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

Electroretinography is a diagnostic medical test that is used to evaluate the health and function of the retina. It provides objective measurements of the retina's electrical activity by recording how it responds to light stimulus. The test involves placing electrodes on the surface of the eye and the scalp of the patient. A light source is then used to illuminate the retina while recording any electrical responses. The electroretinogram or electroretinogram (ERG) measures the mass electric response of the retina and can help detect retinal abnormalities that are associated with diseases like retinitis pigmentosa. Rising prevalence of retinal disorders worldwide is anticipated to drive increased reliance on ERG for improved diagnosis and management of ocular conditions.

Market Dynamics:

Global electroretinogram market is driven by the growing geriatric population prone to age-related retinal diseases, rising incidence of diabetic retinopathy, growing awareness about eye care, and technological advancements incorporating and multifocal electroretinography. However, the market growth can be restrained by the high cost of electroretinogram devices and non-availability of skilled professionals in many developing regions. Emerging economies offer lucrative opportunities for market players as they witness rapid economic development and healthcare infrastructure expansion. Manufacturers investing in research and development (R&D) of portable devices for point-of-care (POC) testing can also open up opportunities.

A primary driver is the increasing geriatric population, which is more susceptible to age-related retinal diseases such as macular degeneration and glaucoma. As the number of elderly individuals rises globally, the demand for ERG for the diagnosis and monitoring of these conditions also increases. Another significant factor is the rising incidence of diabetic retinopathy, a complication of diabetes that affects the eyes. Growing prevalence of diabetes worldwide has led to an increase in demand for early detection and treatment of eye-related complications, thereby propelling the use of ERG devices. Heightened awareness about eye care and the importance of regular eye examinations has further stimulated the market. Public health initiatives and educational campaigns about eye health have encouraged more people to seek comprehensive eye examinations, which often include ERG testing. Technological advancements, such as the incorporation of multifocal electroretinography, have improved the accuracy and efficiency of ERG devices. These innovations have expanded the applications of ERG in diagnosing and treating a variety of retinal conditions, thus making it a valuable tool for ophthalmologists.

For instance, in October 2022, according to data provided by the World Health Organization (WHO), in 2020, the number of people aged 60 years and older outnumbered children younger than 5 years. Between 2015 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%. The share of the population aged 60 years and over will increase from 1 million in 2020 to 1.4 million. By 2050, the world’s population of people aged 60 years and olders will double (2.1 million). The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million. 

Key features of the study:

• This report provides in-depth analysis of the global electroretinogram market, and provides market size (US$ Mn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year.
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global electroretinogram market based on the following parameters company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study include 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.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• Global electroretinogram market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global electroretinogram market.

Detailed Segmentation:

• Global Electroretinogram Market, By Type:
  • Full-field Electroretinography (ffERG)
  • Multi-focal Electroretinography (mfERG)
  • Pattern Electroretinography (PERG)
  • Others
• Global Electroretinogram Market, By Product:
  • Handheld
  • Table top
• Global Electroretinogram Market, By Application:
  • Clinical Diagnostic
  • Research
• Global Electroretinogram Market, By Disease Indication:
  • Diabetic Retinopathy
  • Retinitis pigmentosa
  • Cone-rod Dystrophy
  • Others
• Global Electroretinogram Market, By End User:
  • Hospitals
  • Ophthalmic Clinics
  • Academic &Research Institutes
  • Others
• Global Electroretinogram Market, By Region:
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East
  • Africa
• 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