Assistive Technologies for Visually Impaired Market

Market Perspective

The global Assistive Technologies for Visually Impaired Market was valued at USD 5.01 billion in 2022 and is projected to reach USD 9.75 billion by 2030, growing at a CAGR of 8.85% from 2023 to 2030.

The expansion of the global assistive technologies for the visually impaired industry through the forecast period can be attributed to an increase in healthcare spending by diverse governments and significant demand for these technologies by visually impaired individuals worldwide. Moreover, the ready availability and accessibility of assistive technologies in emerging assistive technologies for visually impaired markets is anticipated to contribute to the growth of the industry.

For instance, the availability and affordability of smartphones preloaded with accessibility features, such as speech-to-text and voice commands, in developing countries, can increase market penetration and enhance the adoption of assistive technologies.

The cost of procuring assistive technologies for the visually impaired constitutes a major barrier to assistive technologies for the visually impaired market growth. Such devices are often priced too high for a majority of visually impaired individuals, which prevents wider adoption and limits market development. The pricing structure discourages smaller companies from entering the market as they face challenges in competing against established conglomerates with economies of scale and established infrastructure.

Analyst’s Review on Assistive Technologies for Visually Impaired Market

Visual impairment, whether partial or complete loss of vision, significantly affects a person's ability to perform routine tasks, thereby diminishing their quality of life. Assistive technologies for the visually impaired, such as optical character recognition, magnifying glasses, reading assistance software, screen readers, optoelectronic reading systems, electronic dictionaries, text-to-voice technologies, speech recognition software, smart canes, and braille displays, can greatly aid in overcoming these challenges.

Market Definition

Assistive technologies intended for individuals with visual impairments encompass a diverse range of devices, software applications, and tools that facilitate routine tasks and enhance independence. These technologies significantly improve the quality of life and empower visually impaired individuals to perform daily activities, access information, and communicate more effectively. Examples of such technologies include optoelectronic reading systems, speech recognition software, smart canes, magnifying glasses, and reading assistance software amongst others.

Continuous advancements in assistive technologies have resulted in wearable devices that enable the visually impaired to receive visual information, specialized papers featuring raised or darkened lines and colors to improve writing, and voice-recognition software that transcribes spoken speech onto a computer screen. Therefore, there is a need for persistent research aimed at developing more accessible and effective assistive technologies. The development of such technologies will not only improve the quality of life for millions of individuals with visual impairments but also enable greater independence.

Market Dynamics

The market for assistive technologies intended for visually impaired individuals has garnered considerable interest from multinational corporations. These conglomerates have directed investments toward companies operating in the assistive technologies for the visually impaired market.

For instance, ViewPlus introduced the NEW Power-Dot Braille in 2022 featuring the strongest and most readable Braille dot of any desktop Braille printer, while maintaining a pleasing rounded dot shape with Power-Dot Braille. Similarly, Freedom Scientific unveiled the RUBY 10 in 2022, a 10-inch touchscreen video magnifier offering advanced viewing modes and optional text-to-speech functionality, joining their existing RUBY family product line.

There is a growing concern regarding the limited awareness among individuals about the availability and potential uses of assistive technologies for people with disabilities, which could potentially impact their ability to access vital information and perform routine tasks. A lack of awareness regarding the latest advancements in braille displays, magnifying glasses, or hearing aids may hamper product sales, thereby impeding the growth of the market for assistive technologies. To address this issue, targeted education and outreach programs are essential to increase awareness and promote the integration of assistive technologies into everyday life for individuals with disabilities.

Segmentation Analysis

The global assistive technologies for the visually impaired market are segmented based on product type, end-user, and geography.

Based on product type, the assistive technologies for visually impaired market are categorized into educational devices & software, mobility devices, low-vision devices, and others. The educational devices & software segment generated the highest revenue of USD 2.19 billion in 2022. Educational devices and software are commonly preferred in assistive technologies for visually impaired individuals as they can help enhance learning and academic performance, improving the overall quality of life for such individuals, which is expected to fuel segment growth.

Based on end user, the market is segmented into enterprises & social organizations, blind schools, personal use, hospitals, and others. The enterprises & social organizations segment dominated the assistive technologies for visually impaired market in 2022, accounting for a significant share of 43.82%. Enterprises and social organizations predominantly prefer assistive technologies for visually impaired individuals to promote inclusivity and diversity in the workplace or community. By providing assistive technologies, employers and organizations can support accessibility for visually impaired individuals, empowering them to participate in the workforce or community at large.

Furthermore, the use of assistive technologies provides individuals with the opportunity to learn new skills and increase their independence, which could potentially benefit both the individual and the organization. Moreover, incorporating assistive technologies can demonstrate social responsibility and support diverse and inclusive practices, which can have a positive impact on an organization's reputation.

Geographical Analysis

Based on region, the global assistive technologies for the visually impaired market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

In 2022, North America emerged as the highest revenue-generating region in the global assistive technologies for visually impaired market for assistive technologies for visually impaired, generating a revenue of USD 2.09 billion. This considerable growth is largely attributed to the growing incidence of visual impairment among the population.

Additionally, research conducted by the Canadian National Institute for the Blind in 2021 estimates that approximately 1.5 million individuals in Canada have experienced vision loss, and an additional 5.59 million have been diagnosed with an eye disease that may lead to visual impairment. Moreover, the regional assistive technologies for visually impaired market is expected to benefit from well-established healthcare facilities, as well as favorable government initiatives over the forecast period.

Competitive Landscape

The global assistive technologies for the visually impaired market study will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their assistive technologies for visually impaired market shares across different regions. Expansion & investments involve a range of strategic initiatives including, investments in R&D activities, the establishment of new manufacturing facilities, and supply chain optimization, which could pose new opportunities for market growth.

The key players in the Assistive Technologies for Visually Impaired Market are:

• Amedia Corporation
• VFO
• Cambium Learning
• Dolphin Computer Access Ltd.
• Access Ingenuity
• American Thermoform Corp.
• LVI Low Vision International
• ViewPlus
• Humanware Australia Pty Ltd.
• Freedom Scientific, Inc.

Key Developments

• December 2022: Scotiabank committed USD 1.2 million to the Canadian National Institute for the Blind (CNIB), a national charitable organization that strives to eliminate barriers to inclusion for individuals affected by sight loss. This investment, spanning three years, will provide essential assistance to those with visual impairments, facilitating their access to educational and career opportunities across Canada.

The global Assistive Technologies for Visually Impaired Market is segmented as:

By Product Type

• Educational Devices & Software
• Mobility Devices
• Low Vision Devices
• Others

By End-Use

• Enterprises & Social Organizations
• Blind Schools
• Personal Use
• Hospitals
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America