GLOBAL ELECTRORETINOGRAM MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Global electroretinogram market is valued at US$ 48.7 Mn in 2024 and is expected to reach US$ 90.1 Mn by 2031, growing at a compound annual growth rate (CAGR) of 9.2% from 2024 to 2031.

An electroretinogram (ERG) is a diagnostic test that measures the electrical activity generated by the retina of the eye in response to a light stimulus. There are generally two types of ERG tests performed - full-field ERG and multifocal ERG. In a full-field ERG, a large spot of light is used to stimulate the entire retina and its response is recorded through electrodes placed on the skin around the eyes. This helps detect problems affecting large areas of the retina. On the other hand, multifocal ERG uses multiple localized flashes of light that is focused on different areas of the retina. This helps identify problems in specific retinal regions.

An ERG helps detect various retinal disorders like retinitis pigmentosa, diabetic retinopathy, macular degeneration and others which may not be visible through routine eye examination. It objectively measures the retina's response and helps diagnose conditions early. Some key advantages of ERG testing include high sensitivity and being able to detect pre-symptomatic and sub-clinical retinal changes. However, the equipment required is expensive and testing needs to be performed by a specialist in a clinical setting. It may also require pupil dilation which some may find uncomfortable. Further, the results need expert interpretation and normal readings do not rule out all possible retinal problems.

In conclusion, ERG provides an effective electrophysiological assessment of the retina but has some limitations in terms of cost, specialist requirement and interpretation of results. It remains an important diagnostic tool for evaluation of various retinal disorders.

Global Electroretinogram Market Regional Insights:

• North America has dominated the global electroretinogram market for many years due  to strong regional demand and advanced healthcare infrastructure in countries like the U.S. The presence of leading manufacturers and research centers in the region driving innovations has kept North America at the forefront of the market. Major eye hospitals and diagnostic centers in the U.S. perform a large volume of eye tests every year by using electroretinogram, which has solidified the region's position as the largest market worldwide.
• Asia Pacific is emerging as the fastest growing regional market for electroretinogram. Countries like China and India have a huge patient population suffering from eye diseases. With increasing awareness about early detection and diagnosis of retinal problems, the demand for electroretinogram is surging in Asia. Availability of latest equipment at affordable prices and presence of major international suppliers are supporting the market growth. Local manufacturers in China have significantly expanded their production capabilities in recent times while adhering to international quality standards. This has made China an important exporter of electroretinogram devices to other Asian markets as well as parts of Europe and Africa. Besides selling locally at competitive prices, Chinese companies have strengthened their position in global supply chain. India has witnessed a massive rise in the number of eye care centers and ophthalmologists adopting electroretinogram for diagnostic tests. Growing adoption rate coupled with the government's focus on universal healthcare is anticipated to further increase the electroretinogram capacity in India. The Indian market remains an attractive destination for multinational players to establish local manufacturing plants and expand regional sales network.

Figure 1. Global Electroretinogram Market Share (%), By Region, 2024

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Analyst View:

The electroretinogram market is expected to witness steady growth driven by rising cases of retinal diseases. Increasing prevalence of diabetes and macular degeneration will drive demand for electroretinogram procedures for early-stage diagnosis. North America dominates the market owing to developed healthcare infrastructure and high awareness levels. Asia Pacific is poised to be the fastest growing region due to rising healthcare expenditures and large patient populations. However, high equipment costs remain a major restraint affecting market growth globally. Product innovations with user-friendly and affordable devices could help overcome this to an extent. The market is also witnessing increasing adoption of Light-emitting diode (LED)-based electroretinogram systems which provides better image quality and reliability compared to previous technologies. Any new drug approvals aiding in treatment of retinal diseases will open newer opportunities. On the other hand, lack of skilled professionals qualified to perform these diagnostic procedures poses a challenge. The market is also impacted by reimbursement policies around the globe as out-of-pocket payments are high. In the near future, increasing research focusing on development of novel biomarkers can expand applications. Market players investing in enhancing portfolios with complimentary devices and software solutions can gain an edge. They must also focus on emerging countries for future growth opportunities in the electroretinogram market.

Global Electroretinogram Market Drivers:

