Global Low Vision Devices Market Size By Application(Personal, Commercial), By Product(Audio Device, Optical Magnifiers), By Geographic Scope And Forecast

Low Vision Devices Market Size And Forecast

Low Vision Devices Market size was valued at USD 1,226.57 Million in 2021 and is projected to reach USD 2,919.45 Million by 2030, at a CAGR of 9.65% from 2023 to 2030.

Low vision devices are optical or electrical devices that persons with low vision use to improve their eyesight. This factor drive the growth of the market. The Global Low Vision Devices Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Low Vision Devices Market Definition

Low vision devices are optical or electrical devices that persons with low vision use to improve their eyesight. Video magnifiers, computer-related gadgets, audio devices, and head-worn devices are examples of these devices. Low vision is a condition in which a person’s ability to see well, even with glasses or contact lenses, is impaired. Eye illnesses such as macular degeneration, glaucoma, cataracts, and diabetic retinopathy can all cause it. Poor vision is a phrase used to describe a state of visual impairment that cannot be cured with contact lenses, glasses, drugs, or eye surgery, and people with low vision are unable to do daily chores satisfactorily. This disease is often caused by eye ailments and illnesses such as glaucoma, macular degeneration, cataracts, stroke, diabetic retinopathy, and retinitis pigmentosa. They are utilised to help individuals with their regular tasks.Low vision optical devices encompass a wide range of useful visual aids, 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 Overview

The world’s visually impaired population is projected to be 285 million, including 39 million blind. Around 82% of those aged 50 and up were blind, indicating that the burden of visual impairment and blindness is greater in the older age groups. Low vision and blindness are examples of visual impairment. Visual acuity and visual field were used to define it. The majority of the world’s visually handicapped people reside in low-income areas. According to the ‘Vision 2020The Right to Sight’ strategy, preventable and avoidable causes of visual impairment and blindness will be reduced to less than 0.5% in all nations by 2020, or less than 1% in any community globally. As a result, the aforementioned reasons are hastening the expansion of the market for low vision devices.

The lack of acceptance and accessibility of innovative solutions in middle and low-income nations is expected to stymie market expansion throughout the projection period. Medical device regulation varies greatly over the world, ranging from extensive to non-existent. The quantity, variety, and complexity of medical devices have grown during the last two decades. Regulation of these devices has also developed as people have become more conscious of the need for a more standard approach to regulatory paperwork. This will benefit both producers that sell their products in several countries and nations that implement regulations. Current attempts are aimed at enabling producers to provide a single set of documentation that meets the needs of all regulatory authorities. Some of the major and critical factors that will likely create demand for low vision devices during the forecast period are the increasing occurrences of lifestyle diseases such as diabetes, the increasing prevalence of geriatric population around the world, and the increasing need for advanced treatment methods.

Global Low Vision Devices MarketSegmentation Analysis

The Global Low Vision Devices Market is segmented on the basis of Application, Product and Geography.

Low Vision Devices Market by Application

• Personal
• Commercial

To Get Summarized Market Report By Application-

Based on Application, Commercial accounted for the largest market share in 2021 and is projected to grow at a CAGR of 9.39% during the forecast period. Several factors lead to the use of low-vision devices in the workplace. One of the most popular applications is enabling workers with low vision to carry on with their jobs. Devices for low vision can also be used to assist customers or clients who have vision problems. They can be used to enlarge text or images or to change the format of text into audio. This makes it possible for those who have vision problems to access information and finish tasks. Employees who need to use a computer terminal or complete a lot of paperwork may find low-vision devices useful. A lot of low-vision equipment is portable and simple to use, which makes it perfect for use in a professional environment.

 Low Vision Devices Market by Product

• Audio Device
• Optical Magnifiers

On the basis of Product, Video Magnifier accounted for the largest market share in 2021, and is projected to grow at a CAGR of 10.49% during the forecast period. Video Magnifier offers a number of advantages over alternative solutions. They can be used for a variety of tasks because they have a wide range of magnification. They display more on the screen at once due to their wide fields of view, which lessens eye strain. To lessen glare, adjustable monitors can be moved in a variety of directions. Even books with deep spines can maintain focus with an auto-focus camera.

Low Vision Devices Market by Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

On the basis of regional analysis, the Global Low Vision Devices Market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the largest market share in 2021, and is projected to grow at a CAGR of 9.12% during the forecast period. The factors driving the market growth are the high prevalence of low vision and blindness in the region, technological advancements in low-vision devices, and increased awareness about these devices among the population. These factors are contributing to the strong demand for low-vision devices in North America. Also, an increase in adults with low vision often faces a variety of difficulties in their daily lives due to their vision impairment. Asia Pacific was the second-largest market in 2021, and is projected to grow at the highest CAGR of 10.44%. The primary factor driving the market growth is the rapidly growing population, increasing disposable income, and the development of infrastructure and technology. The growing prevalence of eye diseases in the region, driven by factors such as the aging population, changing lifestyle habits, and the increasing incidence of chronic diseases such as diabetes, is also likely to contribute to the growth of the ophthalmology market in the region.

Key Players

The “Global Low Vision Devices Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are Zeiss Group, Orcam, Eschenbach Optik of America, Inc., Optelec, and Freedom Scientific Inc.

Key Developments

OrCam Product Development • In May, 2022, OrCam Technologies announced that OrCam Read, a first-of-its-kind, the handheld digital reader that instantly reads text aloud from any printed surface or digital screen, has been named Best Consumer Edge AI End Product by the 2022 Edge AI and Vision Product of the Year Awards.

Optelec Product Development • In October, 2019, Optelec introduced two new productsthe Compact 10 HD and the Compact 10 HD Speech. They are the ideal solution to magnify and read newspapers, letters, and magazines.

Report Scope

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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