Visual Impairment Market Driven by Increasing Aging Population and Rising Prevalence of Eye Disorders
The Visual impairment market is estimated to witness high growth owing to the increasing aging population and rising prevalence of eye disorders. The global visual impairment market is estimated to be valued at USD 4.81 Bn in 2024, exhibiting a CAGR of 8.8% over the forecast period (2024-2031). Furthermore, growing awareness regarding visual impairment and vision correction treatments are also expected to boost the market growth.
Market Dynamics:
The growth of the global visual impairment market is driven by the increasing aging population and the rising prevalence of eye disorders. According to WHO, globally over 2.2 billion people have a vision impairment or blindness, of whom at least 1 billion cases could have been prevented or are yet to be addressed. The number of people with blindness and vision impairment is expected to increase as the number of people affected by aging-related eye conditions grows. Age-related macular degeneration and diabetic retinopathy are among the leading causes of vision impairment globally. With the rising geriatric population worldwide, cases of age-related visual impairment and blindness are also projected to surge during the forecast period. Increased public awareness about visual impairment disorders and available treatment options are also contributing to the market growth over the forecast period. Availability of various vision correction technologies such as refractive surgery and advancements in assistive technologies for visually impaired is complementing the market growth.
Increasing Prevalence of Eye Diseases and Disorders Acts as a Key Driver
One of the major drivers for the global visual impairment market is the rising prevalence of various eye diseases and disorders globally. As per the World Health Organization (WHO), it is estimated that around 1 billion people worldwide have some form of vision impairment, with around 36 million being blind. The most common causes of vision loss/visual impairment include cataracts, glaucoma, age-related macular degeneration (AMD), diabetic retinopathy, uncorrected refractive errors, trachoma, and others. The prevalence of these eye conditions increases with age, making the geriatric population more susceptible. With the global population aging rapidly, the burden of age-related visual impairment is projected to increase substantially in the coming years. This will fuel the demand for various treatment options and visual aids in the market.
Growing Geriatric Population Stimulates the Market Growth
Another key factor augmenting the growth of the visual impairment market is the significant rise in the global geriatric demographic. Population aging is a major issue faced by both developing and developed nations. As per UN estimates, the number of people aged 65 years and above is projected to grow from 703 million in 2019 to over 1.5 billion by 2050. The elderly are more prone to developing vision loss as age-related eye conditions like cataract, glaucoma, and AMD occur more frequently in older age groups. Therefore, with the sharp rise in the senior populace worldwide, the market for vision impairment treatment devices and therapies is poised for massive expansion over the next decade and more.
Lack of Universal Healthcare Hinders Market Potential
Lack of universal healthcare coverage acts as a major constraint on the visual impairment market potential globally, especially in developing regions. Many low and middle-income countries struggle to provide even basic eye care services to their population due to limited medical infrastructure and funding shortfalls. The high costs of advanced treatments like cataract surgery or injectable drugs for wet AMD pose significant access barriers. Even availability of standard eyewear and assistive technologies remains a challenge in underdeveloped areas with inadequate insurance support. This leaves a huge proportion of visually impaired people with unmet needs, thereby restricting the overall market revenues. Expanding public health programs and insurance schemes can help address this issue to a large extent.
Social Stigma Discourages Treatment-seeking
Social stigma attached to vision impairment and blindness negatively impacts treatment-seeking behavior, representing another restraint. In several communities, individuals with eye conditions tend to avoid screening and adherence to management over prejudices related to their condition. For instance, cataracts may be seen as a sign of aging or glaucoma a symptom of supernatural power in some cultures. Such misconceptions often compel patients towards negligence instead of active care. They also experience discrimination issues like reduced educational or employment opportunities. Addressing deeply ingrained societal attitudes through awareness campaigns can help eliminate barriers and empower more people to avail cost-effective therapies. This will open up untapped demand in the visual impairment market.
Teleophthalmology Emerges as a Lucrative Opportunity
Rising adoption of teleophthalmology presents one of the key opportunities for stakeholders in the visual impairment industry. It involves remote delivery of eyecare services through digital medical equipment and information technology. This innovative model helps bridge major access gaps, especially in rural areas, by connecting patients in remote locations to expert ophthalmologists through teleconsultations and retinal imaging. It enables preliminary screening, post-operative follow-ups, and management of chronic conditions without requiring in-person visits. With advancements in connected technologies, teleophthalmology market is expected to witness high growth over the coming decade. Market players can capitalize on this opportunity by offering integrated telehealth solutions and tie-ups with healthcare providers.
Growing Focus on Assistive Technologies
Growing focus on assistive technologies for vision impairment also represents a lucrative opportunity in the market. Manufacturers are increasingly developing smarter gadgets that aid independent living for visually challenged individuals. These include screen magnifiers, closed-circuit television systems, Braille embossers/displays, wayfinder apps and GPS devices, tactile signs/maps, and others. With rapid innovations, assistive technologies are becoming more affordable and easier-to-use. Various government initiatives also encourage adoption. As awareness increases, technologically advanced assistive products are poised to gain widespread acceptance, stimulating overall revenues in the visual impairment industry.
Link: https://www.coherentmarketinsights.com/market-insight/vision-impairment-market-4337
Key Development
- In May 2024, the World Health Organization (WHO) launched SPECS 2030, a new program aimed at helping countries meet the global eye care goal of increasing access to suitable spectacles by 40%. The program was unveiled during a two-day conference in Geneva, Switzerland.
- In June 2022, Orbit Research, a provider of innovative technology solutions for people with visual impairments, introduced the Orbit Slate series, featuring compact and tablet-sized devices that provide multiple lines of real-time refreshable braille
- In March 2022, Orbit Research unveiled the Graphiti Plus Interactive Tactile Graphic and Braille display, pioneering a system that combines real-time refreshable multi-level tactile graphics with braille in a single device
- In March 2022, Dot Inc., a pioneer in smart technology for the vision-impaired, launched the Dot Pad, the world's initial tactile braille display tailored for early adopters and developers. It is compatible with Apple's VoiceOver screen reader and supports iPad and iPhone integration.
Key Players: OrCam Technologies, Freedom Scientific, Inc., HumanWare Group, Enhanced Vision Systems (EVS), Vispero, Eschenbach Optik GmbH, LVI Low Vision International, eSight Corporation, IrisVision, Rejoin Technology Co., Ltd, Zoomax Technology Co., Limited, Dolphin Computer Access Ltd, Aumed Group Corp., Topcon Corporation, Microsoft Corporation, NovaVision, Inc., Telesensory Corporation, and Second Sight Medical Products, Inc.
