The global electronic glasses for low vision market was estimated to be US$ 2.70 Billion in 2022 and is expected grow at a CAGR of 10.9% between 2023 to 2032.
Electronic glasses for low vision are wearable devices designed to assist people with visual impairments to see better. These glasses have built-in displays and cameras that magnify and enhance images and text, making them easier to see. Electronic glasses for low vision can also provide audio feedback, enabling users to navigate their environment with ease.
Some advanced models are equipped with computer vision technology and artificial intelligence (AI), allowing the glasses to recognize and identify objects, and provide audio information about the environment. These devices are lightweight, compact, and portable, making them an attractive alternative to traditional low vision aids.
The market for electronic glasses for low vision is growing rapidly due to the increasing prevalence of visual impairments, technological advancements, and the shift towards non-invasive methods of treating visual impairments.
The Global Electronic Glasses for Low Vision Market is driven by several key factors, including the increase in prevalence of visual impairments, technological advancements in electronic glasses, and increase in funding for R&D in the field of visual aids. The number of people suffering from visual impairments is increasing globally due to factors such as aging, increased screen time, and lifestyle changes, which has led to a growing demand for electronic glasses for low vision.
The development of new and advanced technologies, such as artificial intelligence (AI) and computer vision technology, has improved the overall user experience of electronic glasses and made them more accessible and user-friendly.
Moreover, governments and private organizations are investing heavily in research and development in the field of visual aids, which has led to the development of new technologies and innovations in the electronic glasses market.
Additionally, there has been an increased demand for non-invasive devices, such as electronic glasses, to treat visual impairments, as traditional methods of treatment, such as surgery, are often invasive and can have significant side effects. The shift towards non-invasive methods has fueled growth in the electronic glasses market and is expected to continue driving demand for these devices in the coming years.
On the basis of product type, the market is segmented into Head-Mounted VR Type, Small Compact Type.
Among these, the head-mounted VR type segment is the largest due to its ability to provide a more immersive and interactive experience to the user. This type of electronic glasses can be used for a wide range of applications, such as gaming, entertainment, and education, which has increased its popularity among consumers.
On the other hand, the small compact type segment is growing at a faster rate due to its portability and convenience. These types of electronic glasses are compact and can be easily carried around, making them ideal for people with visual impairments who need to use them on a daily basis.
Additionally, the small compact type electronic glasses are also cost-effective and affordable, which has increased their demand among consumers who are on a budget.
On the basis of application, the market is segmented into Home, School, Office, and other applications.
Among these segments, the home segment is the largest. This segment comprises of electronic glasses that are primarily used for personal and household purposes, such as reading, watching TV, and navigating the environment. The increasing prevalence of visual impairments, combined with the growing demand for non-invasive devices, has fuelled the growth of the Home segment in recent years.
The School segment is the fastest growing segment in the electronic glasses market, on the basis of application. This segment comprises of electronic glasses that are used for educational purposes, such as reading, writing, and learning. The increasing prevalence of visual impairments in children and the growing awareness about the benefits of using electronic glasses for visual impairments have driven the growth of the School segment in recent years.
Additionally, the growing use of digital devices and screens in the educational sector has also fueled the growth of the School segment. The fast growth of the School segment is expected to continue in the coming years, driven by the increasing demand for non-invasive devices for visual impairments.
Geographically, the global electronic glasses for low vision market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America.
Following are some of the major trends in these regions –
North America is a significant market for electronic glasses for low vision, driven by factors such as a high prevalence of visual impairments, a large elderly population, and a strong demand for non-invasive devices for visual impairments. The region is also home to several leading companies in the field of visual aids, which have been investing heavily in research and development to develop new and advanced technologies.
Europe is another significant market for electronic glasses for low vision, driven by a large elderly population and an increase in demand for non-invasive devices for visual impairments. Additionally, the region has a strong healthcare infrastructure and a high level of awareness about the benefits of electronic glasses for low vision, which has fuelled growth in the market.
Asia-Pacific is a rapidly growing market for electronic glasses for low vision, driven by a large elderly population, increasing incidence of visual impairments, and a growing demand for non-invasive devices for visual impairments. Additionally, the region has a rapidly growing healthcare sector and a rapidly growing economy, which has resulted in increased investment in the field of visual aids.
The companies operating in the Global Electronic Glasses for Low Vision Market are adopting several growth strategies to gain a competitive edge and capitalize on the growing demand for electronic glasses for low vision.
One of the key strategies adopted by companies is investment in research and development to develop new and advanced technologies in the field of visual aids. This has resulted in the development of new and improved electronic glasses that are more user-friendly, portable, and accessible.
Another strategy adopted by companies is collaborations and partnerships with healthcare organizations and research institutions to increase their presence in the market and improve their offerings. Companies are also expanding their product portfolios to offer a wide range of electronic glasses for low vision, which cater to the diverse needs of customers. Additionally, companies are investing in marketing and promotions to raise awareness about their products and increase their customer base.
Furthermore, companies are focusing on geographic expansion to increase their reach and tap into new markets. This is being achieved through strategic partnerships, collaborations, and acquisitions of local companies. These growth strategies are expected to help companies gain a competitive edge and increase their market share in the coming years.
Some of the biggest companies operating in the global electronic glasses for low vision market are Alta Devices (USA), eSight (Canada), GP Batteries (Singapore), HumanWare (Canada), KANOA (USA), Lenstech Optical (China), LIVV (USA), Orion Vision Group (USA), Ottobock (Germany), Owens Corning (USA), OrCam (Israel), SINOVOIP (China), TecNec (USA), ViSenze (Singapore), ZEISS Group (Germany), and many more.
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The electronic glasses for low vision market was estimated to be US$ 2.70 Billion in 2022.
The electronic glasses for low vision market is estimated to expand at a CAGR of 10.9% from 2023 to 2032.
The electronic glasses for low vision market is driven by several key factors, including the increase in prevalence of visual impairments, technological advancements in electronic glasses, and increase in funding for R&D in the field of visual aids.
Europe region will lead the global electronic glasses for low vision market. Europe is another significant market for electronic glasses for low vision, driven by a large elderly population and an increase in demand for non-invasive devices for visual impairments.
Electronic glasses for low vision are largely used in the home, school, office, and other industries.
The small compact type segment is growing at a faster rate due to its portability and convenience.
Alta Devices (USA), eSight (Canada), GP Batteries (Singapore), HumanWare (Canada), KANOA (USA), Lenstech Optical (China), LIVV (USA), Orion Vision Group (USA), Ottobock (Germany), Owens Corning (USA), OrCam (Israel), SINOVOIP (China), TecNec (USA), ViSenze (Singapore), ZEISS Group (Germany), among others are the leading players in this market.
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