The size of the Global Electroretinography Market is expected to expand at a CAGR of 7.2% from 2020 to 2025.
Electroretinography is the study of electrical impulses sent by the retina in response to light. Electroretinogram is an eye test that tries to detect abnormalities in the functioning of the retina. The retina is the innermost light-sensitive layer of cells that translates images into electrical impulses for the brain to create visual perception. The retina comprises many layers of cells with varied functionalities and purposes that coordinate to make image recognition possible. There are photoreceptor cells (rods and cones) that detect light and transmit signals to intermediary cells (Muller cells and bipolar cells). Finally, the Ganglion cells transmit the impulses that are recorded by the brain as images. In this test, an electrode in the form of a thin wire or a contact lens is placed on the cornea (front part) of the eye after dilating the patient's eyes and anesthetizing him/her. This electrode will register the electrical impulses while the eyes are subjected to various image and light inputs. It will help the physicians calibrate the retinal defect's exact nature and prescribe the appropriate course of action.
There is a general growth in the medical and healthcare sector due to the increasing levels worldwide. Developed nations like Japan, Germany, Italy, Finland, and other European countries have an increasingly older demographic. Due to this population reason, many of these nations have resorted to importing younger people from less developed nations to balance the lack of taxpayers. This simultaneous rise in population due to immigration and an increase in the elderly population in these nations is expected to drive the healthcare sector and the electroretinography market. With the rapid industrialization and urbanization of many Asian economies, several people have jobs paying much more than they did a few decades ago. This increase in income has contributed to people being able to access better healthcare facilities for themselves and their loved ones. With China's one-child policy, many young Chinese families have four parents and eight grandparents to take care of. With increased health complications due to old age, the Electroretinography market seems very promising in China. Countries like India, Malaysia, Indonesia, Taiwan, and Australia are also anticipated to be key markets for electroretinography due to their burgeoning economies and growing populations.
However, many people worldwide are still stuck in abject poverty and cannot afford quality healthcare. Prohibitive pricing of diagnostic testing in many countries hurts the market by access to wealthier patients. Lack of awareness among people and the inability to afford the treatment are two main factors restraining the growth of the global electroretinography market.
Impact of COVID-19 on the global electroretinography market:
The disease has spread to nearly 100 countries worldwide since the COVID-19 virus outbreak in December 2019, prompting the World Health Organization to declare it a public health emergency. An Electroretinography (ERG) is a system that tests the retina's functional ability to react to light by measuring its functional ability to respond to light. Electroretinograms have become the first line of care for eye disorders and diseases due to the need for rapid diagnosis. The eye is fitted with a sophisticated contact lens that is connected to a monitor. A light is flashed in the eye, and the retina should respond every time the light flashes, resulting in a wave recorded on the screen. Before cataract surgery, an ERG is used to determine if there is sufficient retinal function to warrant surgery and to diagnose various retinal diseases. Many markets focus on corona virus-related research and producing related medical equipment; the Electroretinography market has negative growth during this pandemic.
Market Size Available
2019 to 2025
2020 to 2025
By Product Type, End-Use and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
The global electroretinography market research report has been segmented based on product, industry, and geography:
Electroretinography Market – By Product Type:
Based on product type, the Fixed ERG machines segment offers a full range of functionality in exchange for ease of movement and portability. These machines are suitable for large multi-specialty and single-specialty hospitals that can attract a large number of patients. Portable EGR machines are easy to carry and can be transported with an ease that is not possible with the fixed machines. However, most portable machines are not as good as fixed alternatives and have reduced functionality. These are most suitable for clinics and mobile hospitals that operate in regions that lack permanent infrastructure facilities. Since both the machines have different clientele, they both have steady markets with healthy growth rates.
Electroretinography Market – By End Use:
While the machines are mostly used on humans in Clinical medicine, the research sector uses multiple animal species to understand the structure eye and develop new techniques and procedures. The machines used in research, as a result, are also quite different from their clinical brethren. Primates, Rodents, and other small animals are routinely used in laboratories for research purposes.
Electroretinography Market – By Region:
Geographically, the North America and Europe regions are currently the largest markets for Electroretinography; with the rising population levels and decreasing unemployment in these regions, the market has a bright future. Among all those regions, the North American market contributes the largest share with a high compound annual growth rate across the globe in the electroretinography market by owning many advantageous factors such as technological advancement. By following the North America region, the European area is recorded as the second-largest revenue growth share region by owning many factors like development of facilities. As expected during the forecast period, the Asia-Pacific region contributes a high and fast compound annual growth rate due to developing countries such as Japan, China, and India. The Middle East and Africa region are contributing to the smallest revenue growth share.
The region of Asia Pacific is anticipated to grow with the highest CAGR during the upcoming years. It can be attributed to the region’s large population and growing economy.
KEY MARKET PLAYERS:
The list of key competitors leading the global electroretinography market profiled in this report is Konan Medical, CSO Italia, Diagnosys LLC, LKC Technologies Inc, Electro-Diagnostic Imaging Inc., Roland-consult, Diopsys Inc., Metrovision, among others.
RECENT HAPPENINGS IN THE MARKET:
1.1 Scope of the report
1.2 Report Objectives
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 PEST Analysis
3.2 Drivers, Restraints, Opportunities
4. Market Classification
4.1 Electroretinography Market, By Product Type (2018-2023)
4.1.4 Year-on-Year Trends
4.1.5 Opportunity Index
4.2 Electroretinography Market, By End Use (2018-2023)
4.2.2 Clinical Use
4.2.3 Research Use
4.2.4 Year-on-Year Trends
4.2.5 Opportunity Index
5. Geographical Landscape
5.1 Global Scenario
5.2 North America Electroretinography Market (2018-2023)
5.1.2 United States
5.2 Europe Electroretinography Market (2018-2023)
5.2.6 Rest of Europe
5.3 Asia-Pacific Electroretinography Market (2018-2023)
5.3.6 South Korea
5.3.6 Rest of Asia-Pacific
5.4 Latin America Electroretinography Market (2018-2023)
5.4.5 Rest of Latin America
5.5 Middle East & Africa Electroretinography Market (2018-2023)
5.5.4 South Africa
5.5.5 GCC Countries
6. Key Player Analysis
6.1 Konan Medical
6.2 CSO Italia
6.3 Diagnosys LLC
6.4 LKC Technologies, Inc.
6.5 Electro-Diagnostic Imaging Inc
6.7 Diopsys Inc.
7. Competitive Analysis
7.1 Market share analysis
7.2 Product Landscape
7.3 Regional Landscape
7.4 Operations Landscape
8. Key Developments
8.1 New Product Launches
8.2 Merger and Acquisition Analysis
8.3 Agreements & collaborations
8. Industry Outlook
a) List of Tables
b) List of Figures