.
Key players operating in the Visual Impairment market are QuickBooks, AUTOREK, Oracle Corporation. QuickBooks dominated the global accounting software market with a share of approximately 25% in 2023 owing to its easy to use interface and wide range of features. AUTOREK is focusing on developing innovative AI and cloud based solutions to automate financial processes and enhance the customer experience. Oracle Corporation is investing heavily in research and development of financial management and ERP software to expand its product portfolio.
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