The market for assistive technologies for those who are blind or visually impaired is expected to reach US$ 4.2 billion globally in 2023 and to grow at an astounding 13.1% CAGR from 2023 to 2033. As a result, it is anticipated that the market for assistive technologies for the blind will grow to US$ 14.4 billion by the end of 2033.
A regular and comfortable life can be led by people with disabilities and other challenges with the use of assistive technologies. In recent years, there have been a lot more persons with impairments as a result of an increase in trauma and traffic accidents. Future exports of assistive devices for those who are visually impaired will be significantly impacted by the increasing prevalence of vision impairment and blindness worldwide.
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"Growing adoption of computerized technology in mobility and education are projected to demonstrate prolific growth in the future. Hence, new product launches with technological progressions constitute the key strategy of key market players. " says Fact.MR.
Role of Tech Advances
Assistive technology for the visually impaired has transmuted radically in the recent years. Launch of modern technology has conveyed noteworthy changes in several fields. These progresses have offered new prospects for visually impaired people to get by their disability. Presentation of electronic mobility aids, for instance, e Ray & UltraCane to help blind people in identifying obstacles are noteworthy technological developments. As a result of this, the demand for assistive technology for visually impaired market is poised to record prolific growth in the coming years.
Will Educational Devices & Software Influence Assistive Technologies for Visually Impaired?
Educational Devices & Software are projected to hold around 60% of the overall market share. The segment shall reach an estimation of US$ 4.1 Bn toward 2026. This is qualified to increment in expenditure on education by private and public educational institutions. Growing adoption of devices such as tactile toys that emit sound for stylus for writing, braille slate and pre-academic learning, are some examples of expenditure on assistive technologies.
On the other hand, mobility devices will gain noteworthy traction amid the forecast period. Anticipated CAGR for the category is slated at impressive 9% in 2021, as well as exceeding an estimation of US$ 1 Bn towards 2026 end. Presentation of new technologies such as Be My Eyes, Dot Smartwatch and Wayband are prominent drivers for the proliferation of this category.
Competitive Landscape
Leading suppliers of assistive technologies for the visually impaired are focusing on launching new products that allow visually disabled people to enjoy all aspects of life just like normal people.
• In March 2023, Sony, a leading Japanese multinational organization, announced the launch of a new camera kit that is designed for visually impaired people. The new DSC-HX99RNV camera kit comes with a unique viewfinder and a compact camera.
Market Players
• LS&S LLC
• Amedia Corporation
• Cambium Learning
• ViewPlus
• Dolphin Computer Access Ltd.
• VFO
• American Thermoform
• LVI Low Vision International
• HumanWare Group
• Access Ingenuity
How Big is the Opportunity for Market Players in the US?
Increased adoption of cutting edge devices and easy access are significant factors contributing to increasing market share of the US. Estimated market share for North America amid the assessment period is estimated at about 40% of the overall assistive technologies demand for visually impaired industry.
The UK and Germany will record the second highest market share, however, China, India, Brazil, Japan, South Korea and other South Asian economies are still in an introductory phase. According to Fact.MR's new study, these regions are projected to provide significant growth prospects for the assistive technology devices amid the assessment period, owing to entrance in these regions by prominent players, presence of large population, and rising disposable incomes.
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