Global Electroretinogram Market is Anticipated to Witness High Growth Owing to Rising Incidences of Eye Disorders

 

Global Electroretinogram Market

An electroretinogram (ERG) refers to a diagnostic test that measures and records the electrical activity generated by the retina of the eye in response to a light stimulus. ERGs help detect problems with the retina such as retinal detachment, retinitis pigmentosa, and macular degeneration. The growing incidences of ocular diseases and growing geriatric population are leading to high demand for accurate diagnostic methods to detect retinal abnormalities early. Moreover, continuous technological advancements in ERG devices such as improved digital signal processing, portability, and wireless capabilities are supporting the adoption of ERGs.

The Global Electroretinogram Market is estimated to be valued at US$ 48.7 million in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the Global Electroretinogram Market Share are Cadwell Industries Inc., Diagnosys LLC, LKC Technologies, Inc., Diopsys, Inc., Konan Medical USA, Inc., and Electro-Diagnostic Imaging, Inc. CSOITALIA.IT, Metrovision, Roland-consult, Neurosoft, Ocular Instruments, Haag-Streit Group, Opto-Medic Co Pte Ltd, Stereo Optical, and M&S Technologies. These players are focusing on new product launches, collaborations, and geographic expansion to gain a competitive edge in the market.

The rising awareness regarding early detection of retinal diseases and increasing demand for non-invasive diagnostic procedures present significant growth opportunities for players in the electroretinogram market. The development of portable, affordable, and easy-to-use ERG devices suitable for point-of-care and home testing can help tackle issues related to access and increase adoption.

Major players are focusing on expanding their presence in high growth emerging markets such as Asia Pacific, Latin America, and Middle East & Africa through partnerships with local distribution companies and by establishing manufacturing facilities. Development of affordable ERG devices specially tailored for resource-constrained healthcare settings can help accelerate adoption rates in developing regions.

Market Drivers

Growth in the global geriatric population: Rise in aging population increases the risk of developing age-related retinal conditions such as macular degeneration, thereby driving the demand for ERG procedures for early diagnosis. As per WHO, over 12% of total global population will be over 65 years by 2030.

Increasing access to healthcare insurance: Favorable reimbursement policies for ophthalmic diagnostic procedures in developed nations are encouraging more people to opt for medical tests like ERG for retinal problems, thus boosting the market growth.

Market Restrains

High cost of advanced ERG devices: Cutting-edge ERG machines featuring mobility, wireless connectivity, and new diagnostic capabilities come at a high price which hinders their adoption, especially in price-sensitive developing markets.

Shortage of skilled professionals: Lack of adequate training programs and expertise in performing specialized ERG procedures acts as a restraining factor for the market in developing countries.

Segment Analysis

The global electroretinogram market is dominated by the portable electroretinogram devices sub segment. Portable electroretinogram devices offer flexibility and convenience to doctors for conducting tests at their clinic or patient's bedside. They do not require an additional dark room facility which helps doctors to perform tests anywhere and anytime. With increasing preference for patient-centric care and emphasis on improving access to healthcare examinations globally, demand for portable electroretinogram devices is growing at a faster rate compared to the desktop electroretinogram devices sub segment.

Global Analysis

The North America region currently holds the largest share in the global electroretinogram market due to favorable reimbursement policies, rising prevalence of eye diseases, developing healthcare infrastructure and presence of key market players in the region. Within North America, United States is the dominant market. However, going forward the Asia Pacific region is expected to witness the highest growth during the forecast period owing to rising healthcare expenditure, increasing medical tourism, growing geriatric population and expanding pool of eye diseases patients. Countries like China and India are expected to drive the Asia Pacific electroretinogram market owing to rapidly developing healthcare systems and growing economies.

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