Electroretinography (ERG) is a diagnostic test that measures the electrical activity of the retina of the eye in response to a light stimulus. ERG helps examine how well the retina and its nerves are functioning and is useful in detecting certain forms of retinal disease or damage. ERG testing has applications in diagnosing and monitoring conditions such as Retinitis Pigmentosa (RP) and Diabetic Retinopathy.

The Global Electroretinogram Market is estimated to be valued at US$ 48.7 million in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period from 2024 to 2031.
The growing incidence of retinal disorders and increasing technological advancements in ERG devices are majorly driving market growth.

Key Takeaways

Key players operating in the Global Electroretinogram Market Share are Cadwell Industries Inc., Diagnosys LLC, LKC Technologies, Inc., Diopsys, Inc., Konan Medical USA, Inc., and Electro-Diagnostic Imaging, Inc. CSOITALIA.IT, Metrovision, Roland-consult, Neurosoft, Ocular Instruments, Haag-Streit Group, Opto-Medic Co Pte Ltd, Stereo Optical, and M&S Technologies.

The rising prevalence of retinal diseases such as age-related macular degeneration, diabetic retinopathy, and retinitis pigmentosa is fueling the demand for accurate diagnostic tests such as electroretinography. The World Health Organization (WHO) estimates that the global prevalence of visual impairment due to uncorrected refractive errors is estimated to increase to 188.5 million people by 2020.

Technological advancements in electroretinography systems such as integrated software for data analysis, portability, and wireless capabilities are amplifying the adoption of ERG among healthcare providers. Diagnosys LLC recently launched DiagnosysDesktop 4, an upgraded version of ERG analysis software with advanced analysis tools and customized report generation features.

Market Trends

Increasing adoption of portable electroretinography devices: Major companies are focusing on developing compact and portable ERG devices to enable point-of-care testing. For instance, Metrovision markets Papillex, a handheld ERG device used for testing infants and children.

Growing demand for multifocal electroretinography: Multifocal ERG technique helps assess local retinal functionality and is useful in detecting regional retinal defects. Growing awareness is driving the demand for multifocal electroretinography globally.

Market Opportunities

Untapped emerging markets: Emerging countries in Asia Pacific and Latin America lacking proper eye care infrastructure present significant growth opportunities for electroretinography market players.

Rising geriatric population: Age-related retinal diseases continue to prevail worldwide due to increasing life expectancy. This widening geriatric base needing periodic retinal screening presents an attractive opportunity.

Impact of COVID-19 on Global Electroretinogram Market Growth
The COVID-19 pandemic has significantly impacted the growth of the global electroretinogram market. Some of the key factors are:

During the peak of the pandemic in 2020-21, neurological tests and procedures were deferred or postponed to focus on urgent COVID-19 cases. This led to a steep decline in the demand for electroretinogram procedures.

Hospital budgets and resources were overstretched and diverted towards managing the COVID-19 caseload. Many retinal centers and ophthalmology practices reported major losses in revenues due to the cancellation or suspension of elective procedures.

The imposition of lockdowns and public health restrictions also led to a decline in new patient registrations and routine eye examinations where electroretinography is commonly advised. People were hesitant to visit hospitals or clinics for non-emergency cases.

Supply chain disruptions affected the availability of key components and reagents needed for electroretinogram devices. Travel bans also impacted after-sales services and maintenance support from manufacturers.

With the resumption of regular healthcare services in 2021-22, the demand is slowly recovering. However, rising inflationary pressures and economic uncertainties continue to impact discretionary healthcare spending in certain regions.

Going forward, the market is expected to grow at a steady pace through strategic initiatives like expanded remote/home-based testing options, development of more affordable devices, and collaborations with eye clinics and hospitals for patient outreach programs. Players are focusing on innovative service and pricing models to revive growth.

Geographical Regions with Highest Concentration in Global Electroretinogram Market
In terms of value, North America currently accounts for the largest share of the global electroretinogram market, driven by factors like the rising geriatric population afflicted with retinal diseases, developed healthcare infrastructure, favorable reimbursement policies, and presence of major market players. Europe is the second largest regional market. The Asia Pacific region is witnessing the fastest growth and is expected to offer lucrative opportunities, led by China, India, and Southeast Asian countries with their growing economy, healthcare spending, increasing patient awareness, and focus of global players on expanding presence. Overall, developed markets will continue to drive the maximum demand while developing regions will fuel future growth.

Fastest Growing Region in the Global Electroretinogram Market
The Asia Pacific region is poised to be the fastest growing regional market for electroretinography over the forecast period driven by rapidly improving healthcare facilities, large patient pool, rising per capita income, growing medical tourism industry, and increasing government focus on preventive and diagnostic care for eye disorders. Major factors fueling market growth include rising prevalence of diabetes and ischemic retinal conditions in the elderly, growing student population seeking diagnosis of learning disabilities or neurological conditions, expansion efforts by global players, and initiatives for raising awareness on retinal diseases in nations like India, China, South Korea, and Southeast Asia. The large untapped opportunities, supported by favorable Asian Development Bank loans and government schemes for setting up eye care centers, make APAC an attractive region for long term investments and partnerships within the electroretinogram industry.
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