by The global electroretinogram (ERG) market is a segment of ophthalmology medical devices industry. ERG is a test to measure the electrical activity of the retina in response to a light stimulus and check for possible eye disease or vision problems. ERG devices are used to record the visual response of the retina by placing contact lens electrode on the cornea and reference and ground electrodes on the skin. The procedure helps in early diagnosis and monitoring of retinal diseases like retinal detachment, diabetes retinopathy, glaucoma and macular degeneration.
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. The key opportunities in the market include increasing prevalence of retinal diseases, growing geriatric population, and availability of portable ERG devices. Technological advancements such as integrated software, wireless data transfer, Pattern Electroretinography (PERG), and multi-focal Electroretinography (mfERG) are further expected to drive the adoption of ERG devices.
Market Drivers
The major market driver for global electroretinogram market is rising cases of retinal diseases. As per statistics, more than 150 million people globally are estimated to be visually impaired due to diabetes retinopathy. Other retinal disorders like age-related macular degeneration, retinitis pigmentosa are also on the rise. ERG aids early diagnosis and monitoring of treatment which can positively impact the disease management. Growing elder population is another growth driver as retinal problems are more common among geriatrics. Improving healthcare infrastructure in emerging countries will also support the market growth of ERG devices.
Current challenges in Global Electroretinogram Market
One of the major challenges faced by the Global Electroretinogram Market is lack of skilled professionals. Electroretinogram requires specialized knowledge and skills to perform, analyze and interpret the results. Shortage of trained ophthalmologists, technicians and medical physicists poses a significant hurdle in widespread adoption of electroretinogram. Secondly, electroretinogram procedure involves using contact lens electrode that requires anesthesia or dilation of eyes which can cause discomfort to patients. This makes it difficult to perform ERG routinely for diagnostic purposes. Further, electroretinogram equipment are expensive which prohibit its use in resource poor settings and cost remains a major barrier.
SWOT Analysis
Strength: An electroretinogram provides an objective and non-invasive method to assess retinal function. It helps eye care professionals in early diagnosis of eye diseases.
Weakness: ERG requires specialized skills and interpretation of results is complex. Shortage of trained professionals is a major weakness.
Opportunity: Growing geriatric population and rising incidence of eye diseases provide major growth opportunities. Developing portable and low cost ERG devices provide new opportunities.
Threats: Presence of alternative diagnostic tools poses competition. Reimbursement issues and high cost of equipment are also threats.
North America and Europe collectively accounted for the largest share in the global electroretinogram market in terms of value in 2024. Increasing incidence of eye diseases and favorable reimbursement policies drive the market in these regions. Asia Pacific region is projected to be the fastest growing market during the forecast period from 2024 to 2031. This is attributed to growing healthcare expenditure, rising awareness about eye disorders and expansion of private healthcare sector in emerging economies.
In terms of value, hospital segment holds the major share of over 60% in 2024. However, ophthalmology clinics segment is anticipated to witness highest growth rate during the forecast period. Increasing preference for point-of-care diagnostic tests and improvement in healthcare infrastructure is favoring the growth of this segment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.
