Transparency Market Research (TMR) has published a new report titled, “Assistive Technologies for Visually Impaired Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global assistive technologies for visually impaired market was valued at US$ 3,400.0 Mn in 2017 and is anticipated to expand at a CAGR of 8.5% from 2018 to 2026. Increase in demand for assistive technologies for visually impaired, advancements in assistive technologies, surge in health care expenditure, and rise in awareness are likely to drive the global assistive technologies for visually impaired market from 2018 to 2026.
Increase in Demand for Assistive Technologies for Visually Impaired to Propel Market
Assistive technologies are equipment or devices that improve and maintain functional abilities of people with vision impairment. Assistive technology equipment could be standalone devices, hardware, or software. Various types of assistive technologies are available in the market for visually impaired to address different conditions. Assistive technology devices are manufactured to support mobility aids, learning & academic aids, and others. Visually impaired people are not self-dependent for various day to day activities. They need support of various devices and equipment to perform these activities. Devices which make them independent, comfortable, and easy are classified as assistive technologies for visually impaired. The global assistive technologies for visually impaired market has been segmented based on product, end-user, and region.
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Increase in Geriatric and Disabled Populations across the Globe
Improving health care reforms in major markets such as the U.S., Japan, and China has increased the life expectancy of the population. According to a report published by the United Nations (UN), the global population aged 60 years or over was around 962 million in 2017. It is expected to reach 2,100 million by 2050. Increase in the geriatric population is likely to boost demand for assistive technologies for visually impaired people. Elderly people are prone to various physical disorders such as vision and hearing loss and immobility. Elderly people suffering from visual disorders require assistive devices for day-to-day activities such as reading or performing any other physical activities, besides physical movement. Hence, increase in the geriatric population is expected to contribute to the growth of the global assistive technologies for visually impaired market.
Advancements in Assistive Technologies
The assistive technology for visually impaired industry has changed dramatically in the past few years, with new technologies bringing significant changes in many areas. Recent developments in assistive and inclusive technology (AIT) have generated new opportunities for people to overcome everyday challenges and problems associated with vision loss. For example, smartphones offer much more than just a phone connection. For a large number of people, mobile devices are becoming the single point of contact with a wide range of technologies such as operation of household appliances, control over lighting, writing, reading, object identification, web-searching, banking, and shopping. Hence, technological advancements are expected to fuel demand for assistive technologies for visually impaired people.
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Asia Pacific Market to Register Exponential Growth
In terms of revenue, the assistive technologies for visually impaired market in Asia Pacific is expected to expand at a CAGR of 9.5% during the forecast period. Educating people with visual disability will boost demand for various assistive technologies such as Braille translator, reading machines, magnifiers, and mobility devices in the region. A report published by WHO in 2016 stated that around 62.6 million individuals in India and 75.5 million in China suffer from visual impairment and blindness. This is likely to propel the market in Asia Pacific.
Highly Competitive Market with Large Number of Regional Players
The report also provides profiles of leading players operating in the global assistive technologies for visually impaired market. These include VFO, Amedia Corporation, Dolphin Computer Access Ltd., HumanWare Group, Cambium Learning, Access Ingenuity, American Thermoform, and LVI Low Vision International.