According to The Insight Partners market research study titled “Electroretinography Market to 2027 – Global Analysis and Forecasts by Product and Application”. The global electroretinography market is expected to reach US$ 62.72 Mn in 2027 from US$ 35.79 Mn in 2018. The market is estimated to grow with a CAGR of 6.7% from 2019 – 2027. The report highlights the trends prevalent in the global electroretinography market and the factors driving the market along with those that act as deterrents to its growth.
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Global electroretinography market, based on product was segmented as, fixed and portable electroretinography. In 2018, the fixed electroretinography held the largest share of the market, by product. However, the portable electroretinography segment is expected to grow at a significant rate during the forecast period. Portable device is expected to witness increased growth during the coming years, since it causes limited discomfort to the patient along with better results.
The market for electroretinography is expected to grow due are rising prevalence of glaucoma among individuals and increasing cases of eye disorders in developed economies. In addition the growing geriatric population worldwide is likely to have a positive impact on the growth of the market in the coming years.
The major players operating in the electroretinography market include, LKC Technologies, Inc, Diagnosys LLC, Electro-Diagnostic Imaging, Inc., Diopsys, Inc., Roland Consult Stasche & Finger GmbH, Metrovision, Costruzione Strumenti Oftalmici, Konan Medical USA, Inc., and Welch Allyn among others. Product launches have been an essential strategy adopted by the industry players in the electroretinography market. For instance, during November, 2018, Diopsys introduced ARGOS at AAO, a Tabletop Version of Its Electroretinography (ERG) and Visual Evoked Potential (VEP) Testing Technology. These developments have helped the company in strengthening its existing product offering in the market, hence assuring a strong presence in the market.
Rising Prevalence of Eye Diseases in Developing and Developed Nations
The prevalence of diabetes retinopathy, cataract, conjunctivitis, retinal disorders and age-relate macular degeneration are said to increase with the rising ageing population. In addition, findings also reveals that children are also more prone to develop eye disorders such as glaucoma, conjunctivitis and night blindness among others. Vision loss due to eye diseases is a major health problem, which immensely affects the quality of life. In 2015, across the globe approximately 34.3 million people were registered as blind, an additional around 24.3 million had severe vision impairment, 214 million had moderate vision impairment, and 663 million had near vision impairment. Vision loss is the third largest cause of impairment after anaemia and hearing loss. Cataract is the other most commonly observed eye disorder that is found in the developing nations were the access to the qualified professionals are less. Therefore, the cataract is responsible for more than 50% of the cases of blindness in some of the areas which is likely to increase the demand for the ophthalmologists to grow. Thus, owing to the above mentioned factors the market for the electroretinography is likely to grow in the coming future.
Healthcare Market Across the Globes Owes Growth Opportunities
The rise in the prevalence of the vision impairment and other eye diseases are leading to the increasing number of patients for diagnosis and treatments. The rise in the diagnosis and treatments are rowing due to the rising awareness and change in the healthcare facilities and services. The technological advancements are driving more research and developments across the medical device industries. Owing to the advancement in the medical device industry, the healthcare industry has witnessed significant growth due to transformations during the last few years. Various technological advancements have been witnessed in the industry such as, scalp cooling technology, wearable contacts and use of 3D visualization for surgeries. Countries across the globe have been preferring advanced technologies in healthcare. With a need for better healthcare facilities, Technology-Enabled Care (TEC) solutions are being preferred to in the healthcare systems in the emerging economies. The increase in ageing population, incidences of chronic illnesses and pediatric care are the primary factors driving the growth of healthcare sector.
The report segments the global electroretinography market as follows:
Global Electroretinography Market – By Product
Global Electroretinography Market – By Application
Global Electroretinography Market – By Geography
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