Low vision devices serve as indispensable aids for individuals with visual impairments, augmenting their visual capabilities and enabling them to engage in daily activities more effectively. These devices encompass a diverse range of tools, including video magnifiers, computer-related aids, audio devices, and head-worn equipment, all of which play a crucial role in enhancing the quality of life for those with low vision.
The Global low-vision devices market was valued at US$ 2,978.9 Million in 2022 and is anticipated to reach US$ 6,006.7 Million by the end of 2030 with a CAGR of 9.2% from 2023 to 2030.
For individuals whose vision cannot be corrected through conventional means such as contact lenses, glasses, medications, or eye surgeries, low-vision optical devices provide a welcome solution. These devices offer an expansive range of practical visual aids, encompassing standing and handheld magnifiers, potent magnifying reading glasses, loupes, and miniature telescopes. Notably distinct from regular spectacles and magnifiers is their capability to deliver significantly higher magnification powers and prescription strengths. This is coupled with superior optics that manipulate the refraction or bending of light. Effective utilization of these devices typically entails specialized training to maximize their benefits.
Global Low Vision Devices Market to Recover Amid COVID-19 Pandemic
The COVID-19 viral outbreak in December 2019 has spread to over 100 nations, leading the World Health Organization to declare it a public health emergency. As of July 2023, more than 690.7 million people worldwide have been infected with the coronavirus disease (COVID-19), according to a report from the World Health Organization. Due to the increasing prevalence of COVID-19, key competitors in the market for low-vision devices are focusing on researching and developing new solutions to support and alleviate its effects. The COVID-19 pandemic has impacted the global economy, resulting in reduced spending by businesses and consumers until travel restrictions, quarantines, and social isolation measures are lifted. However, as the disease gradually lessens, restrictions are expected to ease and various operations will resume, leading to a slight increase in the market for low-vision devices after COVID-19.
Increasing Prevalence of Age-related macular degeneration, diabetes and glaucoma to Global Low Vision Devices Market
The global low-vision devices market is undergoing a remarkable expansion driven by several compelling factors. The rising prevalence of diseases such as diabetes, glaucoma, and age-related macular degeneration is contributing significantly to this growth trajectory. Additionally, increased awareness about the availability of low-vision aids is anticipated to further fuel sales and market demand. The World Health Organization’s inaugural global report on vision underscores the staggering impact of vision impairment, affecting more than 1 billion individuals globally due to untreated conditions like near-sightedness, farsightedness, glaucoma, and cataracts.
A confluence of factors has laid the foundation for this robust growth. The burgeoning elderly population on a global scale, coupled with the upsurge in lifestyle-related ailments like diabetes, has led to a surge in cases of low vision conditions. This, in turn, has created a growing need for advanced treatment modalities. The years spanning from 2023 to 2030 are expected to witness a positive upswing in the low vision aids market, with these factors serving as key drivers.
The presence of well-established and upgraded healthcare infrastructure stands as another pivotal contributor. This infrastructure, combined with increased research endeavours aimed at crafting cutting-edge devices, is poised to bolster the expansion of the low-vision aids market throughout the forecast period. As these trends intersect and evolve, they collectively paint a promising picture of the global low-vision devices market’s growth trajectory.
North America to Spearhead the Global Low-Vision Devices Market
The global market for low-vision devices is currently witnessing its most rapid expansion in the North American region, a trend that can be attributed to a range of compelling factors. Firstly, the prevalence of low vision and blindness is on the rise within this region, particularly among the elderly demographic. This upsurge in visual impairments has precipitated a corresponding surge in the demand for low vision devices, as individuals seek effective solutions to enhance their visual capabilities.
Secondly, North American governments and private entities are making substantial investments in the realm of technological advancements. This commitment to innovation is fuelling the development of novel low-vision devices, resulting in an influx of cutting-edge solutions to address the needs of individuals with visual impairments.
Lastly, a heightened awareness of low-vision devices has taken root among the population of North America. This increased awareness has translated into a burgeoning demand for these devices, further catalysing the growth of the global low-vision devices market within the region.
Collectively, the interplay of these factors has created a fertile ground for the North American region to emerge as a prominent growth hub within the global low-vision devices market.
Numerous companies are playing an active role in the global market for low-vision devices, employing diverse development strategies to bolster their market share and profitability. Key players in the low vision device market encompass a wide range of names, including Ash Technologies, Enhanced Vision, Eschenbach Optik of America Inc, Freedom Scientific Inc, HumanWare Group, Maxi-Aids, Optelec, OxSight, MetLife, Prkamya Visions, Quantum Corporation, VisionAid International Ltd, ViewPlus, Vispero group of companies, Wipac Technology Ltd, ZEISS International, and Zoomax Technology Co Ltd.
Collaborations and partnerships are emerging as prominent strategies, allowing companies to pool resources and expertise for accelerated new visual device development. These collaborative efforts harness respective strengths to expedite product creation.
Investment in research and development (R&D) is another avenue being pursued by companies to drive innovation in visual devices. The introduction of novel products into the market is a means to expand brand portfolios and attain a competitive edge.
Geographic expansion is an imperative strategy, with companies venturing into new markets and establishing footholds in regions boasting robust growth potential. This enables companies to tap into fresh customer bases and augment sales. For instance, in March 2019, OxSight established an Indian subsidiary focused on creating smart spectacles for visually impaired individuals.
Mergers and acquisitions constitute yet another strategy for companies seeking to enhance their capabilities, diversify product offerings, and increase market share. An example is MetLife’s acquisition of Versant Health in September 2020, solidifying its foothold in the vision treatment sector.
Marketing and promotional activities are pivotal investments for promoting low-vision devices and disseminating their benefits to patients, healthcare professionals, and other stakeholders. This approach propels product demand and augments sales.
In summation, the array of growth strategies being pursued empowers companies to expand their market presence, introduce new products, and amplify revenue within the dynamic global low-vision devices market.