The global electroretinogram market size was valued at USD 549.02 million in 2021 and is expected to reach USD 1063.03 million by 2030 expanding at a compound annual growth rate (CAGR) of 8.61% from 2022 to 2030. Factors like rising glaucoma prevalence and increasingly older demographics in many countries will drive global electroretinography market growth.
The study of the electrical impulses that are emitted by the retina in reaction to light is known as electroretinography. An electroretinogram is a type of eye examination that is performed with the purpose of identifying any dysfunctions in the normal operation of the retina. The retina is the most light-sensitive layer of cells in the eye, and it is located at the back of the eye. The retina sends visual information to the brain in the form of electrical impulses. Image recognition is made possible by the multiple layers of cells in the retina, each of which possesses a unique set of capabilities and functions that must work together. Photoreceptor cells, which include rods and cones, are responsible for detecting light and relaying that information to intermediate cells (Muller cells and bipolar cells).
In the end, it is the Ganglion cells that are responsible for transmitting the impulses that the brain records as pictures. After the patient's pupils have been dilated and the individual has been given anaesthesia, an electrode in the shape of a thin wire or a contact lens will be put on the cornea (the front part of the eye) during this examination. While the eyes are being stimulated with a variety of images and intensities of light, the electrical impulses will be recorded by this electrode. It will be of assistance to medical professionals in calibrating the precise nature of the retinal defect and prescribing the proper course of treatment.
Glaucoma is a type of condition that causes damage to the optic nerve of the eye. The disorder happens when a layer of fluid builds up on the outer side of the eye, causing pressure and therefore leading to damage to the optic nerves. It is also known as exudative choroidopathy. Glaucoma is a cause of visual loss, which can ultimately result in blindness. Glaucoma is estimated to be the cause of blindness in 4.5 million individuals throughout the world, according to the World Health Organization. Glaucoma is responsible for the blindness of around 120,000 people in the United States, which accounts for between 9 and 12 percent of all occurrences of blindness People above 60 are at a greater risk of losing their vision as a result of glaucoma than younger people. It is possible to prevent having one's eyesight impaired, though, if the condition is diagnosed and treated in its early stages. It is believed that the age-standardized prevalence of glaucoma in populations aged 40 years and older all over the world is somewhere in the range of 3–5 percent.
Glaucoma may be broken down into its two primary subtypes: open-angle glaucoma and closed-angle glaucoma. The most prevalent kind of glaucoma is called open-angle glaucoma, and it may be identified by a number of risk factors, including being of sub-Saharan African ethnic origin, having a raised intraocular pressure, being of older age, having a positive family history, and having high myopia. In contrast, variables that increase the likelihood of developing closed-angle glaucoma include being of East Asian ethnic origin, having a strong prescription, and being older.
According to the Glaucoma Research Foundation, there are around 3 million people in the United States who are affected by glaucoma right now. According to the projections provided by The National Eye Institute, it is anticipated that the number will rise to as high as 4.2 million by the year 2030, representing an increase of over 58 percent. Glaucoma is also more widespread among Latino and African American communities, with the former being anywhere from six to eight times more likely to be affected than the latter in the Caucasian community.
Pattern electroretinography, often known as PERG, is widely regarded as an effective tool for both the early identification of glaucoma and the treatment of the condition. The Pattern Electroretinogram (PERG) has a few benefits over other tests that are often used to identify and monitor people who have glaucoma. In particular, PERG is able to detect functional abnormalities extremely early on in the disease's progression—in some cases, maybe as much as eight years earlier than any of our other tests can. PERG tests are sensitive in nature, and as a result, they enable early diagnosis of anomalies, which in turn allows for the prompt prevention of the death of retinal ganglion cells (RGC). Because of this, it is anticipated that the increase in the number of instances of blindness caused by glaucoma, along with the capability of PERG to enable improved detection, will greatly boost the market over the course of the next several years.
As a result of rising levels all over the world, there is a general expansion taking place in the medical and healthcare industry. Countries that are considered developed, such as Japan, Germany, Italy, Finland, and other European nations, have a population that is getting older. As a result of this problem with their populations, several of these countries have resorted to importing younger people from less developed countries in order to make up for the shortage of taxes. Both the healthcare industry and the electroretinography market are anticipated to benefit from the simultaneous rise in population that is the result of immigration and an increase in the proportion of elderly people living in these countries.
