Dublin, June 24, 2024 (GLOBE NEWSWIRE) -- The "Electroretinogram Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The market, which stood at US$605.024 million in 2022, is expected to reach US$1,098.966 million by 2029. The global electroretinogram market is projected to experience significant growth during the forecast period, with an anticipated compound annual growth rate (CAGR) of 8.90%.
Advancements in ophthalmic diagnostic technologies, combined with an increasing prevalence of eye disorders, are major factors contributing to this upsurge.
Aging populations worldwide and a marked increase in diseases such as glaucoma and diabetic retinopathy are influencing the expansion of the electroretinogram market. Early diagnosis and treatment of eye conditions are crucial in preventing irreversible vision loss, thereby underscoring the importance of accurate and precise ophthalmic examinations. Rising disposable income levels, enhanced awareness about early disease diagnostics, and increased governmental investment in ophthalmological research are additional contributors to market growth.
Regulatory Support and Glaucoma Prevalence
With the rising rates of glaucoma-induced blindness and a heightened focus on early detection, the electroretinogram market is expected to benefit. Glaucoma, which is notably prevalent in older demographics, particularly among African American and Latino communities, underscores the necessity for early intervention. Innovative diagnostic tools, like Pattern Electroretinography (PERG), play an integral role in early detection and are pivotal in the fight against the progression of this condition.
Technological and Research Developments
The electroretinogram market is also driven by continuous advancements in technology and a growing body of ophthalmological research. Research efforts, such as studies into dark adaptation conducted in 2022, illustrate the ongoing need for sophisticated diagnostics to understand and treat retinal diseases. Innovations in imaging capabilities, such as Optical Coherence Tomography (OCT) and Optical Coherence Tomography Angiography (OCTA), are particularly promising in supine patients.
North America: A Key Region
North America is anticipated to maintain a significant share of the electroretinogram market throughout the forecast period. Factors such as an aging demographic, rising eye condition incidence, and a strong tendency to adopt innovative products are influential. Projections by the National Eye Institute indicate a sharp increase in ocular diseases such as glaucoma and diabetic retinopathy by 2030, coupled with substantial costs associated with vision loss and eye care.
Key Market Developments
Recent key launches in the market include the announcement by Gentex Corp. in January 2024 of its acquisition of eSight, to manufacture advanced electronic eyewear for the visually impaired. Additionally, in June 2023, DW Healthcare Partners completed its investment in LKC Technologies, Inc., further advancing devices critical for diagnosing and treating retina and optic nerve disorders.
Market Segmentation Focus
The electroretinogram market is segmented by technology, including full-field flash ERG (ffERG), pattern ERG (PERG), and multifocal ERG (mfERG). By product, the market divides into handheld and tabletop units. The application spans clinical diagnostics and research. Geographically, the market encompasses North America, South America, Europe, the Middle East and Africa, and Asia Pacific, highlighting the diverse and global reach of electroretinogram technologies.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 140 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value (USD) in 2022 | $605.02 Million |
| Forecasted Market Value (USD) by 2029 | $1098.97 Million |
| Compound Annual Growth Rate | 8.9% |
| Regions Covered | Global |
Companies Featured
- LKC Technologies
- Eye Patient
- ICR
- WellFirst Health
- Neurosoft
- Roland Consult
- Aetna
- USF Health
- Medico Electrodes
For more information about this report visit https://www.researchandmarkets.com/r/g89xey
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