The global Visual Electrophysiology Market is valued at US$ 220.3 Mn as of now and expected to reach US$ 475.3 Mn by the year 2032 at a CAGR of 7.2% between 2022 and 2032.
New materials and technology for producing innovative practice solutions are known for significantly contributing to growth of market at the global level. Also, visual electrophysiology devices are easy to handle, which is likely to create spike in adoption in-home.
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Numerous awareness campaigns are being conducted with regards to regular eye examinations and diagnosing visual disorders beforehand. As such, retinal electrophysiology is expected to rule the visual electrophysiology market in the near future.
The current scenario also witnesses influx funding for government initiatives, research studies, and awareness programs regarding advantages of visual electrophysiology.
Ability of locating problems at the initial stage is actually driving popularity of visual electrophysiology market. There are start-ups providing training regarding techniques and materials for innovative solutions. Along these lines, LumiThera Inc. comes across as a medical device start-up company dealing with visual electrophysiology.
The major objective is that of developing PBM (photo-biomodulation) treatment protocols for the patients infected with AMD (Age-related macular degeneration). Research states that AMD is one of the leading causes of blindness in people aged 65 and above. The company tables treatment for preserving and improving vision and PBM devices for treating ocular disorders and diseases.
At the same time, higher costs regarding treatment and diagnosis coupled with dearth of experts is expected to restrain the visual electrophysiology market. Future Market Insights has entailed these facts with insights in its latest market study entitled ‘Visual Electrophysiology Market’.
Key Takeaways from Visual Electrophysiology Market
- North America holds 33% of the overall market share. This could be credited to ever-increasing investments in research. Also, incidences of ocular disorders are increasing at an alarming rate in this region.
- Europe holds more than 25% of the overall market share. This could be reasoned with growing incidences of cancer herein. Plus, the government is pretty proactive when physical well-being of the patient is at stake.
- The Asia-Pacific is expected to grow at the fastest rate in the visual electrophysiology market. It is led by Japan, wherein eye health is paramount.
“The visual electrophysiology market is bound to grow on the back of growing expenditures in the healthcare advancements with an ever-increasing adoption of visual electrophysiology diagnostics procedures”, says an analyst from Future Market Insights.
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Competitive Landscape
- NICE, in June 2022, published the ultimate draft guidance, thereby recommending ‘Farcimab’, a new drug, for helping in treating visual impairment and sight loss.
- Konan Medical, in agreement with Konan Medical USA Inc., announced launching the novel endothelial imaging system termed as ‘CellChek 20’ in September 2020, that adds single-button press exam capturing images of the eyes and automated analysis with 100% automated, new, Center Method.
- LKC Technologies has its RETeval Device that is inclusive of age-adjusted normative data.
- Biosense Webster, Inc. has visual electrophysiological devices facilitating advanced mapping, technical innovation, and data integration to treat cardiac arrhythmias.
- As per type of test, ERG holds the largest market share. This could be credited to advantages like evaluation of both – acquired and hereditary disorders of retina. These diagnoses generally suspect retinitis pigmentose, choroideremia, retinitis pigmentosa sine pigment, congenital stationary night blindness, and achromatopsia. Governments in the advanced economies are also supporting early diagnosis as well as treatment of neurological and visual disorders.
- By end-user, hospitals lead the visual electrophysiology market. Clinics come in second. This is due to the fact that hospitals can better cope up with new machinery. There are hospitals having an exclusive ‘R&D Department’. This renders them in line with the latest technologies.
What does the Report Cover?
- Future Market Insights offers an exclusive perspective and various real-time insights on the visual electrophysiology market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2022 – 2032.
- The research study is based on test type (electroretinogram (ERG), multifocal electroretinogram (mfERG), electro-oculogram (EOG), and visual-evoked responses (VER)), by modality (fixed and portable), and by end-user (hospitals, clinics, ambulatory surgical centers, and diagnostic imaging centers).
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Key Segments Profiled in the Visual electrophysiology market
By Test Type:
- Electroretinogram (ERG)
- Multifocal Electroretinogram (mfERG)
- Electro-Oculogram (EOG)
- Visual-Evoked Responses (VER)
By Modality:
- Fixed
- Portable
By End User:
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Diagnostic Imaging Centers
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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