The global assistive technologies for the visually impaired market is anticipated to reach US$13,313.6 million by the end of 2030, according to a new market report. This represents a significant growth from US$4,752.1 million in 2022, reflecting a compound annual growth rate (CAGR) of 13.8% from 2023 to 2030.
Rising Demand Driven by Multiple Factors
Several key factors are contributing to the expansion of the assistive technologies market for the visually impaired:
- Increasing Prevalence of Vision Loss: The World Health Organization (WHO) estimates that nearly 2.2 billion people worldwide suffer from near- or farsightedness. Additionally, the growing geriatric population is more susceptible to age-related vision problems like cataracts and macular degeneration.
- Technological Advancements: Companies are constantly innovating and developing new assistive technologies, such as AI-powered devices that can read text aloud or describe objects visually impaired individuals encounter.
- Post-Pandemic Recovery: While the COVID-19 pandemic initially caused a slowdown due to lockdown restrictions, the market is expected to recover as in-person learning and support services resume. Governments are also prioritizing accessibility initiatives for people with disabilities.
North America Leads Market Growth
North America is projected to remain the fastest-growing region in the assistive technologies market. This is attributed to factors like:
- High Prevalence of Chronic Diseases: A rise in chronic diseases and viral infections is leading to an increase in low vision problems.
- Growing Elderly Population: The aging population in North America is susceptible to eye problems, creating demand for assistive technologies.
- Advanced Healthcare Infrastructure: Easy access to high-quality healthcare facilities and the presence of leading assistive technology companies further contribute to market growth.
Competitive Landscape
The assistive technologies market for the visually impaired is witnessing several growth strategies adopted by key players:
- Partnerships and Collaborations: Companies are forming partnerships to share resources and expertise, accelerating the development of innovative assistive technologies.
- Research & Development: Investments in R&D are leading to the introduction of smart technologies and the improvement of existing products. AI features are being integrated to enhance functionalities.
- Geographical Expansion: Companies are expanding their global presence to tap into new markets with high growth potential.
- Marketing and Promotional Activities: Companies are actively marketing and promoting their assistive technology solutions to increase awareness and drive sales.
Looking Ahead
The future of the assistive technologies market for the visually impaired appears promising, driven by a growing need for accessible solutions, technological advancements, and rising investment in R&D. This market expansion will ultimately benefit visually impaired individuals by empowering them to live more independent lives.