Vision Impairment Devices Market Will Grow at a CAGR of 8% to Raise $5.5 Billion by 2026

The most typical causes of visual impairment are uncorrected refractive errors, cataracts, and glaucoma. Assistive technology for visual impairment can be utilized in certain cases of visual impairment. The Vision Impairment Devices Market is expected to grow at a rate of 8% to reach ~$5.5 billion by 2026.

Some of the main factors propelling the vision impairment devices market are the rising prevalence of visual impairment & blindness, the 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. However, a stringent regulatory requirement is a key challenge hindering the growth of the global visual impairment market.

The Arrival of Advanced Technologies for Visual Impairment Drives the Vision 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.

Recent Advances Have Improved Visually Impaired People’s Quality of Life, Including:

• In October 2021, Freedom Scientific announced the newest addition to its RUBY family, the RUBY 10, a 10-inch touchscreen 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

Rising awareness of visual impairment among 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

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North America Leads in Terms of Acceptance of Vision Impairment Devices Market

North America has the largest market share for vision impairment, followed by Europe and the Asia Pacific. Some of the main factors driving the North American market include an increase in the incidence of vision impairment among the population, software to help the visually impaired population, and the presence of key market players in this region.

Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Foothold in Vision Impairment Devices Market

Players operating in the vision impairment devices market accept 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 an increasing market that is anticipated to gain further momentum in the coming years. Due to a rise in the development of smart technology. A favourable regulatory landscape, and increasing investments from private equity, venture capitalists, and the government globally.

Competitive Landscape Analysis of Vision Impairment Devices Market

Major players operating in the global vision impairment devices market include Adaptivation, Inc., AbleNet, Inc., Amedia Corporation, Access Ingenuity, Eyedaptic, Inc., HumanWare Group, ViewPlus, VFO, and Envision, among others.

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