Electroretinography Market to Grow at a CAGR of 6.7% to reach US$ 62.72 Mn from 2018 to 2027

The electroretinography market was valued at US$ 35.79 million in 2018 and it is projected to reach US$ 62.72 million in 2027; it is expected to grow at a CAGR of 6.7% from 2019 to 2027.

Electroretinography (ERG) is a diagnostic test used to measure the electrical response of the light sensitive cells such as the cones and the rods present in the eyes. ERG is used for detecting eye disorders such as, retinitis pigmentosa, macular degeneration, retinoblastoma, glaucoma as well as diabetic retinopathy. Compared to the other methods of eye examination, ERG offers better results as well as causes less discomfort to the patients, hence is preferred widely for the diagnosis as well as treatment of various eye disorders. The growth of the global electroretinography market is attributed to the rising prevalence of glaucoma among individuals, increasing cases of eye disorders in developed economies and growing geriatric population worldwide. However, risks associated with the electroretinography is the major factor hindering the market growth.

The global electroretinography market is expected to witness substantial growth post-pandemic. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. However, the medical technologies and imaging segment is witnessing drop in sales due to a smaller number of surgeries being carried out and delayed or prolonged equipment procurement. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. New technologies such as mRNA is expected to emerge and shift the pharmaceutical industry and market is also expected to witness more vertical integration and joint ventures in coming years. 

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Electroretinography Market: Strategic Insights

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Market Insights

Rising Prevalence of Glaucoma Among Individuals to Drive Global Electroretinography Market Growth

Glaucoma is a disease that damages the eye’s optic nerve. The condition occurs when a layer of fluid fills up on the outer side of the eye, creating a pressure and hence leading to damage to optic nerves. Glaucoma often leads to vision loss, eventually causing blindness. The World Health Organization estimates that 4.5 million people worldwide are blind due to glaucoma. In the United States, around 120,000 are blind from glaucoma, accounting for 9% to 12% of all cases of blindness. The population mostly susceptible to vision loss due to glaucoma includes the population aged above 60 years. However, if it is detected and treated at an early stage, one can avoid vision loss. The worldwide age- standardised prevalence of glaucoma in the population aged 40 years and above is estimated to be around 3·5%.

Glaucoma are basically of two types: open-angle glaucoma and closed-angle glaucoma. Open-angle glaucoma is the most common form and is denoted by various risk factors such as, sub-Saharan African ethnic origin, elevated intraocular pressure, older age, positive family history, and high myopia. Whereas, the risk factors for closed-angle glaucoma include, East Asian ethnic origin, hyperopia and older age.

As per Glaucoma Research Foundation, currently there are around 3 million people with glaucoma in the United States. The number is expected to reach up to 4.2 million by 2030, with an increase of almost 58 percent, as per the forecasts given by, The National Eye Institute. Moreover, among African American and Latino populations, glaucoma is more prevalent, being 6 to 8 times more common in African Americans than in the Caucasian population.

Pattern electroretinography (PERG) is considered to be an efficient method for the early detection and treatment of glaucoma. PERG offers a few advantages over other tests that are routinely use to diagnose and monitor glaucoma patients. Most particularly, PERG is able to detect functional abnormality very early in disease—in some cases possibly as much as eight years earlier than our other tests. PERG tests are sensitive in nature and hence allow early detection of abnormalities, hence timely avoiding the death of retinal ganglion cells (RGC). Hence, the rise in the cases of blindness owing to glaucoma and the ability of PERG to enable better detection is expected to significantly to drive the market during the coming years.

Product -Based Insights

In terms of product, the global electroretinography market is segmented into fixed electroretinography and portable electroretinography. In 2018, the fixed electroretinography segment held largest share of the market. However, the portable electroretinography segment is estimated to register the highest CAGR during the forecast period.

Application-Based Insights

Based on application, the global electroretinography market is segmented into clinical and research. The clinical segment held the largest market share in 2018. Also, the same segment is estimated to grow at the highest CAGR during the forecast period.

The global electroretinography market players are adopting the product launch and expansion strategies to cater to changing customer demands worldwide, which also allows them to maintain their brand name globally.

Electroretinography Market Regional Insights

The regional trends and factors influencing the Electroretinography Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Electroretinography Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Electroretinography Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Electroretinography Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Electroretinography Market are:

1. LKC Technologies, Inc
2. Diagnosys LLC
3. Electro-Diagnostic Imaging, Inc.
4. Diopsys, Inc.
5. Roland Consult Stasche & Finger GmbH

Disclaimer: The companies listed above are not ranked in any particular order.

 

Global Electroretinography Market – by Product

• Fixed Electroretinography
• Portable Electroretinography 

Global Electroretinography Market – by Application

• Clinical
• Research

Global Electroretinography Market – by Geography

• North America

  • US
  • Canada
  • Mexico

• Europe

  • France
  • Germany
  • Italy
  • UK
  • Spain
  • Rest of Europe

• Asia Pacific (APAC)

  • China
  • India
  • South Korea
  • Japan
  • Australia
  • Rest of APAC

• Middle East & Africa (MEA)

  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA

• South America and Central America (SCAM)

  • Brazil
  • Argentina
  • Rest of SCAM

Company Profiles

• LKC Technologies, Inc
• Diagnosys LLC
• Electro-Diagnostic Imaging, Inc.
• Diopsys, Inc.
• Roland Consult Stasche & Finger GmbH
• Metrovision
• Costruzione Strumenti Oftalmici
• Konan Medical USA, Inc.
• Welch Allyn