• Rising prevalence of retinal diseases: Retinal diseases, including age-related macular degeneration (AMD), diabetic retinopathy, retinitis pigmentosa, and glaucoma, are becoming more common with the aging population and the global increase in diabetes cases. As life expectancy increases globally, more individuals are at risk of developing age-associated retinal conditions like AMD and glaucoma. These diseases necessitate regular monitoring, where ERG plays a crucial role in tracking disease progression and response to treatment. The global surge in diabetes has been linked to a subsequent rise in diabetic retinopathy – a complication of diabetes that can lead to blindness. Early detection through regular ERG testing is vital for intervention and management. The use of ERG helps in the early detection of several retinal diseases even before significant symptom manifestation, which is key in managing disease progression and planning effective treatments. For instance, according to the research study published by the Lancet Global Health in October 2022, the estimated national prevalence was 12.5% for diabetic retinopathy and 4.0% for vision-threatening diabetic retinopathy (VTDR), with no significant differences between urban and rural areas for diabetic retinopathy in India.
•  Government initiatives and awareness programs: Governments often undertake health campaigns that raise public awareness about various diseases, including those affecting eyesight. These campaigns can encourage people to pursue early diagnosis and regular eye check-ups, which include ERG tests. Supportive government reimbursement policies for diagnostic procedures can lead to increased utilization of ERG testing. When patients are assured of insurance or government help in covering costs, they are more likely to opt for comprehensive eye exams. Government grants and funding for research in the field of ophthalmology can lead to advances in ERG technology and practices, as well as increased screening for retinal diseases. Some governments launch nationwide screening programs for conditions like diabetic retinopathy, one of the key applications of ERG. These programs can significantly boost the usage of the devices that are needed to perform such tests. Initiatives to educate healthcare professionals about the importance of early detection of retinal diseases can lead to a higher number of referrals for ERG testing. Investment in healthcare infrastructure, especially in developing countries, can expand access to ERG testing. This expansion is part of a broader effort to improve the overall quality of healthcare. For instance, in May 2020, Government of U.K. and Government of India collaborated on ORNATE project to tackle visual impairment due to diabetic retinopathy.
• Technological advancements: Advancements in ERG equipment have led to better resolution and sensitivity in detecting retinal function. This allows for the earlier detection of retinal diseases and more accurate monitoring of disease progression. Development of portable and handheld ERG devices opens up the possibility of wider screening in various settings, including remote regions, which increases patient access to retinal diagnostics. With faster data acquisition and processing capabilities, modern ERG devices can deliver quicker turnaround times for test results, thus improving patient throughput and efficiency in clinical settings. Enhanced software interfaces and automated analysis features make ERG devices more user-friendly, thereby requiring less specialized training to operate, which can lead to broader adoption among healthcare providers. The ability to integrate ERG devices with EHR systems helps streamline patient data management and improve continuity of care, as clinicians can easily track patients' ocular health over time.
• Growing geriatric population: Age is a significant risk factor for many retinal diseases, including age-related macular degeneration (AMD), diabetic retinopathy, glaucoma, and cataracts, which can lead to vision impairment or loss. Considering the demographic trend of an increasing elderly population worldwide, the demand for ERG as a diagnostic tool for such conditions is also expected to rise. The aging demographic impacts the ERG market. The aging population has a higher prevalence of chronic retinal conditions that require regular monitoring and evaluation, thus leading to increased utilization of ERG testing. ERG plays a crucial role in the early detection of retinal abnormalities, which is particularly important for timely intervention and treatment in older adults. For progressive retinal diseases, ongoing ERG examinations are vital in monitoring disease progression and adjusting treatment regimens for the geriatric population.

Global Electroretinogram Market Opportunities:

• Integration of advanced diagnostic techniques: Combining ERG with other advanced diagnostic modalities, like optical coherence tomography (OCT), fundus autofluorescence, and microperimetry, can provide a more complete view of retinal structure and function. This enables more precise diagnosis and personalized treatment planning for patients. Incorporation of new technologies into ERG protocols, such as pattern ERG (pERG) and multifocal ERG (mfERG), allows for the detection of local retinal dysfunction, which is valuable for early diagnosis of diseases like glaucoma and macular degeneration. Advanced software solutions facilitate the integration of ERG data with patient electronic health records (EHRs) and can implement artificial intelligence (AI) for enhanced data analysis, potentially leading to new diagnostic insights. The advancement of telemedicine capabilities aligns well with the development of portable ERG devices, thereby enabling remote diagnostics and widening the reach of retinal screening programs. With precision medicine becoming increasingly important, ERG can be used to track the efficacy of individualized treatments, thus allowing for real-time adjustments to therapeutic approaches.
• Portable devices: Portable ERG devices can be used in various settings, including clinics, hospitals, and field conditions, thereby vastly increasing the accessibility of retinal testing for patients who might otherwise be unable to travel to specialized centers. These devices are often compatible with telemedicine, thus allowing for remote diagnosis and consultation, which is particularly beneficial in under-resourced regions and for homebound patients. Portable devices can facilitate widespread retinal disease screening programs, including those in schools, rural communities, or workplaces. For patients with conditions like diabetes that necessitate regular retinal checks, portable devices offer a convenient solution for continuous monitoring without frequent hospital visits. By reducing the need for multiple stationary machines and enabling one device to serve several locations, portable ERG devices can be more cost-effective for healthcare providers. Portable devices are typically designed to be user-friendly, with intuitive interfaces and automated functions that reduce the training requirements and technical barriers for operators.

