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The global
Vision Impairment Devices Market is expected to grow at a
rate of 8% to reach $5.5 billion by 2026. Increasing number
of visual impairment & blindness, growing prevalence of eye disorders (such
as diabetic retinopathy, refractive error, glaucoma, and cataract), rising
awareness regarding assistive technologies for the visually challenged, and
growing government initiatives for awareness & funding for the advanced
devices are some of the key factors driving the growth of vision impairment
devices market. However, a stringent regulatory requirement is a key challenge
hindering the growth of the global visual impairment devices market.
Vision Impairment is the limitation of one or more eye
functions or visual systems. This can range from mild vision impairment to
total blindness. The most common causes of visual impairment are
uncorrected refractive errors (near-sightedness, far-sightedness, presbyopia,
and astigmatism), cataracts, and glaucoma.
Vision Impairment cannot be corrected to normal vision with
surgery or prescriptive lenses like glasses or contacts. In such situations of
visual impairment, assistive technologies for visual impairment can be used.
These assistive technologies for visual impairment can be assistive, adaptive,
and rehabilitative for people with disabilities.
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The Advent of Advanced Technologies for Visual Impairment
Drives the Visual Impairment Devices Market
In the past years, the main option for visually impaired
people for vision assistance was magnifying lenses. Today's assistive
technology tools not only include better magnification devices, but also
advanced software, apps, and other products that use facial recognition,
artificial intelligence, augmented reality, and other technologies to tangibly
improve the lives of the visually impaired. These technologies can be high tech
and low tech, which can range from smart canes, wearables, reading helpers, and
lever doorknobs to voice recognition software and augmentative communication
devices (speech generating devices).
Different types of assistive technologies available in the
market include video magnifiers, braille printers, braille watches, braille
duplicators, mathematical & science devices, reading machines, bionic eye
systems, low vision apps, and other low vision devices such as smart glasses,
VTS links, and magnifying lenses which can help to improve and maintain the
functional abilities of people with vision impairment. Recently, many
developments have been made to improve the quality of life of visually impaired
people such as:
- In
October 2021, Freedom Scientific announced the newest addition to its RUBY
family, the RUBY 10, a 10-inch touch screen video magnifier with optional
text to speech and advanced viewing modes.
- In
June 2021, Eyedaptic, Inc. announced Eye3, a new and improved version of
its augmented reality eyewear designed for patients with age-related
macular degeneration (AMD) and low vision.
- In
November 2020, Envision announced the official launch of its Envision
Glasses, which are AI-powered smart glasses for blind and visually
impaired people.
- In
July 2020, NovaSight secured $8 million in Series A financing to tackle
vision disorders worldwide.
Growing awareness of visual impairment among the people,
due to media and other social platforms, has resulted in driving the demand for
assistive technologies for the visually impaired.
“Blindness or visual impairment can have a profound
impact on one's life. New intuitive and intelligent solutions are emerging to
address such conditions which can change the lives of people living with visual
impairment and vision loss. Advancements in assistive technologies have a key
role to play.” - VP Product Innovation, Design
and Product Development, Vision Impairment Device Company,
United States
North America Leads in terms of Adoption of Visual
Impairment Devices Market
North America has the largest market share for vision
impairment, followed by Europe and the Asia Pacific. An increase in the
incidence of vision impairment among the population, a well-developed
healthcare infrastructure, technological advancements in the devices and
software to help the visually impaired population, and the presence of key
market players in this region are some of the key factors driving the North
American Visual Impairment Devices market.
Developed countries in Europe such as Germany, the UK, and
France are expected to grow significantly over the forecast period due to the
adoption of the latest technology, active engagement in designing new software
for braille printers and writers, and the rising prevalence of eye disorders in
this region. Asia Pacific region is expected to witness the fastest growth due
to the increasing population of dire eye health conditions such
as age-related macular degeneration, cataract, diabetic retinopathy, and glaucoma
commonly found in old age people. In addition to this, increasing investments
and funding for research and development activities are also likely to spur the
visual impairment devices market.
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Competitive Landscape Analysis: Visual Impairment Devices
Market
Major players operating in the global visual impairment
devices market include Adaptivation, Inc., AbleNet, Inc., Amedia Corporation,
Access Ingenuity, LVI Low Vision International, American Thermoform, Cambium
Learning, Quantum Technology, Optelec, Pixium-Vision, Dolphin Computer Access
Ltd., Eyedaptic, Inc., HumanWare Group, ViewPlus, VFO, and Envision, among
others.
Organic and Inorganic Growth Strategies Adopted by
Players to Establish Their Foothold in Visual Impairment Devices Market
The global vision impairment devices market is an emerging
but competitive market marked by the presence of both established and new
players. Players operating in the market adopt both organic and inorganic
growth strategies such as collaborations, acquisitions, and new product
launches to garner market share. For instance,
- In
February 2021, EssilorLuxottica and Cooper Companies, two of the
world’s leading vision care companies, announced the acquisition of
SightGlass Vision, a U.S.-based life sciences company with the common goal
of driving the commercialization of innovative myopia control
technologies.
- In
January 2020, ViewPlus introduced the new Power-Dot Braille which is the
strongest and most readable Braille dots available from any desktop
braille embosser.
The vision impairment devices market is a growing market
that is expected to gain further momentum in the coming years due to an
increase in the development of smart technology, a favorable regulatory
landscape, increasing investments from private equity, venture capitalists, and
government globally, and aggressive organic and inorganic growth strategies
followed by players.
Medi-Tech Insights
is a healthcare-focused business research & insights firm. Our clients
include Fortune 500 companies, blue-chip investors & hyper-growth
start-ups. We have completed 100+ projects in Digital Health, Healthcare IT,
Medical Technology, Medical Devices & Pharma Services in the areas of
market assessments, due diligence, competitive intelligence, market sizing and
forecasting, pricing analysis & go-to-market strategy. Our methodology
includes rigorous secondary research combined with deep-dive interviews with
industry-leading CXO, VPs, and key demand/supply side decision-makers.
Contact:
Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
info@meditechinsights.com
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