Fact.MR – A Market Research and Competitive Intelligence Provider: A recent analysis published by Fact.MR states that the global assistive technologies demand for the visually impaired market is poised to surpass a valuation of US$ 7.17 Bn by 2026.
Sales in Assistive Technologies Demand for the Visually Impaired Market to Surpass US$ 7.17 Bn by 2026
Fact.MR’s latest survey report provides in-depth analysis on the demand outlook for assistive technologies demand for the visually impaired market. It presents in-depth analysis in terms of market taxonomy including product type and end users. The report offers detailed insights into scope for expansion in developed and developing markets. It also uncovers hidden opportunities for the market players to capitalize on in the coming years.
Fact.MR – A Market Research and Competitive Intelligence Provider: A recent analysis published by Fact.MR states that the global assistive technologies demand for the visually impaired market is poised to surpass a valuation of US$ 7.17 Bn by 2026. Growing awareness regarding new assistive technologies for the visually impaired people is expected to accelerate the growth at a robust CAGR of 8.6% over the forecast period between 2020 and 2026.
Increase in prevalence of health concerns affecting vision such as diabetic retinopathy, glaucoma, refractive error, age-related macular degeneration, and cataracts is causing rise in the number of visually impaired people.
According to a report published by the World Health Organization (WHO) in February 2021, at least 2.2 billion people around the world reported near or distance vision impairment. As assistive technologies help visually impaired people to cope with their disabilities, this rise in prevalence of eye-related disorders will, in turn, boost the market.
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Recent technological developments, integration of modern technologies, and the introduction of electronic mobility aids such as UltraCane and Ray to assist visually impaired people in detecting upcoming obstacles are some of the key factors expected to drive the market in the coming years.
In response to the growing expenditure on education by private and public educational institutions and increasing adoption of assistive devices such as tactile toys, braille slate, and others, the educational devices & software segment is anticipated to reach US$ 4.1 Bn by 2026.
“Leading manufacturers in the market are emphasizing on introducing novel assistive technologies such Dot Smartwatch, Be My Eyes application, and Wayband among others to cater to the increasing demand for mobility devices from large targeted population,” says a Fact.MR analyst.
Key Takeaways from Assistive Technologies Demand for the Visually Impaired Market Survey
- Driven by the increasing adoption of advanced technological assistive devices, North America is projected to account for around 40% of the overall market share.
- The Asia Pacific market is estimated to expand at an impressive CAGR of 9.4%, surpassing US$ 1.64 Bn by the end of 2026.
- Educational devices & software segment is anticipated to hold a revenue share of nearly 58% owing to the increasing spending across educational institutions for the visually impaired people.
- Favored by the increasing introduction of novel mobility technologies, the mobility device segment is likely to expand at a vigorous CAGR of 8.8% through 2026.
- Based on end users, enterprises & social organizations are expected to lead the segment, on the back on increasing donations and corporate social responsibilities.
Key Drivers
- Increasing prevalence of eye-related disorders such as glaucoma, and diabetic retinopathy are rising number of visually impaired individuals, thereby, driving the market growth.
- Growing adoption of computerized technology in mobility and education of either partially or fully visually impaired patients is anticipated to propel the demand for assistive technologies.
Key Restraints
- Stringent regulatory requirements for the approval of novel assistive technologies are hampering the growth of the market.
- High cost of modern technologies such as UltraCane for visually impaired people is hindering the sales of assistive technologies.
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Competitive Landscape
Key companies operating in the assistive technology demand for the visually impaired market are aiming at adopting strategies such as new product launches with technological advancements and product promotions to expand their product portfolio and revenue share. For instance,
- Dolphin Computer Access Ltd, British company that creates software to assist people with visual impairments promoted their new products Whiteboard Wizard, EasyReader, and Connect & Learn technologies at the VIEW 2020 Conference held in Birmingham, Ireland.
- Access Ingenuity, a U.S. based disability equipment supplier, provides assistive technology solutions such as braille displays, low vision magnification systems, screen reading, learning disabilities software, and screen magnification. It also offer its vision enhancing products such as ZoomText and Keys-U-See large print keyboards.
Some of the key players in the market profiled by Fact.MR are:
- VFO group
- Amedia Corporation
- Dolphin Computer Access Ltd.
- HumanWare Group
- Cambium Learning
- Access Ingenuity
- American Thermoform
- LVI Low Vision International.
More Valuable Insights on Assistive Technologies Demand for the Visually Impaired Market
Fact.MR, in its new report, offers an unbiased analysis of the global assistive technology demand for the visually impaired market, analyzing forecast statistics through 2020 and beyond. The survey reveals growth projections on in assistive technology demand for the visually impaired market with detailed segmentation:
By Product type
- Educational Devices & Software:
- Braille Duplicators & Writers
- Braille Computers
- Mathematical & Science Devices
- Reading Machines
- Mobility Devices:
- Canes
- Low Vision Devices:
- Smart Glasses
- VTS Link
- Magnifying Lenses
- Others
By End Users
- Blind Schools
- Enterprises & Social Organizations
- Personal Use
- Federation & Hospitals
- Others
Key Questions Covered in the Assistive Technologies Demand for the Visually Impaired Market Report
- The market survey also highlights projected sales growth of the assistive technology demand for the visually impaired market in 2020 and beyond
- The report offers insight into assistive technology demand for the visually impaired demand outlook through the next five years
- Assistive technology demand for the visually impaired market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- Assistive technology demand for the visually impaired market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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Source: Fact.MR