Electroretinogram Market Size, Share & Trends Analysis Report By Type (ffERG, mfERG), By Product (Handheld, Tabletop), By Application (Clinical Diagnostic, Research), And Segment Forecasts, 2022 - 2030

Report Overview

The global electroretinogram market size was valued at USD 551.04 million in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 8.68% from 2022 to 2030. Constant innovation and growth in the number of ophthalmology clinics and research centers lead to the rising demand for electroretinograms in the market. Moreover, the rising prevalence of eye disorders, such as diabetic retinopathy, glaucoma, retinitis pigmentosa, macular degeneration, cone-rod dystrophy, and other related retinal disorders, are expected to fuel the market growth in the forecast period. In addition, increasing preference for early disease diagnosis, increased screen time due to the pandemic, and the rapidly rising geriatric population are the factors expected to foster the market growth.

However, higher costs of electroretinography procedures and risks associated with the electroretinogram may hamper the market growth globally. The Electroretinogram (ERG) is a clinical ophthalmic diagnostic test that measures the electrical activity of the retina in response to a light stimulus. The electroretinogram ascends from currents generated directly by retinal neurons in combination with contributions from retinal glia. Ophthalmologists use these electroretinograms to determine the need for retinal surgery or other eye surgeries, such as cataract surgery. It is used to diagnose patients with several symptoms, such as photophobia, nyctalopia, reduced visual acuity, and field defects. The market witnessed a slightly positive impact during and post-COVID-19 pandemic.

According to the study published on PubMed Central by NCBI, the COVID-19 pandemic can affect the retinal function. The diameter of retinal veins is directly proportional to the severity of COVID-19 disease infection. COVID-19 diseases can bring noteworthy changes at the retinal level, such as affecting retinal vasculature. Moreover, few cases related to retinal side effects were reported after the COVID-19 vaccination. Hence, to diagnose and monitor the health of the retina and other related eye disorders, electroretinograms were in use. Furthermore, as a result of lockdowns and the risk of infection during the pandemic, the negative impact on follow-up and treatment of chronic eye disorders, such as diabetic retinopathy and macular degeneration, has been seen.

The increasing prevalence of diabetic retinopathy is expected to boost the market in the forecast period. According to a recent study published by the CDC, diabetes is among the leading causes of new cases of blindness in adults and the prevalence of diabetic retinopathy is high, which affects around one-third of adults with diabetes aged 40 years. In 2018, around 4.2 million adults had diabetic retinopathy and 655,000 had vision-threatening diabetic retinopathy. Electroretinogram is useful to determine the inherited or acquired retinal disorders, such as retinitis pigmentosa (genetic disease causing loss of peripheral and night vision), retinoblastoma (retinal cancer), macular degeneration (loss of vision due to macular cells deterioration), retinal separation (detachment of the retina from the back of the eyeball), and cone rode dystrophy (vision loss due to weakened cone and rod cells), to name a few.

Type Insights

On the basis of types, the global market has been further divided into Full-field flash ERG (ffERG), Pattern ERG (PERG), and Multifocal ERG (mfERG). The ffERG segment dominated the market in 2021 and accounted for the largest share of 43.81% of the overall revenue. The ffERG is the most accurate and commonly used method and provides an assessment of general retinal function and can distinguish between the various cell types, right and left eyes, and can show functional discrepancies from systemic conditions to advanced degeneration. However, it cannot provide specific information about individual sectors of the retina.

Increasing preference for full-field flash ERG among healthcare professionals is expected to fuel the segment growth. The mfERG segment is expected to expand at the fastest growth rate during the forecast period. The multifocal ERG allows clinicians to measure the retinal response from each of a large number of sections on the retina. The mfERG is an important clinical method as it is used to detect localized abnormalities and it also provides a medium to evaluate central and peripheral function separately. Hence, increasing the advantages of multifocal ERG is expected to augment the market growth during the forecast period.

