Global Low Vision Aids Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Low Vision Aids Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Low Vision Aids aims to help people with low vision and improve their visual performance, so as to provide a rich daily experience for people with visual impairments. According to the WHO definition, people with low vision refer to people who have visual impairment even after treatment and/or standard refractive correction. Their vision is best corrected and their vision is still less than 6/18 and equal to or greater than 3/60.

Market Overview:

The latest research study on the global Low Vision Aids market finds that the global Low Vision Aids market reached a value of USD 400.1 million in 2022. It’s expected that the market will achieve USD 795.72 million by 2028, exhibiting a CAGR of 12.14% during the forecast period.

Market Driver Analysis

Vision plays a very important role in a person's life. Especially in today's world, reading speed is crucial for employment, information exchange, learning, and economic and social activities. Whether it is study work or social activities, it is difficult for people with low vision to proceed smoothly without the help of related tools. In addition, according to the latest data available to the WHO, there are an estimated 124 million people with low vision in the world. Some low vision conditions (such as hereditary) have not been treated so far, which means that patient will need LAV for their lives. This somehow guarantees certain downstream demand for the industry. What’s more, low vision caused by deteriorating vision and disease-related low vision are also important driving forces for the development of the industry.
Population aging first appeared in developed countries, but now it can be seen in almost all developing countries. The elderly population is currently at the highest level in human history. According to data from World Population Prospects: the 2019 Revisior, by 2050, one in six people in the world will be over 65 years old (16%), up from one-eleven (9%) in 2019. By 2050, a quarter of the population living in Europe and North America will be over 65 years old. In 2018, the number of people 65 years of age or older in the world exceeded children under 5 for the first time in history. The number of people 80 years of age or older is expected to triple, from 143 million in 2019 to 426 million in 2050. Compared with young people, the elderly is more prone to functional deterioration, and the probability of low vision is greater. The Johns Hopkins University Medicine Home stated that at the age of 45, people with low vision may be less than 1%, but by the age of 75, this proportion will jump to nearly 5%, and then jump to 15% at the age of 85. So population aging is one of the main driving forces.

Region Overview:

From 2023-2028, North America is estimated to witness robust growth prospects.

Company Overview:

Vispero is one of the major players operating in the Low Vision Aids market, holding a share of 14.47% in 2020.

Vispero offers a product line of optical and video amplifiers; wearable devices; scanning and reading devices; and easyto-use software. Freedom Scientific, Enhanced Vision, Optelec and Paciello Group are its brands. Vispero operates in 90 countries/regions, and its products are localized in more than 24 languages.

Eschenbach Optik was founded in 1913 and the company has developed into one of the leading suppliers of optical products. Today, Eschenbach Optik has branches in twelve countries, more than 30 international trading partners, and more than 480 employees worldwide.

Segmentation Overview:

Among different product types, Optical Aids segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Hospital Pharmacies segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Low Vision Aids market covered in Chapter 3:

Eschenbach Optik GmbH
Schweizer GmbH
eSight
Aumed Group Corp.
Coil
VisionAid International
Vispero (Freedom Scientific, Enhanced Vision, Optelec)
Rejoin Technology Co., Ltd.
HumanWare
Rehan Electronics
HIMS, Inc.

In Chapter 4 and Chapter 14.2, on the basis of types, the Low Vision Aids market from 2018 to 2029 is primarily split into:

Optical Aids
Non-Optical Aids
Electronic Aids

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Low Vision Aids market from 2018 to 2029 covers:

Hospital Pharmacies
Professional Retail Store
Optical Stores
Online Stores
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)