Low Vision Aids Market Size, Share & Industry Analysis, By Type (Optical Aids, Non-optical Aids, Electronic Aids), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Optical Stores, Online Pharmacies) And Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
Low vision devices help in improvement of the visually impaired population thus enabling academic and social adaptation. Growing prevalence of age-related macular degeneration and other impaired disorders has led to increased adoption of optical and non-optical aids in the management. Additionally, advancements in the electronic aids has led to growing awareness among the population about the products and has boosted the product demand. Also, owing to initiatives undertaken by companies and government to promote the importance of the low vision aids will help proliferate the market growth during the forecast period.
The major factor driving the global low vision aids market is the increasing prevalence of age-related macular degeneration, diabetes, and glaucoma is likely to boost the growth of the global market. Additionally, growing awareness among the population about the availability of the low vision aids is anticipated to proliferate the sales.
On the flip side, lack of adoption and reach of advanced solutions in the middle and low-income countries is likely to hamper the market growth during the forecast period.
Key Market Driver -
Increasing low vision prevalence to drive product sales
Key Market Restraint -
Lower adoption of the devices in the middle and low income countries
Market Segmentation:
By type, the global low vision aids market is segmented into optical aids, non-optical aids, and electronic aids. Based on distribution channel, the market is classified as hospital pharmacies, retail pharmacies, optical stores, and online pharmacies.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key Players Covered:
The major companies in the global low vision aids market report includes Vispero, Eschenbach Optik GmbH, Quantum, HumanWare Group, Wipac Ltd, VisionAid International, Esight, Aumed Group Corp., Enhanced Vision, and Others.
Key Insights
- Technological Advancements in the Low Vision Aids Market
- Product Features of Low Vision Aids – By Key Brands/Manufacturers
- COVID-19 Impact on the Global Low Vision Aids Market
- Prevalence of Low Vision – For Key Region/Countries
- Key Industry Developments – Mergers, Acquisitions, and Partnerships
Regional Analysis:
The global low vision aids market has been segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America followed by Europe dominated the global market in 2019, owing to the increased sales of the products by companies for low vision management in the countries. Additionally, rising government investment to boost R&D is also the factor driving the market growth. Awareness among the population about available products in the market is the major factor leading to increased sales and demand of the low vision aids in the Asia Pacific countries. This along with growing mergers and acquisitions between industry players is likely to promote the sales of the products in countries like China, India, and other countries. Latin America is projected to register a comparatively higher CAGR by the end of the forecast period owing to greater adoption of products in the region. On the other hand, Middle East & Africa is likely to witness a slower growth due to lack of penetration of the advanced products.
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Segmentation
ATTRIBUTE | DETAILS |
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By Distribution Channel |
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By Geography |
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Low Vision Aids Industry Developments
- In September 2020, MetLife announced the agreement to acquire vision care company Versant Health.
- In March 2019, OxSight announced the expansion of its company by establishing Indian subsidiary to manufacture two smart glasses for the visually impaired population.
- Ongoing
- 2023
- 2019-2022
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