Several individuals now have professions that pay far more than they did a few decades ago because of the massive industrialization and urbanization that has taken place in several Asian economies. As a result of people's improved financial situations, they are now able to take better care of themselves and their families by going to more advanced medical facilities. As a result of China's one-child policy, many young Chinese families now have to care for four parents in addition to their eight grandparents. The Chinese market for electroretinography appears to have a lot of potential due to the growing number of health problems associated with aging. It is projected that countries such as India, Malaysia, Indonesia, Taiwan, and Australia will also be significant markets for electroretinography as a result of the rapid development of their respective economies and expanding populations.
Despite this, a significant number of people all around the world are still living in deplorable conditions and cannot afford adequate medical treatment. Diagnostic testing may be too expensive in many countries, which harms the market since it restricts access to wealthy individuals. The expansion of the global market for electroretinography is being hampered by a number of problems, the most significant of which are a lack of knowledge among consumers and an inability to pay for the therapy.
| Study Period | 2018-2030 | CAGR | 8.61% |
| Historical Period | 2018-2020 | Forecast Period | 2022-2030 |
| Base Year | 2021 | Base Year Market Size | USD 549.02 Million |
| Forecast Year | 2030 | Forecast Year Market Size | USD 1063.03 Million |
| Largest Market | Asia Pacific | Fastest Growing Market | Europe |
Based on region the market is segmented into: North America, Asia Pacific, Europe, Latin America and Middle East.
The areas of North America and Europe are now the major markets for electroretinography; the market has a promising future due to the increasing population levels and the falling unemployment rates in these countries. As compared to all of these other regions, the North American market is the one that contributes the largest share and has the highest compound annual growth rate across the globe in the electroretinography market. This is due to the fact that the North American market possesses a large number of advantageous factors, such as the progression of technological innovation.
In the wake of the North American region, the European area has been recognised as the region with the second-largest revenue growth share. This is due to the fact that the European area possesses numerous variables, such as the development of facilities.
Because of its many emerging nations, the Asia-Pacific area is predicted to generate a high and rapid compound annual growth rate throughout the course of the projection period. Some of these nations include Japan, China, and India. Both the region's enormous population and its rapidly expanding economy may be blamed for this phenomenon.
The contribution that the Middle East and Africa area is making to the overall revenue increase is the least.
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The market for electroretinogram is segmented into the following categories: Type, Product, Application.
In exchange for mobility and portability, the Fixed ERG machines market category provides users with access to a comprehensive set of functionalities. These devices are best suited for use in major hospitals that provide many specialties or single specialties and have the capacity to treat a high number of patients. The fixed EGR machines are more difficult to move and transport than the portable EGR machines since the portable machines are lighter and more compact. On the other hand, the vast majority of portable devices are not as effective as their permanent counterparts and have fewer features. These are best suited for use in temporary clinics and mobile hospitals that provide medical care in areas that do not have permanent infrastructural facilities. Both of these machines cater to distinct types of customers, which means that their respective markets are both stable and seeing healthy levels of expansion.
In clinical medicine, the machines are almost always used on human patients; however, researchers in the research sector employ a wide variety of animal species in order to investigate the anatomy of the eye and create novel methods and processes. As a consequence of this, the machines that are utilised in research are likewise considerably distinct from their clinical counterparts. Primate species, rodents, and a wide variety of other small animals, including humans, are frequently utilised for study in laboratories.
COVID-19 has positive and negative market consequences, as carbon emissions have decreased globally due to the lockout. COVID-19's reduction in emissions is a short-term benefit. Still, when industries and enterprises attempt to recoup some of their financial losses in the first quarter of the year, carbon emissions will rise dramatically. COVID-19 had a negative impact on global recycling efforts. Countries, notably the United States, have halted or decreased recycling programs to focus on collecting additional domestic waste or because services have been disrupted by the virus.
Also, with industries slowly returning to normalcy following the COVID-19 outbreak, this shift in workplace health and safety is expected to increase due to mandatory social distancing and continuous personal care through sanitization to eliminate even the tiniest possibility of COVID-19 spread. COVID-19 has impacted various companies' revenues, and if the lockdown is lifted, companies will turn their attention to operations to make up for their losses.
