VISUAL IMPAIRMENT MARKET ANALYSIS

Visual Impairment Market Size and Trends

The global visual impairment market is estimated to be valued at USD 4.81 Bn in 2024 and is expected to reach USD 8.69 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 8.8% from 2024 to 2031.

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The market is expected to witness a positive growth trend over the forecast period. The rising incidence of eye disorders such as glaucoma, cataract, and retinopathies due to increasing geriatric population are the major factors augmenting the demand for therapies and the management of visual impairment. Advancements in retinal prostheses, stem cell therapy, and gene therapy are also driving the market growth. Growing awareness regarding eye care and regular checkups have further contributed to the market expansion. However, the high cost of gene and stem cell therapies along with the lack of awareness in underdeveloped regions may hamper the market growth during the analysis period.

Global Aging Population

As life expectancy around the world continues to increase steadily, the global population of older individuals is growing at an unprecedented rate. The number of people aged 65 years and over is projected to grow from an estimated 524 million in 2010 to nearly 1.5 billion in 2050 according to the United Nations. With advanced age comes an increased risk of various chronic health conditions, including those that can cause impairment or loss of vision. Age-related eye diseases such as cataracts, glaucoma, diabetic retinopathy, and age-related macular degeneration become more common and are the leading causes of vision loss among the elderly. As the worldwide population of seniors is expected to rise considerably over the coming decades, the burden of age-related visual impairment is expected to rise substantially as well. More healthcare resources will need to be dedicated to prevention, early detection, treatment and rehabilitation services for visual disorders prevalent in aging populations. This demographic shift presents significant opportunities for growth within the visual impairment product and service markets worldwide. For instance, according to the National Institute on Aging, aging is linked with conditions such as dry eyes, age-related macular degeneration, diabetic retinopathy, cataracts, and glaucoma. A study published in JAMA Ophthalmology in 2022 reported that more than 1.5 million individuals aged 40 and older are living with advanced age-related macular degeneration. The World Health Organization (WHO) states that the global population aged 60 and above currently stands at 1 billion, projected to reach 1.4 billion by 2030. Market participants have introduced innovative solutions for assistive devices aimed at aiding the visually impaired.

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Prevalence of Chronic Diseases

Rising levels of obesity, physical inactivity, and unhealthy dietary patterns have contributed to escalating rates of chronic medical conditions globally. Of particular importance for vision health are the increasing diagnoses of diabetes and hypertension. Diabetes, currently affecting over 400 million adults worldwide, is a leading cause of blindness when it damages the tiny blood vessels inside the eyes. Increased blood sugar levels over time can cause diabetic retinopathy, glaucoma, and cataracts. High blood pressure, which impacts over 1 billion people, is also strongly associated with impaired vision through similar microvascular damage in the eyes leading to related disorders. As developing countries undergo rapid economic changes that bring shifting lifestyles and risk factors, chronic diseases are spreading dramatically even in populations once less affected. The alarming worldwide rise in cases of diabetes, hypertension, and their resultant visual complications constitutes a key driver propelling the visual impairment market as needs grow for treatments, assistive devices, and low vision aids. Multi-pronged public health strategies will be crucial to help curb this driver of growing demand over the long run.