 Global Electroretinogram Market Trends:

• Increased adoption of multi-functional devices: Multi-functional ERG devices that combine several diagnostic tests provide a holistic assessment of eye health in a single session, which is more convenient for patients and more efficient for healthcare providers. For healthcare facilities, investing in multi-functional devices can be more cost-effective as compared to purchasing separate pieces of equipment for different tests. Space-saving benefits are particularly valuable in smaller clinical settings where room for equipment may be limited. These devices can streamline the diagnostic workflow, by reducing the need for patient transfers between different diagnostic tools and potentially leading to faster treatment decisions. Multi-functional devices often come with sophisticated software that can integrate and analyze data from various tests, thus providing a comprehensive overview of a patient's condition. The ability to perform multiple tests on one system can increase patient throughput, thereby improving the eye care services efficiency.
• Focus on wearable devices: Wearable ERG devices can facilitate continuous, real-time monitoring of retinal function, thus allowing for the detection of changes that might not be captured during periodic exams. As wearable devices often feature connectivity options, they seamlessly integrate with telehealth frameworks, thus enabling remote data collection, diagnosis, and consultation. This is particularly advantageous for patients in remote areas or those with mobility constraints. Wear ability enhances patient compliance by making it easier to perform tests without the need for specific clinical settings or complicated setups. For chronic retinal conditions, such as diabetic retinopathy or glaucoma, wearable ERG devices can play a critical role in disease management by enabling more responsive treatment adjustments based on continuous data. In clinical trials, wearable ERG devices can provide comprehensive data regarding the ocular effects of new pharmaceuticals or treatments, thus facilitating a better understanding of efficacy and safety. The ease of use and non-invasiveness of wearable ERG devices can encourage their use in preventive care, potentially leading to earlier detection and treatment of retinal diseases.

Global Electroretinogram Market Restraints:

• High cost of equipment: High cost of ERG devices may limit their acquisition by smaller clinics and hospitals, particularly in developing or under-resourced regions, thus restricting access to essential diagnostic care. Substantial initial investment in ERG equipment can be a significant barrier for healthcare providers, thus impacting market penetration of newer, more advanced ERG technologies. Beyond the initial purchase, the cost of maintaining, calibrating, and potentially upgrading ERG equipment also contributes to the total cost of ownership, which may deter healthcare facilities from investing in such devices. In some cases, the lack of adequate insurance coverage or reimbursement for ERG tests can further exacerbate the issue, as patients may avoid or delay necessary diagnostics due to out-of-pocket costs. High costs may slow the adoption of innovative ERG technologies, as healthcare providers might opt to use older equipment for longer periods to avoid the financial burden of updating to the latest models. Overcome high equipment offering flexible financing options, such as leasing or usage-based payment plans, can make ERG devices more accessible to a broader range of healthcare providers. Designing ERG equipment with modular components that can be individually upgraded may provide a cost-effective alternative to purchasing entirely new systems.
• Lack of skilled professionals: The operation of ERG equipment and interpretation of the results require specialized training and expertise. Without adequately trained personnel, the operation of ERG equipment could be less efficient, thereby potentially leading to longer procedure times, reduced patient throughput, and increased waiting periods for appointments. Skill and experience are crucial for the accurate interpretation of ERG results. A lack of trained ophthalmologists or technicians may result in diagnostic errors, thus impacting patient care. As advancements are made in ERG technology, the need for ongoing training intensifies. A lack of professionals who can quickly adapt to new technologies can slow down their adoption. The impact of skilled professional shortages may be more pronounced in rural and underserved areas, thus contributing to healthcare disparities. A limited pool of skilled professionals can drive up labor costs due to the high demand for their expertise, potentially increasing the cost of ERG testing. Increased investment in education and training programs for ERG technicians and ophthalmologists can help expand the workforce with the required expertise.
• Counterbalance: Standardizing the training requirements and certification for ERG practitioners can help ensure consistent quality of care of trained professionals.

Recent Developments:

Acquisition, Collaboration and Partnerships:

On January 10, 2024, Gentex Corp. a technology company, announced acquisition of eSight, a provider of vision enhancement technologies, to develop and manufacture the next generation of mobile electronic eyewear that is designed to help people living with visual impairments.

In June 2023, DW Healthcare Partners, a healthcare-focused private equity firm, announced the completion of its investment in LKC Technologies, Inc., a manufactures electrophysiology testing devices that is used as an aid in the diagnosis and management of retinal and optic nerve diseases such as diabetic retinopathy and glaucoma.

In March 2022, LumiThera Inc., a commercial stage medical device company offering photobiomodulation (PBM) treatment for ocular damage and disease, announced the acquisition of Diopsys, Inc., a leader in modern visual electrophysiology medical devices that help eye care professionals analyze the entire visual pathway for visual and neuro-visual disorders.

Figure 2. Global Electroretinogram Market Share (%), By Type, 2024

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Top Companies in Global Electroretinogram Market:

• Cadwell Industries, Inc.
• Diagnosys LLC.
• LKC Technologies, Inc.
• Diopsys, Inc.
• Konan Medical USA, Inc.
• Electro-Diagnostic Imaging, Inc.
• IT
• Metrovision
• Roland-consult
• Neurosoft
• Ocular Instruments
• Haag-Streit Group
• Opto-Medic Co Pte Ltd
• Stereo Optical
• M&S Technologies

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