Electroretinogram Market - Forecasts from 2024 to 2029

Electroretinogram Market - Forecasts from 2024 to 2029

The electroretinogram market is expected to grow at a CAGR of 8.90% from US$605.024 million in 2022 to US$1,098.966 million in 2029.

The term electroretinography refers to the study of the electrical impulses that the retina emits when exposed to light. To find any abnormalities in the retinas normal functioning an electroretinogram is one kind of eye that is conducted. The retina which is found at the back of the eye is the layer of cells in the eye that is most sensitive to light. The retina sends electrical messages to the brain bearing light data. Photoreceptors composed of rods and cones help us see lights before conveying it to other retinal cells like bipolar cells.

The geriatric population which is more likely to develop eye disorders like glaucoma and diabetic retinopathy as well as the growing demand for early disease diagnosis and ongoing technological advancements are anticipated to fuel market growth. Because the eyes are the most delicate organs in the body ophthalmic exam procedures require a high degree of accuracy and precision. The markets growth is primarily being driven by this. Furthermore, the market is growing due to rising levels of disposable income growing awareness of early disease diagnosis and increased government funding for ophthalmological R&D.

The imposition of regulatory support and government initiatives

One kind of illness that harms the optic nerve in the eye is glaucoma. This condition develops when a layer of fluid accumulates on the outer surface of the eye creating pressure that damages the optic nerves. Exudative choroidopathy is another name for it. One condition that can lead to visual loss and eventually blindness is glaucoma. According to the World Health Organization glaucoma is thought to be the cause of blindness in 4. 5 million people worldwide. It is estimated that glaucoma causes blindness in 120000 Americans accounting for 9–12% of all cases of blindness. Individuals over 60 are more likely than younger people to experience vision loss due to glaucoma. If the ailment is identified and treated early on however it is possible to avoid having one's vision compromised. Age-standardized prevalence estimates for glaucoma in people 40 years of age and older worldwide are thought to be between 3 and 5%. Two main subtypes of glaucoma can be distinguished: open-angle glaucoma and closed-angle glaucoma. The most common type of glaucoma is known as open-angle glaucoma which can be recognized by several risk factors such as being of African descent from sub-Saharan Africa having an elevated intraocular pressure being older having a positive family history and having high myopia.

By contrast having a strong prescription getting older and being of East Asian ethnicity increases the risk of developing closed-angle glaucoma. It is estimated by the Glaucoma Research Foundation that approximately 3 million Americans currently suffer from glaucoma. The National Eye Institute has provided projections indicating that by 2030 there could be up to 4 point 2 million people in the country—a rise of more than 58 percent. African American and Latino communities are also more likely to experience glaucoma than the Caucasian community the former are six to eight times more likely to be affected than the latter.

Pattern electroretinography or PERG is a commonly used diagnostic and therapeutic tool for glaucoma that is considered effective in identifying the disease early. Compared to other tests that are frequently used to diagnose and track glaucoma patients the Pattern Electroretinogram (PERG) offers a few advantages. Specifically, functional abnormalities can be found with PERG very early in the course of the disease in some cases this is possibly up to eight years earlier than with any of our other tests. Due to their sensitivity, PERG tests allow for the early detection of abnormalities and consequently the timely prevention of retinal ganglion cell (RGC) death. Since PERG can facilitate better detection it is expected that the market will experience significant growth in the coming years due to the rise in glaucoma-related blindness cases and increased awareness of the disease.

Increased demand for fixed ERG machines

Large hospitals with the ability to treat large numbers of patients and offer a wide range of specialities or just one are the ideal places for these devices to be used. Because the portable EGR machines are lighter and more compact than the fixed EGR machines the portable machines are easier to move and transport. However, the vast majority of portable devices are less feature-rich and less effective than their stationary counterparts. These work best in makeshift clinics and mobile hospitals that offer healthcare in places without permanent infrastructure. Since these two devices serve different kinds of consumers their corresponding markets are both stable and experiencing healthy rates of growth.

Rising research and drug development

Current ophthalmology and vision science research initiatives fuel the demand for sophisticated diagnostic instruments which in turn propels the size of the electroretinogram market. For researchers looking into retinal conditions and treatments, ERG is a useful tool. For instance ERG studies of dark adaptation in 2022 shed light on basic physiological processes. One can track cone photopigment recovery using the cone-driven dim-flash a-wave which shows that regeneration is rate-limited as opposed to first order. Additionally, the Mayo Clinic is now conducting studies to assess the imaging capabilities of optical coherence tomography (OCT) and optical coherence tomography angiography (OCTA) in supine patients.

North America is witnessing exponential growth during the forecast period

Over the course of the forecast period North America is anticipated to hold a sizable share of the electroretinogram market. This share can be attributed to several factors including an ageing population an increase in the incidence of eye problems a rise in approvals and RandD spending and a tendency in developed countries like the US to embrace novel products. By 2030 for example the National Eye Institute projects that approximately 4 Point 3 million Americans will suffer from glaucoma and 11 Point 3 million will have diabetic retinopathy. Furthermore, according to the same source, the annual cost of vision loss and eye care is estimated to be around $139 million.

Market key launches
In January 2024, Technology company Gentex Corp. announced, that it would acquire eSight, a provider of vision enhancement technologies, in order to create and produce the upcoming generation of mobile electronic eyewear, which will aid those who are visually impaired.
In June 2023, the healthcare-focused private equity firm DW Healthcare Partners announced that it had completed its investment in LKC Technologies, Inc., which makes electrophysiology testing devices that help with the diagnosis and treatment of conditions affecting the retina and optic nerve, including glaucoma and diabetic retinopathy.

Segmentation:

By Technology
Full-Field Flash ERG (ffERG)
Pattern ERG (PERG)
Multifocal ERG (mfERG)
By Product
Handheld
Tabletop
By Application
Clinical Diagnostic
Research
By Geography
North America
United States
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Israel
Others
Asia Pacific
Japan
China
India
South Korea
Indonesia
Thailand
Others