Electroretinography Market - Size, Shares, Growth, and Global Forecast to 2030 | DataMIntelligence

Electroretinography Market is segmented By Product Type (Fixed Electroretinogram, Portable Electroretinogram), By Application (Clinical Use, Research), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Electroretinography Market Overview

The global Electroretinography market reached US$ 48.42 million in 2022 and is projected to witness lucrative growth by reaching up to US$  93.52 million by 2030. The market is growing at a CAGR of 7.2% during the forecast period (2023-2030).

An electrophysiological examination of the retina, the layer of the eye that detects light, is known as electroretinography. A plethora of objective, important knowledge regarding retinal function and health is available via electroretinography. ERG fuels research into the variables that affect the health of the retina or the visual pathways and is crucial in the diagnosis of inherited and acquired eye illnesses. 

Electroretinography Market Summery and Scope

Electroretinography Market Dynamics and Trends

Rising the prevalence of retinal diseases

In the developing world, retinal disorders constitute a growing factor in visual impairment. Globally, retinal disorders play a significant role in ocular morbidity and visual impairment. The most frequent cause of permanent blindness in the elderly is age-related macular degeneration (AMD), and in industrialized nations, the most frequent cause of blindness in people in their working years is diabetic retinopathy (DR). In the developing world, retinal disorders are a growing cause of blindness. Systemic disorders including diabetes mellitus and hypertension as well as longer life expectancies and altered lifestyles are important causes.

For instance, the Prevalence statistics for the most prevalent eye conditions and diseases are provided by the Centers for Disease Control and Prevention (CDC). Refractive errors are the most typical eye diseases in the US. In adults, age-related macular degeneration is a primary factor in blindness. Large drusen deposits growing could make macular degeneration more likely. Over 12 million adults in the United States who are 40 years of age and older have vision impairment, and nearly a million of them are blind. Around 2.2 billion individuals worldwide have eye and visual issues, according to reports from the World Health Organization, which confirms comparable findings. Due to the rise in retinal illnesses, which fuels the market. 

The high cost of treatment will hamper the growth of the market

Since wealthy patients are frequently unable to access diagnostic tests, the market is harmed. The cost forecasts were computed using hospital data, national labor data, and government insurance reimbursement. The anticipated total cost of testing over a three-year period was $114 962, or $1716 per patient. The cost of the tests and procedures will also hamper the market.

Electroretinography Market Segment Analysis

The global Electroretinography market is segmented based on type, product, application, and region.

The portable ERG machines segment is expected to grow at the fastest CAGR during the forecast period (2023-2030)

Based on product, the global Electroretinography market is segmented into fixed ERG machines and portable ERG machines. Among these, when compared to permanent devices, portable EGR machines are lightweight and can be moved more easily. Yet, the majority of portable equipment is less functional and has inferior to fixed equivalents. 

They are ideal for mobile clinics and hospitals that operate in areas without a stable infrastructure. For instance, Early glaucoma detection is crucial, although it may be difficult due to media opacity or incorrect subjective testing. A new test is now available for physicians who are interested in employing electrodiagnostic testing to obtain objective results. 

The electroretinography (ERG) measurement of the photopic negative response (PhNR) enables the examination of retinal ganglion cell activity. If the patient is thinking about adopting LKC Technologies' RetEval portable ERG, they should be aware that a new protocol has been added that brings PhNR to the device. The portable sector dominates the market due to its novel features.

Source: DataM Intelligence Analysis (2023)

Electroretinography Market Geographical Share

The number of favorable aspects like the prevalence of glaucoma condition and the presence of competitors drive the region

North America has established itself as the dominant market participant in the Electroretinography market. The North American market, which benefits from a number of favorable aspects like the prevalence of glaucoma condition, the presence of significant competitors, and technological innovation, contributes the greatest share to the electroretinography market with a high compound annual growth rate globally.

The glaucoma condition damages the eye's optic nerve. A layer of fluid on the outside of the eye develops an issue when it swells, creating pressure and injuring the optic nerves as a result. Blindness typically follows glaucoma-related vision loss. The World Health Organization estimates that glaucoma is to blame for the blindness of 4.5 million people worldwide. Glaucoma, which results in blindness, affects about 120,000 Americans, or 9% to 12% of all instances of blindness. The group most susceptible to glaucomatous visual loss is people over the age of 60. But, if vision loss is detected and treated quickly, it can be avoided.

Source: DataM Intelligence Analysis (2023)

Electroretinography Market Competitive Analysis

The major global players include Electro-Diagnostic Imaging, Inc., Roland Consult Stasche & Finger GmbH, Diagnosys LLC, Konan Medical USA, Inc., CSO Italia, LKC Technologies, Inc, Welch Allyn, Diopsys, Inc., Metrovision, Costruzione Strumenti Oftalmici.

Key Industry Developments

• In April, 2021, the community physicians will have access to the new Vision Electrophysiology Unit (VEU) at the USC Roski Eye Institute. Ophthalmologists have the option of immediately referring patients for testing to the VEU. The VEU is equipped with cutting-edge technology that helps in the diagnosis of inherited retinal illnesses including retinitis pigmentosa, as well as diseases of the optic nerve and several other eye ailments. The VEU has a number of cutting-edge pieces of equipment, such as an electroretinogram (ERG) machine that tests retinal function by capturing the retina's electrical reactions to a light shining into a patient's eye.
• In September, 2020, the world's leading manufacturers of splitting diagnostic tools for the ophthalmic sector, Konan Medical (Japan) and Konan Medical USA, Inc., today announced the release of the newest endothelium imaging system: CellChek 20. Widely recognized as the Gold Standard for cellular imaging and analytical evaluation of the corneal endothelium is specular microscopy from Konan Medical.
• In July, 2022, LKC Technologies, a world leader in electroretinography devices, has announced the employment of two seasoned experts in order to expand its position in the US optometric sector. There are already more than 2,000 LKC handheld RETeval devices in use globally, and the company is poised to introduce it to optometric practitioners to help with the diagnosis and management of sight-stealing illnesses..

Why Purchase the Report?

• To visualize the global Electroretinography- market segmentation based on Product, Technology, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of Electroretinographymarket-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global Electroretinographymarketreport would provide approximately 53 tables, 54 figures, and 195 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies

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