Visual Electrophysiology Market

Global Visual Electrophysiology Market Size (2024 to 2032)

The size of the global visual electrophysiology market was worth USD 235 million in 2023. The global market is anticipated to grow at a CAGR of 71% from 2024 to 2032 and be worth USD 436 million by 2032 from USD 252 million in 2024.

Current Scenario of the Global Visual Electrophysiology Market

Visual electrophysiology is a procedure that involves the recording of several electrical signals that come from the brain, optic nerve, and eye, which are in response to visual stimuli. This technology has quickly become famous all over the world in the ophthalmologist community. Though training the ophthalmologist about this new technology remains a constraint, it is rapidly being adopted worldwide. For examining the adults, children, and animals, visual electrophysiology testing will use the devices. To record the Visual Electrophysiology tests, some standards were set by the ISCEV (International Society for Clinical Electrophysiology of the Vision).

MARKET DRIVERS

The visual electrophysiology market is growing with the prevalence of eye and neurological disorders and increasing investment from Government and Private sector to inculcate new technologies. Increasing awareness about the adverse effects of visual and neurological disorders is expected to create the opportunity for visual electrophysiology testing device providers.

The other major drivers contributing to the visual electrophysiology market's growth are the growing incidences of target diseases and processes. The rise in technological advancements is another significant market growth factor in the visual electrophysiology market. The market is growing due to the province's increase in neurologies eye cases and disorders. Growth in the geriatric population and adopting the diagnosis's visual electrophysiology practices with the high increasement help drive the global visual electrophysiology market. Rising awareness levels about the adverse effects of visual neurology disorders and the increasing number of initiatives and funding taken by various governments worldwide are expected to provide growth opportunities for companies operating in this market. Growing demand to promote the best treatment procedures for targeted diseases like cancer is enhancing the need of the market. 

MARKET RESTRAINTS

The high cost associated with the diagnosis and treatment procedure is a restraint for the Visual Electrophysiology Market. Lack of experience and lack of willingness to adopt these advanced technologies on the practitioner's side is a significant constraint in the growth of the Visual Electrophysiology Market.

Covid-19 Impact On The Global Visual Electrophysiology Market

The COVID-19 pandemic triggered every market as well including the visual electrophysiology market. The main impacted factor in lockdown days that occurred due to the COVID-19 pandemic is the enforcement of new regulations and guidelines in industries of market key players. Additionally, social distance precaution limits clinics' access, which slowdown of patient flow and referrals. It is expected the visual electrophysiology market should get a positive response after those pandemic days in the forthcoming future.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Visual Electrophysiology Market Analysis By Test Type

Based on the test type, electroretinogram (ERG) is used most widely and has the largest market share during the forecast period. An ERG is advantageous in evaluating both hereditary and acquired disorders of the retina. The diagnoses commonly suspect the retina's prevailing conditions, including retinitis pigmentosa, retinitis pigmentosa sine pigment, choroideremia, achromatopsia, and congenital stationary night blindness. The increasing government initiatives for the early diagnosis and treatment of visual and neurological disorders in advanced economies are expected to upsurge the overall visual electrophysiology testing device market.

Global  Visual Electrophysiology Market Analysis  By Product Type

Based on product type, fixed visual electrophysiology has a way higher market share, and it is projected to remain so in the forecast period. It is because the machine is massive, and eye care is not an emergency situation, so people prefer to go to clinics and hospitals for their time of appointments with the doctor.

Global  Visual Electrophysiology Market Analysis  By End-User

Based on the end-user, hospitals have the highest market share, followed by clinics. It is mainly because hospitals have higher disposable money to acquire new machinery. Many hospitals have their R&D department, so they are better in sync with the latest technologies and training their doctors.

REGIONAL ANALYSIS

Geographically, North America and Western Europe are the biggest markets for visual Electrophysiology in 2022 and are expected to remain during the forecast period. Because of the high cost of equipment and the technology involved being relatively new, countries with higher disposable income are only adapting these technologies quickly. The North American region contributes the largest share with dominancy across the globe in the visual electrophysiology market. North American region is owning growth of high incidences of visual disorders.

The European region was the second-largest regional market globally and was strongly driven by technological advancements. During the forecast period, the Asia-Pacific region accounts for the fast and high revenue share in the visual electrophysiology market. In Asia-pacific and the Middle East, and Africa, regions are owning improvement of healthcare facilities' economic conditions.

In terms of the growth rate, the APAC region leads the pack. Japan and China lead the market share in the APAC region during the forecast period. Improving economic conditions and increasing disposable income in APAC will see a sharp rise in the visual electrophysiology market in China, India, and Indonesia.

KEY PLAYERS IN THE GLOBAL VISUAL ELECTROPHYSIOLOGY MARKET

Some of the most promising companies leading the global visual electrophysiology market profiled in this report are Konan Medical USA, Inc., Diopsys, Inc, Nationwide Children's Hospital, LKC Technologies, Inc., Metro Vision, and Others.

RECENT HAPPENINGS IN THE GLOBAL VISUAL ELECTROPHYSIOLOGY MARKET

• In recent research, nanoparticles were injected into the mouse’s retina, which enabled it to see near-infrared (near-IR) light at about half the visible light's resolution. This research has the potential to change visual electrophysiology in the coming years.

DETAILED SEGMENTATION OF GLOBAL VISUAL ELECTROPHYSIOLOGY MARKET INCLUDED IN THIS REPORT

This research report on the global visual electrophysiology market has been segmented and sub-segmented based on the test type, product type, end-users, and region.

By Test Type

• Electro-oculogram (EOG)
• Electroretinogram (ERG)
• Visual-evoked responses (VER)
• Multifocal Electroretinogram (mfERG)

By Product Type

• Portable
• Fixed

By End-User

• Hospitals
• Ophthalmic Clinics/Visual Electrophysiology Laboratory
• Ambulatory Surgical Centers
• Others

By Region

• North America
  • The United States
  • Canada
  • Rest of North America
• Europe
  • United Kingdom
  • Germany
  • France
  • Italy
  • Spain
  • Rest of EU
• Asia Pacific
  • India
  • China
  • Japan
  • Australia
  • South Korea
  • Rest of Asia-Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Chile
  • Rest of Latin America
• The Middle East and Africa