The demand for the assistive technology for the blind is on the rise, and it is anticipated that the assistive technology for the visually impaired market will grow over the next ten years, says a recent market study report.
The report predicts the market size to be valued at a formidable US$20.89 billion by 2034, indicating a strong CAGR of around 12.5% over the period of forecast (2024-2034).
This remarkable growth is mostly due to: the global increase in the prevalence of visual impairments, growing awareness of the existence and benefits of assistive devices, and ongoing technological progression.
Products and Software: What are assistive technologies? Some examples include screen readers and magnifiers that render digital information in auditory or enlarged visual format, braille displays for reading or embossers for printing, navigation and mobility aids such as electronic canes or GPS-based systems, and different forms of low vision aids, such as glasses and pocket magnifiers.
The market is also seeing new offerings that pull in artificial intelligence (AI) and the Internet of Things (IoT) to provide even more advanced help.
Growing geriatric population worldwide will also add to market growth due to age-related macular degeneration and glaucoma being among major cause of blindness in aged people.
Moreover, rising public-private funding from government bodies for deploying assistive devices and increasing support services provided by non-governmental organizations for disabled people are escalating the adoption of assistive technology.
Finally, assistive technologies are becoming widely used in universities and workplaces to foster inclusion and accessibility.
The report also notes the growing need for portable and easy-to-use instruments. Product development, due to technology innovations has been creating assistive devices that are smaller, more efficient and feature richer.
or example, AI-enabled object recognition and scene description capabilities in electronic glasses are addressing improved environmental awareness for people with a visual impairment. Likewise, developments in haptic response devices have increased the ease of use of navigation systems.
North America has the largest portion of the market for visually impaired assistive technology at present but the Asia Pacific has the fastest rate of growth from 2014 to 2020.
This is owed to its large population base, rising healthcare spending and rise in consciousness about assistive products in (India and) China.
Obstacles, such as the expense of some assistive technology solutions, and inadequate vocational training in becoming an accessible business also persist.
Yet, continued R&D and reduced cost for components will certainly lower the cost and barriers to use in the years ahead, and subsequently result in a more inclusive world for visually-impaired individuals.
The predicted market expansion reflects the growing acknowledgement that assistive technology is essential in enabling people with sight loss to live a full and independent life.