According to the Market Statsville Group (MSG), the global electroretinogram market size is expected to grow from USD 531.8 million in 2021 to USD 109.3 million by 2030, at a CAGR of 8.3% from 2022 to 2030. Electroretinograms (ERGs) are clinical ophthalmic diagnostic tests that assess the retina’s electrical activity in response to a light stimulus. The electroretinogram is formed by currents produced directly by retinal neurons and contributions from retinal glia. Ophthalmologists use these electroretinograms to identify the necessity for retinal surgery or other eye procedures such as cataract surgery. It is used to identify individuals with various symptoms, including photophobia, nyctalopia, decreased visual acuity, and field defects.
Constant innovation and an increase in the number of ophthalmology clinics and research facilities drive the market’s demand for electroretinograms. Furthermore, the increased incidence of eye ailments such as diabetic retinopathy, glaucoma, retinitis pigmentosa, macular degeneration, cone-rod dystrophy, and other retinal disorders is likely to drive market expansion during the forecast period. Furthermore, the growing demand for early disease detection, greater screen time due to the pandemic, and the fast-growing senior population are likely to drive market expansion.
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COVID–19 Impact on the Global Electroretinogram Market
According to an NCBI study published on PubMed Central, the COVID-19 pandemic can impair retinal function. The size of the retinal veins is linked to the severity of the COVID-19 disease infection. COVID-19 disorders can cause significant alterations in the retina, such as altering the retinal vascular. Furthermore, only a few incidences of retinal adverse effects were documented following the COVID-19 vaccine. Electroretinograms were used to diagnose and monitor the retina’s health and other associated eye problems. Furthermore, due to the pandemic’s lockdown and the danger of infection, there is a severe influence on the follow-up and treatment of chronic eye illnesses such as diabetic retinopathy and macular degeneration.
Global Electroretinogram Market Dynamics
The increased incidence of eye disorders such as diabetic retinopathy, glaucoma, retinitis pigmentosa, macular degeneration, cone-rod dystrophy, and other associated retinal disorders will drive market expansion over the forecast period.
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Higher electroretinography procedure costs and risks involved with the electroretinogram may impede the global market growth.
The usage of an electroretinogram in ophthalmology has grown over the years. The requirement for rapid identification of eye disorders and diseases has encouraged doctors to employ electroretinograms as the first line of defense. As a result, the worldwide electroretinography market is expected to expand at a rapid pace in the coming years. According to the MedlinePlus Medical Encyclopaedia, monitoring the electrical response of cell cones and rods in the eyes is a significant indicator during diagnosis. This feature has offered many growth opportunities in the global electroretinography market.
The ophthalmological operations need a high level of accuracy and attention. This reason has been a major driver in the global electroretinography market. Furthermore, retinal treatments are incredibly important, necessitating the provision of cutting-edge equipment and technology at ophthalmologists’ disposal. Increased expenditure on eye therapies and government money dedicated toward ophthalmological research has propelled the market growth.
Scope of the Global Electroretinogram Market
The study categorizes the electroretinogram market based on product, type and application at the regional and global levels.
By Type Outlook (Sales, USD Million, 2017–2030)
- Full-field Flash ERG (ffERG)
- Pattern ERG (PERG)
- Multifocal ERG (mfERG)
By Product Outlook (Sales, USD Million, 2017-2030)
By Application Outlook (Sales, USD Million, 2017-2030)
- Clinical Diagnostic
By Region Outlook (Sales, USD Million, 2017–2030)
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
Clinical diagnostic segment is projected to account for the largest market share by application
Based on application, electroretinogram market is divided into clinical diagnostic and research. In 2021, the clinical diagnostic application segment dominated the global market. Clinical diagnostics includes diagnosing eye problems at ophthalmology clinics or institutions. The rising frequency of eye problems and the increased emphasis on early disease identification are predicted to increase patient traffic in eye clinics and ophthalmology centers.
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Asia-Pacific is expected to account for the highest CAGR during the forecast period
Based on the regions, the global electroretinogram Market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Asia Pacific is estimated to grow at the highest CAGR during the forecast period. The rapid adoption of new technology, the existence of the senior population, and the surging prevalence of chronic diseases such as diabetes all contribute to the growth. Furthermore, rising awareness of eye problems is expected to drive market growth during the forecast period.
Key Market Players in the Global Electroretinogram Market
The global electroretinogram market is highly competitive, with key industry players adopting strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most market companies focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations.
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Major players in the global electroretinogram market are:
- LKC Technologies, Inc.
- Diagnosys LLC
- Electro-Diagnostic Imaging, Inc.
- Diopsys, Inc.
- CSO Italia