Electroretinography Market is segmented By Product (Fixed and Portable), By Industry (Clinical Use and Research Use), and By Geography (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa).
The Global Electroretinogram Market is projected to reach a market size value of USD xx million at a CAGR of 7.2% during the forecast period of 2021-2028.
Electroretinogram (ERG) is a diagnostic test that calculates electrical activities or abnormalities in the retina with respect to its responsiveness to light. Through retinal neurons along with the retinal glia, there are currents created to which the ERG arises. Patients nowadays prefer this test since it is a non-invasive procedure that utilizes thin fiber electrodes that permit electrical activity by the retina to be registered at the corneal surface.
The growth of this market is mainly attributed to factors like, the increasing growth of the medical and healthcare sector worldwide, growing geriatric population, increasing disposable income and rising of populations in certain regions due to immigration. On the other hand, there are factors that can hinder the growth of this market such as, growing poverty line which makes it difficult for people to afford quality healthcare, diagnostic tests having prohibitive pricing, want of awareness regarding the benefits of electroretinogram, and inability of patient to expend for the necessary treatments.
COVID-19 Impact on the Electroretinogram Market
The challenge lies in the disruption in raw materials supply because it is negatively affecting manufacturers since travel, transport of raw materials, and non-essential trade have been put off in many countries. This in turn affected production, causing a fewer volume of product sales. Electroretinogram devices suppliers have also experienced backlash because imports and exports in almost all countries have been restricted, if not limited. Availability of labor became a problem too since shutdowns of facilities and operations halted the production of raw materials for equipment used in the Electroretinogram.
Controlling the widespread of the virus is a great challenge to almost all of the countries because many sectors will have to compromise and deal with the negative impact on their sales. Many industries will have to adapt and adopt to the changes that will be imposed upon them by their governments. A massive setback on the growth of the Electroretinogram market is the disruption of the supply chain since manufacturing and distribution by key players or companies are being limited, if not, controlled by governments by imposing lock downs and halting travels across borders. Ultimately, the pandemic caused limitations when it comes to man power and rendering of labor services because social distancing is mandatory and viral transmission should be prevented. Man power is an essential factor in the propelling of the market’s growth because manufacturing facilities, and conducting the actual trials and tests for electroretinogram cannot function when there’s limited people resources.
Factory shutdowns are also one of the main reasons for restraint in the growth of the market because the stoppage of production and manufacturing caused turmoil in terms of return of investments made by key players. The effect of the virus outbreak has caused a slow down in the investments made in the Electroretinogram market.
Key Findings in the Electroretinogram Market
In terms of product type, the fixed ERG machines segment leads the market due to its wide array of functionality along with the convenience and portability properties. These machines are highly demandable because of its high suitability in large multi-specialty and single-specialty hospitals where a large volume of patients are catered. On the other hand, portable EGR machines offers ease of movement and can easily be transported wherever demanded unlike the fixed machines; but the issue on functionality still exists and portable machines are no better than the fixed machines. Portable machines are most commonly suitable for clinics and mobile hospitals that provide services in remote areas in certain regions where healthcare is out of reach by the patients or where medical infrastructure facilities are absent. Both market segments have a dependable growth rates nonetheless.
In terms of end user, the clinical use segment leads the market and has witnessed the largest growth during the forecast period. The reason for this significant growth is that clinical medicine majorly utilizes machines in conducting diagnostics tests and procedures while research use segment are using multiple animal species to diagnose and develop techniques; with this, the research use segment often uses a a far different kind of machine than that of the clinical use. Laboratories used for research purposes are routinely using animals such as rodents, primates and small animals.
Regional Market Analysis
In terms of regional segmentation, North America and Europe are the regions with the largest share in the market accounted for. This is due to the increasing population, and decreasing of unemployment in these regions. North America however, is witnessed to have the largest share with the highest CAGR during the forecast period due to technological advancements. Europe is witnessed likewise to have the second largest share in the electroretinogram market in terms of revenue. Asia Pacific is projected to have a rapid CAGR because regions like Japan, China and India are developing countries that contribute mainly to the market’s growth.
Based on an extensive assessment, these major key players in the Electroretinogram market have a competitive landscape and utilizing key strategic developments to lead the industry over the past years until now. These companies are, LKC Technologies, Inc, Diagnosys LLC, Electro-Diagnostic Imaging, Inc., Diopsys, Inc.,, Metrovision, Roland-consult, and CSO Italia among others.
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2021 – 2028)
• Data breakdown for every market segment (2021 – 2028)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Product Analysis (Revenue, USD Million, 2021 - 2028)
• Fixed ERG
• Portable ERG
Application Analysis (Revenue, USD Million, 2021 - 2028)
• Clinical Use
• For Research
Region Analysis (Revenue, USD Million, 2020 – 2028)
• United States
• United Kingdom
• South Korea
• Saudi Arabia
• Rest of World
• United States Electroretinogram Industry Research Report
• Europe Electroretinogram Industry Research Report
• Asia Pacific Electroretinogram Industry Research Report
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