A prominent research firm, Cognizance Market Research added a cutting-edge industry report on “Global Low Vision Devices Market”. The report studies both current as well as past growth trends and opportunities for the market to gain valuable insights during the forecast period from 2023 to 2030.
Global Low Vision Devices Market Analysis
According to cognizance market research, 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.
What are Low Vision Devices?
Low vision devices are optical or electronic devices used by people with Vision impairment to enhance their visual function. These devices comprise of video magnifiers, computer-related devices, audio devices, and head-worn devices. They are used to help people with their daily activities.
Low vision is a condition of visual impairment that affects a person’s ability to see clearly even with glasses or contact lenses. It can be caused by eye disorders and illnesses such as macular degeneration, glaucoma, cataracts, and diabetic retinopathy. A cataract is a clouding of the eye lens that reduces visual sharpness. Macular degeneration is the deterioration of the central area of the retina responsible for detail vision. Glaucoma refers to a diverse group of eye diseases resulting in irreversible damage to the optic nerve caused by increased pressure in the eye. Diabetic retinopathy occurs in people with advanced or long-term diabetes, and is caused by leaking blood vessels that damage the entire retina.
Poor vision is a state of visual impairment that cannot be cured with contact lenses, glasses, drugs, or eye surgery. Low vision optical devices includes a wide range of useful visual 4devices, such as stand and hand-held magnifiers, powerful magnifying reading glasses, loupes, and tiny telescopes. These devices differ from normal spectacles and magnifiers in that they may deliver significantly greater magnification powers and prescription strengths, as well as higher-quality optics (i.e., the way the lens bends or refracts light). Most of the time, they require training to be used efficiently.
Global Low Vision Devices Market Outlook
In the Global low vision devices report, the market outlook segment mainly includes important dynamics of the market, including drivers, restraints, opportunities and challenges tackled by the industry. Opportunities and challenges are extrinsic factors whereas, drivers and restraints are intrinsic factors of the market.
Some of the major and critical factors that will likely boost the growth of the low vision devices market in the projected timeframe of 2023-2030 are an increase in number of patients suffering from vision impairment conditions, lifestyle diseases such as diabetes, geriatric population around the world, and the increasing need for advanced methods of treatment. However, factors such as a surge in the number of research activities for the development of advanced devices, as well as the prevalence of well-established and improvised healthcare infrastructure, will contribute to the growth of the low-vision devices market during the forecast period.
Some of the restraint factors for the growth of the low vision devices market in the above-mentioned forecast period are limited field of vision and difficulty performing tasks under the magnifier. The increasing difficulty of working with some surfaces will be the most significant and immediate challenge to the market’s growth.
Segment Analysis:
The global low vision devices market has been segmented into type, application, distribution channel and geography.
Based on type there are four devices: video magnifier, head-worn device, audio device and computer-related device. The video magnifier segment held a dominant position in the global low-vision devices.
Based on Application, the market is segmented into Personal Use and Commercial use. The personal use segment is the leading segment based on application in the global low-vision devices market.
Based on distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, optical stores and online pharmacies.
Geographical Analysis:
On the basis of geography, the global low vision devices market has been segregated into five main regions namely, North America, Asia Pacific, Europe, Latin America, and Middle East & Africa.
North America holds the dominant position in the low-vision devices market due to increasing awareness about low-vision devices among people and the rising prevalence of well-established infrastructure. Latin America is anticipated to be the fastest-growing market for low-vision devices during the forecast period because of the greater acceptability of these products in the region.
The Asia Pacific is anticipated to grow at a rapid speed during the forecast period because the Middle East & Africa holds the least share in the global low vision devices market owing to less availability of healthcare facilities and poor reimbursement policies for ophthalmology treatments the increasing ageing population, growing incidence of eye diseases, and rising disposable income.
The report offers the revenue of the global low-vision devices market for the period 2020-2030, considering 2020 & 2021 as a historical years, 2022 as the base year and 2023 to 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global low-vision devices market for the forecast period. The global low vision devices market report provides insights and in-depth analysis into developments impacting enterprises and businesses on a regional and global level. The report covers the global low-vision devices market performance in terms of revenue contribution from several segments and comprises a detailed analysis of key drivers, trends, restraints, and opportunities prompting revenue growth of the global low vision devices market.
The report has been prepared after wide-ranging secondary and primary research. Secondary research included internet sources, numerical data from government organizations, trade associations, and websites. Analysts have also employed an amalgamation of bottom-up and top-down approaches to study numerous phenomena in the global low vision devices market. Secondary research involved a detailed analysis of significant players’ product portfolio. Literature review, press releases, annual reports, white paper, and relevant documents have been also studied to understand the global low vision devices market. Primary research involved a great extent of research efforts, wherein experts carried out interviews telephonic as well as questioner-based with industry experts and opinion-makers.
The report includes an executive summary, along with a growth pattern of different segments included in the study’s scope. The Y-o-Y analysis with elaborate market insights has been provided in the report to comprehend the Y-o-Y trends in the global low-vision devices market. Additionally, the report focuses on altering competitive dynamics in the global market. These indices serve as valued tools for present market players as well as for companies interested in participating in the global low-vision devices market. The subsequent section of the global low-vision devices report highlights the USPs, which include key industry events (Product launch, research partnership, acquisition, etc.), technology advancements, pipeline analysis, prevalence data, and regulatory scenarios.
Global Low Vision Devices Market Competitive Landscape
The global low-vision devices market competitive landscape provides details such as company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, etc. The market analysis section involves actionable insights into the main players in global low-vision devices.
Some of the major competitors in the Global Low Vision Devices Market are:
The deal to buy Versant Health, a provider of vision treatment, was revealed by MetLife in September 2020.
In March 2019, OxSight revealed that it had established an Indian subsidiary to produce two smart spectacles for people who are visually impaired.
The report explores the competitive scenario of the global low-vision device market. Major players operating in the global low-vision devices market have been identified and profiled for unique commercial attributes. Company overview (company description, Type portfolio, geographic presence, employee strength, Key management, etc.), financials, SWOT analysis, recent developments, and key strategies are some of the features of companies profiled in the global low vision devices market report.
Segmentation:
Global Low Vision Devices Market, by Type
Global Low Vision Devices Market, by Application
Global Low Vision Devices Market, by distribution channel
Global Low Vision Devices Market, by Region
Eschenbach Optik of America, Inc, Freedom Scientific Inc., HumanWare Group, LS&S, LLC., Maxi-Aids, Metlife and others are some of the major players operating in global low-vision devices market
The worldwide market for low-vision devices displayed numerous prospects due to technological advancements, a rising awareness regarding visual impairment, and the expanding elderly population.
Increasing aging population, Increasing Incidence of Visual Impairments, Advances in technology, including optics, electronics, and digital imaging, integration of low-vision devices with digital health platforms, telemedicine solutions, and smartphone apps, and Increased efforts to raise awareness about visual impairments and available assistive technologies are contributing to higher adoption rates of low-vision devices.
The U.S. boasts a highly developed healthcare infrastructure, a substantial ageing population, and a dedicated emphasis on medical research and groundbreaking innovations. These elements collectively foster the acceptance of low-vision devices and the creation of novel technologies within the sector.
Affordability, compact and discreet solutions, integration with daily life, ease of use, customization and personalization, availability in developing regions, and training and support are the unmet needs in global low vision devices market.
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