Product Insights

On the basis of products, the global market has been sub-segmented into handheld and tabletop. The tabletop product segment led the market in 2021 and accounted for the largest share of 60.55% of the global revenue. Tabletop electroretinograms are the traditional type of non-invasive device used to measure the electrical activity in the retina in response to light stimulus. According to studies, the eye diagnosis conducted by tabletop electroretinogram devices is found to be more precise and accurate than any other device. Moreover, companies are largely focusing on developing tabletop devices due to increasing demand in the market.

However, tabletop ERG devices require proper setup and cannot be moved. The handheld electroretinogram devices segment is expected to register the fastest growth rate during the forecast period. Many companies are involved in the R&D and production of handheld/portable ERG machines. For instance, LKC Technologies, a leading player in the area of visual diagnostics, has launched RETEVAL, a non-mydriatic, handheld, full-field ERG device. Handheld devices are lightweight and portable. However, the lower number of products in the market space justifies the lower market share of the handheld device segment.

Application Insights

On the basis of application areas, the global market for electroretinograms has been further categorized into clinical diagnostic and research. The clinical diagnostic application segment dominated the global market in 2021. The segment accounted for the maximum share of more than 69.90% of the global revenue in the same year. Clinical diagnostics include the diagnosis of eye disorders in ophthalmology centers or eye clinics. The increasing prevalence of eye disorders and the rising focus on early disease diagnosis are expected to increase the footfall of patients in eye clinics and ophthalmology centers.

This, in turn, is expected to augment the market growth of clinical diagnostic ERG devices in the near future. The segment is estimated to expand further at the fastest growth rate retaining its dominant position in the global market throughout the forecast period. The research segment is also projected to register a notable CAGR during the forecast period. An increasing number of research activities, rising government funding for R&D, and favorable infrastructure are some of the major factors expected to increase the market share of the research segment in the coming years.

Regional Insights

On the basis of geographies, the global market has been divided into North America, Asia Pacific, Latin America, Middle East & Africa, and Europe. North America dominated the global market in 2021 and accounted for the largest revenue share of more than 43.80%. The regional market is expected to maintain its dominance throughout the forecast years and register a considerable growth rate. This can be attributed to the growing geriatric population, rising prevalence of eye disorders, increasing approvals & R&D investments, and inclination towards adopting newer products in countries like the U.S.

In addition, several factors, such as the expansion of hospitals and the presence of well-established healthcare infrastructure along with the research facilities are expected to boost the regional market growth. Asia Pacific is expected to grow at the fastest CAGR during the forecast period. The growth can be attributed to various factors including the high adoption of advanced technologies, the presence of the geriatric population, and the rising prevalence of chronic disorders, such as diabetes. Furthermore, the increasing knowledge regarding eye disorders is further anticipated to propel the growth of the market in the region during the forecast period.

Key Companies & Market Share Insights

The market is fragmented with very high competition at the global level. Strategic partnerships with local distributors and region-based type variations are some of the initiatives adopted by global players. Major companies are investing in R&D for new product development and launch to serve the market demand. Moreover, increasing approval from the regulatory bodies can be seen. For instance, in April 2021, LKC Technologies announced that the National Health Surveillance Agency (Anvisa) has approved the UTAS device, making it a significant advancement in preserving and improving patients’ vision in Brazil. Some of the prominent players in the global electroretinogram market include:

• LKC Technologies, Inc.

• Diagnosys LLC

• Electro-Diagnostic Imaging, Inc.

• Diopsys, Inc.

• Metrovision

• Roland-consul

• CSO Italia

Electroretinogram Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global electroretinogram market report on the basis of type, product, application, and region:

• Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Full-field flash ERG (ffERG)

  • Pattern ERG (PERG)

  • Multifocal ERG (mfERG)

• Product Outlook (Revenue, USD Million, 2017 - 2030)

  • Handheld

  • Tabletop

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Clinical Diagnostic

  • Research

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  •  Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE