Electroretinography Market: Rising Prevalence of Eye Diseases in Developing and Developed Nations
The electroretinography market accounted to US$ 35.79 Mn in 2018 and is expected to grow at a CAGR of 6.7% during the forecast period 2019 – 2027, to account to US$ 62.72 Mn by 2027.
Europe is the second largest growing geographic market and it is expected to be the second largest revenue contributor throughout the forecast period. Europe is recognized as a developed market for the medical devices. The growth is driven by the factors such as rising prevalence of eye disorders in the region, along with the availability of advanced technologies for the diagnosis and the treatment of these eye disorders.
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.
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Key finding from the Electroretinography Market
- The global electroretinography market by product was led by fixed electroretinography segment. In 2018, the fixed electroretinography held a largest market share of 55.35% of the electroretinography market, by product.
- However, the portable electroretinography segment is expected to be the fastest growing segments the market in 2027 owing to ease in analysis of the results obtained as well as, limited discomfort caused to the patients during the test as compared to the fixed electroretinography.
- The global electroretinography market by application segment was led by clinical. In 2018, the clinical held a largest market share of 79.2% of the electroretinography market, by application. The clinical segment is also expected to dominate the market in 2027. The prevalence of eye disorders on a large scale is expected to be a vital factor driving the growth of the segment during the forecast period.
- Product launches were observed as the most adopted strategy in global electroretinography industry by the market players. For instance, Diopsys, Inc. launched two new additions to its portfolio at the American Society of Cataract and Refractive Surgery (ASCRS) meeting: the Diopsys Retina Plus, an advanced flicker electroretinography (ERG) system scalable to create a complete visual electrophysiology suite; and a multifocal electroretinography (mfERG) module for use with Diopsys NOVA, Diopsys ARGOS, or the new Retina Plus platforms. These innovative launches made by the company help in strengthening their market position as compared to other players operating in the market.
- 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.
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
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.
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