Electroretinogram Market Size, Share, Opportunities, And Trends By Technology (Full-Field, Flash ERG (ffERG), Pattern ERG (PERG), Multifocal ERG (mfERG)), By Product (Handheld, Tabletop), By Application (Clinical Diagnostic, Research), And By Geography - Forecasts From 2024 To 2029

The electroretinogram market is expected to grow at a CAGR of 9.60% from US$45.452 billion in 2022 to US$86.345 billion in 2029.

The electroretinogram (ERG) is a diagnostic test used to measure the electrical activity of the retina in response to light stimulation. It is a valuable tool in ophthalmology and vision research, providing insights into the function of the retina and helping to diagnose various retinal disorders and conditions.

The increasing incidence of retinal disorders coupled with technological developments and awareness programs are the major growth drivers of the electroretinogram market. Moreover, the ongoing research, clinical trials, and rapidly aging population are further accelerating the market expansion.

MARKET DRIVERS:

• Rising Prevalence of Eye Disorders

The prevalence of retinal disorders such as retinitis pigmentosa, age-related macular degeneration, and diabetic retinopathy has been increasing due to numerous factors. ERG plays a crucial role in diagnosing and monitoring these conditions therefore this rising prevalence is contemplated to boost the electroretinogram market.

For instance, in 2021, the International Diabetes Federation (IDF) approximated that the worldwide diabetic population was 537 million, and this number is projected to reach 783 million by 2045.

• Rapidly Aging Population

Aging increases the demand for electroretinograms (ERGs), particularly due to the higher prevalence of age-related eye conditions among older populations. Therefore, the rapidly growing aging population is accelerating the electroretinogram market.

For instance, the prevalence of retinal abnormalities rises with age accounting for 51.26% between the ages of 60 and 69, and 53.05% between the ages of 80 and older. The most frequent retinal condition (35.43%) was age-related macular degeneration (AMD) as per the NCBI 2020 research. Additionally, according to the OECD's projections, the ratio of people aged 65 and over to those aged 20-64 is anticipated to increase from 30% in 2012 to 43% by the year 2050.

• Increased Awareness and Screenings

Improved patient education and awareness about the benefits of early diagnosis and monitoring of eye conditions contribute to higher demand for ERG testing thereby augmenting the electroretinogram market.

For instance, the Department of Ophthalmology of JPIMER celebrated World Glaucoma Week in March 2023 by organizing glaucoma screening and awareness talks by optometrists. The World Health Organisation and the International Telecommunication Union collaborated on a toolbox for implementing MyopiaEd as part of the Be He@lthy Be Mobile program in March 2022.

The toolkit comprises message libraries grounded in evidence for important demographic segments, accompanied by operational instructions and materials to modify, execute, and oversee the MyopiaEd initiative.

• Rising Research and Drug Development

Ongoing research efforts in ophthalmology and vision science drive the need for advanced diagnostic tools thereby stimulating the electroretinogram market size. ERG serves as a valuable tool for researchers investigating retinal diseases and therapies.

For example, in 2022, ERG investigations of dark adaptation provided insights into fundamental physiological mechanisms. The cone-driven dim-flash a-wave may be used to follow cone photopigment recovery, demonstrating that regeneration is 'rate-limited' rather than first order.

Moreover, the Mayo Clinic is currently researching to evaluate optical coherence tomography (OCT) and optical coherence tomography angiography (OCTA) imaging in supine patients.

MARKET RESTRAINTS:

The electroretinogram market has experienced growth and development however some restraints or challenges can impact its expansion. For example, ERG testing often requires specialized equipment and trained professionals, making it less accessible in certain regions, especially in remote or underserved areas.

Additionally, ERG testing involves attaching electrodes to the eye and exposing the patient to flashes of light, which can be uncomfortable or challenging for certain individuals, particularly children and those with cognitive or mobility impairments. Moreover, other non-invasive imaging techniques like optical coherence tomography (OCT) and fundus photography offer insights into retinal structure and function. These alternatives might pose competition to ERG technology.

North America is Expected to Grow Considerably

North America is expected to hold a significant share of the electroretinogram market during the forecast period. The factors attributed to such a share are the growing elderly population, rising frequency of eye problems, increased approvals and R&D spending, and proclivity to accept innovative goods in nations such as the United States.

For instance, according to the National Eye Institute, nearly 4.3 million Americans are estimated to be affected by glaucoma by 2030 and 11.3 million citizens will have diabetic retinopathy by 2030. Additionally, the annual economic burden of vision loss and eye care is estimated at approximately $139 million as per the same source.

MAJOR MARKET PLAYERS:

• LKC Technologies is a well-known company that specializes in the development and manufacturing of ophthalmic diagnostic and monitoring equipment, particularly in the field of electrophysiology, including electroretinography (ERG) and visual evoked potential (VEP) systems. The company's RETeval® Device is the first FDA-cleared, portable, battery-powered, non-mydriatic ERG/VEP Testing Device and it is also ISCEV-compliant.
• Neurosoft is a company that specializes in the development and production of medical equipment, particularly in the field of medical diagnostics and electrophysiology. The small Ganzfeld stimulator developed by Neurosoft is used to perform the principal tests (cone ERG, rod ERG, flicker ERG, oscillatory potentials).
• Roland Consult, a Germany-based company is known for its contributions to visual electrophysiology, including products related to electroretinography (ERG) and visual evoked potentials (VEP). The Roland Consult Stasche & Finger GmbH RETI-port/scan 21 equipment contains the stimulator units as well as the data recording and analyzing system.  

KEY MARKET DEVELOPMENTS:

• In March 2022, Lumi Thera Inc. announced the completion of the Diopsys Inc. acquisition. Earlier, both companies collaborated in October 2020 for a prospective clinical trial in the US subjects diagnosed with dry age-related macular degeneration.
• In April 2021, LKC Technologies announced that their UTAS device has been officially approved by Brazil's National Health Surveillance Agency (Anvisa). This approval represents a crucial achievement in the ongoing endeavor to safeguard and improve the vision of patients across Brazil. The UTAS device's clearance by Anvisa signifies a major step forward in ensuring access to advanced vision-enhancing technology for individuals within the country. This milestone underscores LKC Technologies' commitment to providing cutting-edge solutions for preserving and enhancing visual health, contributing positively to the broader healthcare landscape in Brazil.
• In April 2021, the USC Roski Eye Institute inaugurated a state-of-the-art Visual Electrophysiology Unit, designed to provide direct referral services for ophthalmologists seeking comprehensive testing. This newly established unit features cutting-edge equipment, including an ERG machine, renowned for its advanced capabilities in assessing retinal function through the recording of electrical responses. By offering direct access to this specialized facility, the USC Roski Eye Institute aims to enhance diagnostic precision and facilitate timely interventions for patients with visual impairments or retinal disorders. This initiative underscores the institute's commitment to advancing eye care and ensuring optimal outcomes for individuals seeking vision-related assessments and treatments.

Electroretinogram Market Scope:

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