The global Visual Impairment Market is estimated to be valued at US$ 4,362.8 Mn in 2020 and is expected to exhibit a CAGR of 8.1% over the forecast period 2020-2027, as highlighted in a new report published by Coherent Market Insights.

A) Market Overview:
The Visual Impairment Market refers to the market for products and services catering to individuals with visual impairments. This includes assistive technologies such as screen readers, magnifiers, braille displays, and navigation aids. These products and services enable visually impaired individuals to access information, perform daily tasks, and enhance their overall quality of life.

The need for products associated with the visual impairment market arises due to the rising prevalence of visual impairments globally and the increasing awareness about the benefits of assistive technologies. According to the World Health Organization (WHO), an estimated 285 million people are visually impaired worldwide, of which 39 million are blind. This has created a significant demand for innovative products and solutions to improve the lives of visually impaired individuals.

B) Market Key Trends:
One key trend in the visual impairment market is the increasing adoption of wearable assistive technologies. Wearable devices such as smart glasses and smartwatches equipped with assistive features have gained popularity among visually impaired individuals. These devices offer functionalities such as real-time object recognition, voice assistance, and navigation guidance, enhancing the independence and mobility of visually impaired individuals.

For example, Orcam MyEye is a wearable device that can be attached to glasses and uses artificial intelligence to read text, recognize faces, and identify objects for visually impaired individuals. This technology enables users to access printed materials, recognize people, and navigate their surroundings more effectively.

C) PEST Analysis:
- Political: Government initiatives and policies promoting the inclusion and welfare of individuals with disabilities play a crucial role in shaping the visual impairment market. Policies that prioritize accessibility and provide funding for assistive technologies contribute to market growth.
- Economic: The economic factors impacting the visual impairment market include the cost-effectiveness of products and services, affordability for consumers, and reimbursement policies.
- Social: Social factors such as increasing awareness about visual impairments, changing societal attitudes towards disabilities, and the importance of inclusivity drive the demand for assistive technologies.
- Technological: Technological advancements in areas such as artificial intelligence, computer vision, and wearable devices have opened up new possibilities for innovative assistive technologies in the visual impairment market.

D) Key Takeaways:
In terms of market size, the Global Visual Impairment Market Demand is expected to witness high growth, exhibiting a CAGR of 8.1% over the forecast period. This growth is primarily driven by the increasing prevalence of visual impairments globally and the growing demand for assistive technologies to improve the lives of visually impaired individuals.

In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the Visual Impairment Market. This can be attributed to the presence of key players, favorable government initiatives, and higher awareness and adoption of assistive technologies in this region.

Key players operating in the global Visual Impairment Market include Adaptivation, Inc., AbleNet, Inc., Amedia Corporation, Access Ingenuity, LVI Low Vision International, American Thermoform, Cambium Learning, Dolphin Computer Access Ltd., HumanWare Group, ViewPlus, and VFO. These players focus on product innovation, strategic partnerships, and geographical expansion to gain a competitive edge in the market.

Overall, the visual impairment market is poised for significant growth due to increasing demand for assistive technologies. The development of innovative products and solutions and supportive government policies will further drive market growth and improve the lives of visually impaired individuals.