Electroretinography (EGR) Device Market Size, Share, Growth, and Industry Analysis, By Type (Fixed ERG, Portable ERG and Others), By Application (Clinical Use, For Research and Others) Regional Forecast to 2032

Updated On: 22 April 2024

Electroretinography (EGR) Device Market REPORT OVERVIEW

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The global Electroretinography (EGR) Device market size was USD 44 million in 2022 and market is projected to touch USD 62.088 million by 2032, exhibiting a CAGR of 3.5% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.  The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Within the larger ophthalmic medical device business, the Electroretinography (ERG) device market was a specialised subset. The function of the retina, particularly the photoreceptor cells and the retinal pigment epithelium, is assessed using electroretinography, a diagnostic procedure. ERG tests are essential for identifying different retinal conditions and tracking the development of conditions such retinitis pigmentosa, macular degeneration, and diabetic retinopathy.

The ageing of the world's population, the rise in the prevalence of eye illnesses, and improvements in medical technology have all contributed to the market growth for ERG devices and related ophthalmic diagnostic equipment. However, the electroretinography (EGR) device market's size and expansion may differ depending on geographical areas, the frequency of eye conditions, the state of the healthcare system, and other considerations.

COVID-19 Impact: The Surgical and Pharmaceuticals Benefits Among Consumers to Increase Market Demand

The COVID-19 pandemic had a marginally beneficial effect on the market both during and after it. The NCBI study on PubMed Central indicates that the COVID-19 pandemic may have an impact on retinal function. The severity of the COVID-19 disease infection is inversely correlated with the diameter of the retinal veins. Diseases associated with COVID-19 might cause noticeable adjustments at the retinal level, such as altering the retinal vasculature. Additionally, after receiving the COVID-19 immunisation, there were very few occurrences of retinal side effects observed. Electroretinograms were therefore used to assess the condition of the retina and other relevant eye problems. The electroretinography (EGR) device market growth is probably being driven by the rising demand for test procedures.

LATEST TRENDS

"The AI, Data Analytics and Wearable ERG Devices to Advance the Market Share"

The accuracy, usability, and patient comfort of is electroretinography (ERG) device may have increased as a result of technical developments similar to those experienced by other medical devices. To speed up the testing process, manufacturers may have added additional features including wireless connectivity, cloud-based data storage, and automated analysis algorithms.  For more effective data processing and interpretation, artificial intelligence (AI) and machine learning technologies may have been incorporated into ERG devices. AI techniques may enhance the diagnostic precision of ERG testing by enabling the detection of small anomalies. Wearable ERG Devices: As wearable health monitoring devices gain popularity, there may be a trend towards the development of wearable ERG devices that allow for remote or continuous monitoring of retinal function in specific patient populations.

Electroretinography (EGR) Device Market SEGMENTATION

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• By Type

Based on type; the electroretinography (EGR) device market is divided into fixed ERG, portable ERG and others.

• By Application

Based on the application; the electroretinography (EGR) device market is divided into clinical use, for research and others.

DRIVING FACTORS

"Rising Prevalence of Eye Disorders and Growing Ophthalmology Clinics to Uplift the Market Demand"

The electroretinography (EGR) device market share rising demand is a result of ongoing innovation and expansion in the number of ophthalmology clinics and research facilities. In addition, the increased prevalence of retinal illnesses such cone-rod dystrophy, retinitis pigmentosa, macular degeneration, and glaucoma is anticipated to propel market expansion during the forecast period. The market is anticipated to expand as a result of factors including rising geriatric population, higher screen time brought on by pandemic, and rising preference for early disease diagnosis.Patients with a variety of symptoms, including photophobia, nyctalopia, decreased visual acuity, and field defects, are diagnosed using this method.

"Rising Prevalence of Diabetic Retinopathy to Drive the Market Growth"

During the forecast period, the market is anticipated to grow because to the rising prevalence of diabetic retinopathy. A recent CDC study found that diabetic retinopathy, which affects about one-third of persons with diabetes over the age of 40, is common and that it is one of the primary causes of new occurrences of blindness in adults. A total of 4.2 million persons had diabetic retinopathy, and 655,000 of those cases were vision-threatening. In order to diagnose inherited or acquired retinal disorders, such as macular degeneration, retinal separation, and cone-rod dystrophy (which causes vision loss due to weakened cone and rod cells), among others, an electroretinography (EGR) device is useful. Retinitis pigmentosa is a genetic disease that causes loss of peripheral and night vision. Retinoblastoma is a type of retinal cancer.

RESTRAINING FACTORS

"The Limitations with Cost, Availability and Certain Disorders to Restrain the Market Growth"

The utilization of is electroretinography (EGR) device is a useful diagnostic method for assessing retinal function and identifying various retinal abnormalities. ERG does have some limits, just as any medical treatment or diagnostic test. Healthcare establishments could not all have access to ERG devices because they can be pricey. As a result, some patients can find it difficult to get an ERG assessment as soon as possible. ERG is useful for identifying and tracking a variety of retinal problems, however it may not be as useful for conditions that primarily affect the outer retina or the optic nerve.

Electroretinography (EGR) Device Market REGIONAL INSIGHTS

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"North American Region to Lead the Market with Rising Prevalence of Eye Disorders"

Nearly half of the electroretinography (EGR) device market share was accounted for by North America, which led the global market and generated the most revenue. Throughout the anticipated years, it is anticipated that the regional market would continue to dominate and grow at a significant rate. This can be ascribed to a rise in the elderly population, an increase in eye problems, increased R&D spending, and a tendency in developed nations like the U.S. to adopt newer products. Additionally, a number of elements, including hospital expansion, the availability of well-established healthcare infrastructure, and research institutions, are anticipated to support regional market growth.

KEY INDUSTRY PLAYERS

"Key Industry Players to Promote the Market Expansion"

The market's expansion was significantly impacted by the techniques employed by market participants in recent years, such as extensions. The report covers details and information about the firms and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other considerations taken into account for this market are the businesses that develop and provide new products, the geographic areas in which they function, mechanization, innovation strategies, generating the maximum revenue, and using their products to make a significant difference.

List of Market Players Profiled

• LKC Technologies, Inc (U.S.A)
• Diagnosys LLC (U.S.A)
• Electro-Diagnostic Imaging (U.S.A
• Diopsys (U.S.A)
• Metrovision (France)
• Roland-consult (Germany)
• CSO Italia (Italy).

REPORT COVERAGE

This report covers a comprehensive backdrop analysis, an assessment of the parent market, intensive study in the market dynamics. Past historical, current, and projected size of the market from the point of both value and volume. Researching of recent industry developments, deep study on market shares and strategies of major players and the emerging niche segments and regional market areas are covered in the report.