I use "market failure" colloquially I guess, yes.

I use it to mean that despite demonstrated technological viability by multiple vendors, and despite the devices providing a solution to the issue of actual portability beyond closed rooms, the market has failed to make these devices accessible.

IIRC one of the problems is that the benefit doesn't become obvious in "good" lighting conditions like a walmart building. In that way I'm putting much of the blame in this on the buying side of the market for making shallow, lazy buying decisions. But the producers are equally to blame here. Nobody made a serious first move, so no competition evolved, despite the availability of transflectives being technically governed by market forces.