VISUAL IMPAIRMENT MARKET ANALYSIS

The high cost of advanced vision assistive devices is significantly restraining the growth of the global visual impairment market. Many innovative and technologically advanced vision assistable products that can enhance the quality of life of visually impaired individuals are highly priced. Even though these devices have capabilities like HD cameras, object identification, sensor-based navigation aids, and smartphone connectivity, many people with moderate to severe visual impairments around the world cannot afford them due to their expensive price tags. For example, according to the World Health Organization (WHO) report published in 2021, the average cost of a basic smartphone mounted video magnifier ranges between $1,000 and $1,500 whereas a fully loaded device with advanced AI and AR capabilities can cost over $3,000. Such premium pricing not only restricts these products to high income groups but also limits their volume sales in developing nations which account for nearly 90% of the global visually impaired population. As a result, a large visually impaired patient base has to rely on conventional and basic low-vision aids like magnifying glasses, braille displays, screen readers, etc. which have limited capabilities.

Market Opportunities: Development of personalized vision assistive devices

The global visual impairment market has seen steady growth over the past decade, driven primarily by the aging population and rising incidence of eye diseases. However, existing vision assistive devices and technologies tend to be one-size-fits-all solutions that do not adequately address the unique needs of each visually impaired individual. The development of personalized vision assistive devices promises to revolutionize this market by offering highly customized solutions tailored to individual levels and types of visual impairment. Unlike prevailing devices, personalized technologies would leverage extensive data on an individual's vision capabilities, lifestyle needs, and preferences to deliver unparalleled visibility assistance. This level of customization could significantly expand the addressable market by making assistive solutions relevant for a far broader range of impairments. It may also improve engagement and adherence rates by optimizing user experience. Personalization allows blending multiple assistive modalities into seamless, personalized vision "ecosystems" that seamlessly augment individuals' natural vision based on their daily routines and environments. This could change the paradigm of vision assistance from one-time device purchases to ongoing subscription models—opening up a sustained revenue stream. Younger demographics may also find personalized technologies more socially acceptable alternatives to outdated low-vision aids.