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.

Get more insights on Global Electroretinogram Market

Comments

Post a Comment

Popular posts from this blog

Chemiluminescence Imaging Market Poised To Grow Substantially Due To Advancements In Medical Imaging Techniques

Image
Chemiluminescence Imaging Market   The global Chemiluminescence Imaging market size is estimated to be valued at US$ 15.21 billion in 2024 and is expected to exhibit a CAGR of 10% over the forecast period of 2024 to 2031. Chemiluminescence refers to the process of light emission resulting from a chemical reaction. In chemiluminescence imaging, chemical compounds are used to emit light, which is then captured by imaging devices to produce images. Chemiluminescence imaging finds widespread applications in molecular biology research, medical research, and medical diagnostics. The increasing demand for accurate and non-invasive diagnostic tools is a key factor driving the adoption of chemiluminescence imaging systems in the healthcare sector. Key Takeaways Key players operating in the Chemiluminescence Imaging Market Share are Actinium Pharmaceutical Inc., Alpha Tau Medical Ltd, Bayer AG, Bracco, Cardinal Health, Eckert & Ziegle, Fusion Pharmaceuticals, IBA Worldwide, NorthStar Medi
Read more

Driving Forces And Market Dynamics: Unveiling The Growth Trajectory Of The Wheeled Crane Industry

Image
Wheeled Crane  The Wheeled Crane Market has witnessed significant growth in recent years due to the increasing demand for efficient lifting and material handling equipment across various industries. Wheeled cranes, characterized by their mobility and versatility, are extensively utilized in construction, infrastructure development, mining, and manufacturing sectors. The market's evolution is driven by technological advancements, growing urbanization, and infrastructural projects worldwide. As construction activities surge and infrastructure development projects escalate globally, the demand for wheeled cranes is expected to soar, propelling market expansion. The Wheeled Crane Market is estimated to be valued at US$ 16.91 Bn in 2024 and is expected to exhibit a CAGR of 6% over the forecast period 2024 to 2031. Key Takeaways                                  Key players operating in the Wheeled Crane Market Growth are Tadano Ltd, Liebherr Group, Terex Corporation, Xuzhou Constructi
Read more

Blast Chillers Market: Cooling Solutions For Culinary Excellence

Image
Blast Chillers Market The Blast Chillers Market is experiencing steady growth driven by the increasing demand for efficient food preservation solutions in the culinary industry. These specialized appliances rapidly lower the temperature of cooked food, inhibiting bacterial growth and preserving freshness, flavor, and nutritional value. With the rising consumer preference for convenience and quality in foodservice establishments, blast chillers have become indispensable tools for chefs, caterers, and food manufacturers seeking to maintain high standards of food safety and quality. The Blast Chillers Market is estimated to be valued at US$ 245.5 Mn in 2024 and is expected to exhibit a CAGR of 7.8 % over the forecast period 2024 To 2031. Market Drivers One of the primary drivers is the growing awareness among foodservice operators and consumers regarding the importance of food safety and hygiene. In an era where foodborne illnesses pose significant risks to public health, Blast Chillers
Read more