Michael Barbella, Managing Editor06.23.22
Substantial profits are in sight for the world's vision impairment devices market.
Medi-Tech Insights data estimates the sector to be worth $5.5 billion in 2026, expanding 8% annually. Growth drivers include increasing cases of eye disorders, visual impairment and blindness, as well as a rising awareness about available technologies for the visually challenged. Government awareness and better funding for advanced devices also are expected to contribute to the market's growth.
North America has the largest market share for vision impairment devices, followed by Europe and the Asia Pacific. 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 are some of the key factors driving the North American 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.
Players operating in the vision impairment devices 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, acquired 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, and increasing investments from private equity, venture capitalists, and government worldwide.
Medi-Tech Insights data estimates the sector to be worth $5.5 billion in 2026, expanding 8% annually. Growth drivers include increasing cases of eye disorders, visual impairment and blindness, as well as a rising awareness about available technologies for the visually challenged. Government awareness and better funding for advanced devices also are expected to contribute to the market's growth.
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, cataracts, and glaucoma. In such situations of visual impairment, assistive technologies for visual impairment can be used.
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. 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
- 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.
North America has the largest market share for vision impairment devices, followed by Europe and the Asia Pacific. 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 are some of the key factors driving the North American 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.
Players operating in the vision impairment devices 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, acquired 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, and increasing investments from private equity, venture capitalists, and government worldwide.
