Vision Impairment Market Is Estimated To Witness High Growth Owing To Rising Geriatric Population

The Vision Impairment Market is estimated to be valued at USD 4951.3 Mn in 2024 and is expected to exhibit a CAGR of 8.83% over the forecast period 2022- 2030, as highlighted in a new report published by Coherent Market Insights.

The vision impairment market is witnessing a high growth owing to rising geriatric population susceptible to various eye disorders and increasing government funding for research & development of advanced vision impairment devices. According to WHO, globally over 1 billion people will have some form of vision impairment by 2050, out of which nearly 36 million people are blind with age-related eye disorders as major cause of vision loss. Additionally, increasing research funding for novel drug development and deployment of advanced devices for vision impairment is favoring the market growth. For instance, National Eye Institute funds over USD 770 million annually to support eye and vision research.

Key Market Trends:

Contact Lenses Segment to Account for the Lion’s Share: Contact lenses segment is projected to hold a significant share in the vision impairment market over the forecast period. This is attributed to growing preference for contact lenses over spectacles due to their comfort, aesthetic appeal, and better vision correction. Moreover, availability of technologically advanced contact lenses such as colored lenses, multifocal lenses, and orthokeratology lenses for vision correction and enhancement is fueling the segment growth.

Rising Adoption of Refractive Surgeries: Refractive error correction surgeries such as LASIK and PRK are gaining wider acceptance driven by growing patient awareness about the benefits of such surgeries and technological advancements offering hassle-free procedures. In addition, higher disposable incomes have enabled more number of people opting for such permanent vision correction surgeries. This is expected to accelerate the demand for refractive surgeries during the forecast period. More coverage can be found in the sample copy.

Vision Impairment Treatment Market Opportunity 1: By Product Type

The vision impairment treatment market is segmented by product type into eyeglasses, contact lenses, intraocular lenses, and others. Within this segment, the eyeglasses segment held the largest market share of around 38% in 2024 owing to the affordable cost and easy availability of eyeglasses for vision correction. Eyeglasses come in different power ranges and are suitable for mild to moderate vision impairments. Moreover, advances in lens material and designs have further increased the preference for eyeglasses.

Vision Impairment Treatment Market Opportunity 2: By End User

Hospitals held the dominant position in the vision impairment treatment market in 2024 with around 35% share. The high volume of cataract and other vision correction surgeries taking place in hospitals is the major factor propelling the growth of this segment. Moreover, hospitals have state-of-the-art infrastructure and equipment to accurately diagnose vision impairments and provide effective treatment options. Growing healthcare infrastructure especially in developing nations is anticipated to boost the demand for hospital-based vision impairment treatment.

Key Market Takeaways

The global vision impairment treatment market size was valued at USD 4951.3 Mn in 2024 and is anticipated to witness a CAGR of 8.83% during the forecast period 2022-2030. The rising geriatric population, increasing prevalence of eye disorders, and advances in vision correction technologies are fueling the market growth.

Based on product type, the eyeglasses segment held the dominant market position in 2024 owing to affordable costs and easy availability. By end user, hospitals captured the largest share due to high volume vision correction surgeries taking place in hospitals.

Regionally, North America dominated the global market in 2024 accounting for over 30% share. Presence of highly developed healthcare infrastructure and awareness regarding vision care in the region is driving the North America vision impairment treatment market.

Competitor Insights:

LVI Low Vision International
Cambium Learning
Access Ingenuity
ViewPlus
Functional
Vision AU Pty Ltd
Esight
QuartzRC

Recent Developments in Vision Impairment Market

In July 2023, eSight unveiled the fourth generation of its electronic glasses for low vision. The new eSight 4 uses a powerful chip and improved camera sensors to provide sharper images at higher magnification levels. The glasses can enlarge content from 2x to 15x and feature object and text recognition AI.

In August 2023, the FDA approved the Alpha AMS subretinal photovoltaic retinal prosthesis for people blinded by retinitis pigmentosa. Developed by second sight, it consists of a small flexible chip with a picture element array wired to an external video camera. Early trials found patients could detect light and objects. Full coverage of the report available here.