June 18, 2024
Global Electroretinogram Market

Global Electroretinogram Market is Estimated to Witness High Growth Owing to Rising Prevalence of Eye Diseases

The global electroretinogram market comprises products used for specialized eye examinations to assess retinal functions. Electroretinography utilizes skin surface electrodes to record the retinal response to a stimulus, often a flash of light, by measuring voltage changes on the cornea and skin near the eye. The procedure is non-invasive and helps diagnose and monitor retinal diseases and conditions affecting visual pathway functioning. It aids in diagnosing retinal abnormalities like retinal detachment, macular degeneration, and retinitis pigmentosa. The demand for electroretinography is rising owing to the increasing prevalence of various eye diseases associated with aging population globally.

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. Rising research efforts around stem cell therapy and gene therapy provide significant opportunities for market players.

The growing geriatric population, increasing healthcare expenditure, and rising awareness about eye care are expected to drive the market demand. New product launches catering to unmet needs and better accuracy bolster opportunities.

North America dominates owing to high patient awareness, developed healthcare infrastructure, and supportive reimbursement policies. However, Asia Pacific is expected witness fastest growth due to large patient pools, growing middle-class population, and increasing healthcare spending in China, India, and South Korea.

Market Drivers

The increasing prevalence of retinal disorders like age-related macular degeneration, retinitis pigmentosa, and diabetic retinopathy mainly due to rising geriatric population and sedentary lifestyle is a key growth driver. According to the World Health Organization, in 2020 there around 1.1 billion people worldwide have some form of distance or near vision impairment, and around 2.2 billion have a near or distance vision impairment. This rise in patient base necessitates regular retinal examination and monitoring using electroretinography.

PEST Analysis

Political: The healthcare policies, guidelines regulatory frameworks concerning medical devices and clinical trials may impact the market growth.

Economic: Rising healthcare expenditure along with increasing incidence of eye diseases and vision impairment drives the demand for electroretinogram devices in the market.

Social: Growing awareness about eye health and early diagnosis fuel the adoption of electroretinogram testing for diagnosis of retinal diseases.

Technological: Advancements in electroretinogram devices and software with features such as wireless connectivity, portability, and integration of artificial intelligence are expected to enhance efficiency and outcomes.

Geographical Regions With High Market Concentration

North America holds the major share of the global electroretinogram market and is expected to continue its dominance over the forecast period. Factors such as rising prevalence of eye disorders, availability of advanced healthcare infrastructure, and the presence of key players in the region drive the market growth.

Fastest growing region

Asia Pacific is poised to emerge as the fastest growing region in the electroretinogram market propelled by rapidly improving healthcare standards, increasing healthcare expenditure, rising incidences of retinal diseases due to aging population, and growing medical tourism in countries such as India, China, and Japan.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.