The global visual electrophysiology industry growth is anticipated to expand its roots at a steady CAGR of 7.0% between 2023 and 2033. The market is expected to have a market share of US$ 458.9 million by 2033 while it is likely to be valued at US$ 234.1 million in 2023.
- The advent of visual electrophysiological tools for better diagnosis of the retina along with the retinal cells is flourishing the market growth. Furthermore, the multi-model imaging of the retina and visual pathways is likely to transform the prospects.
- The growing vision-related problems in young people due to high screen time and lack of nutrition are fueling the sales of these tools. Alongside this, the rising air pollution and chronic diseases are also weakening vision among people.
- Electrophysiological tools help the end user in diagnosing everything between the retina, and optic nerve to the primary visual cortex in the brain. Further, the healthcare facilities extending their optical care centers and advancing the technologies are garnering market growth.
- Different types of electrophysiology tests are available there such as electroretinogram, electrooculogram, multifocal VEP, etc. These tests are performed for different applications such as electing mass response from the retina and analyzing the occipital cortex.
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Key Takeaways:
- The United States market leads the visual electrophysiology industry in terms of market share in North America. The United States region held a market share of 33.4% in 2022. The growth in this region is attributed to rising cases of visual issues, high investments in optical care, and technological advancements in diagnostics. North America region held a market share of 36.1% in 2022.
- Germany’s market is another important market in the Europe region. The market held a market share of 5.3% in 2022. The growth is attributed to increased government investments, enhanced public healthcare structures, and increasing retina-based diseases. Europe region held a market share of 25.9% in 2022.
- India’s visual electrophysiology industry thrives at a CAGR of 7.1% between 2023 and 2033. The growth is attributed to the government building its health infrastructure and openings of advanced optical care units.
- China market also thrives at a CAGR of 8.4% during the forecast period. The flourishing growth is caused by healthcare automation and revised government healthcare structure.
- Based on test type, the electroretinogram segment leads the market holding a significant share of 38.80% in 2022.
- Based on the modality type, the fixed segment leads the market, holding a notable market share of 65.90% in 2022.
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Competitive Scenario:
The key vendors focus on effective diagnostics, coverage of key portions, and vision-related issues. The competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Latest Innovations in the Market:
Siemens Healthcare GmbH has introduced its syngo electrophysiology guidance that optimized the EP workflow and delivers 3D imaging.
General Electric Company has revised its visual electrophysiology device with reduced noise, signal-filtering capabilities, and more.
Key Players Operating in the Global Market:
- MetroVision
- Konan Medical USA
- Diopsys Inc
- Nationwide Children’s Hospital
- The Royal College of Ophthalmologists
- LKC Technologies Inc.
- Boston Scientific Corporation
- Abbott
- Biosense Webster Inc.
- Biotronik
- General Electric Company
- Siemens Healthcare GmbH
- MicroPort Scientific Corporation
- Koninklijke Philips N.V.
- NIHON KOHDEN CORPORATION
- CardioFocus
- Stereotaxis Inc.
- Molecular Devices LLC
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Key Segments Covered:
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
Key Region:
- North America
- Latin America
- Europe
- Japan
- Asia Pacific Excluding Japan
- Middle East and Africa
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