VISUAL ELECTRIC PHYSIOLOGICAL SYSTEM MARKET REPORT OVERVIEW
Visual Electric Physiological System Market size is anticipated to be worth USD 234.1 million in 2024 and is expected to reach USD 672.52 million by 2033 at a CAGR of 10.98%.
This System (VEPS) is a non-invasive procedure that allows delineating electrical activity of the visual system in response to the visual stimuli. They aid in assessing the structural and functional health of the retina, optic chirality, and visual cortex. Specific applications of VEPS include detection of optic neuritis, multiple sclerosis, glaucoma, and macular degeneration, among other conditions. In this test, electrodes are fixed to the scalp while the patient is asked to look at a particular pattern on the screen. The generated electrical signals involving the brain when responding to the pattern are measured and evaluated. VEPS proved to be effective in revealing the function of the visual system and, therefore, in the paediatric diagnostics of various eye and neurological pathologies.
.svg){kind=small}
GLOBAL CRISES ISUAL ELECTRIC PHYSIOLOGICAL SYSTEM MARKETCOVID-19 Impact: Market Growth Accelerated due to Significance of Early Diagnosis
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
There was growth in this market, mainly due to the COVID-19 pandemic. First of all, it increased people’s information about neurological diseases and the significance of early diagnosis. Since everyone became conscious of their health because of the pandemic, the need to use non-invasive diagnostics such as VEPS was observed. Secondly, due to the pandemic, remote care, or telemedicine, became more popular among the community. This in turn helped to bring VEPS into telemedicine practices, thus expanding access to the patient populace. Finally, COVID-19 impacted the conventional healthcare systems, causing a need for improved diagnosis processes through the adoption of resourceful technologies such as VEPS.
LATEST TRENDS
"Enhanced Technologies to Propel the Market"
Some emerging trends seen in this market include enhanced technologies, linkages between them and intelligent devices, and a major concentration on individualised treatment plans. Modern VEPS devices provide clearer signals, higher speeds, and are more accurate as compared to the former ones. Advanced algorithms are being integrated to help analyse the data, improve the chances of an accurate diagnosis, and even let an individual know if he or she is developing some form of visual impairment. There is also an emerging focus on extent-specific or customarily designed VEPS testing services that focus on the patient’s specific needs regarding stimuli and analysis in order to create general and very specific reaction and treatment plans, respectively.
Visual Electric Physiological System MARKET SEGMENTATION
By Type
Based on type the market can be categorized into Fixed & Portable
- Fixed VEPS: Is accurate because test conditions are created, hence giving correct measurements. Intended to generate accurate and broad analyses of data for detailed information. Perfect for research and clinical analysis and clinical trials.
- Portable VEPS: The state of affairs proposed allows testing in many settings, including clinics and homes. The use of glasses produces a better environment for the patients. Extends the opportunity to access VEPS to as many patients as possible.
By Downstream Industry
Based on application the market can be categorized into Hospitals & Clinics
- Hospitals: Utilised especially for the assessment of different neurological and ophthalmic diseases and disorders. Used in research investigations to make an accurate estimation of the success of treatments or therapies. Sometimes come incorporated with the latest version of VEPS systems for accurate and precise calculations.
- Clinics: Employed to rule out any possible cases of poor vision upon the first visit to the ophthalmologist. Used in clinics of ophthalmology and neurology for more comprehensive examination. Makes VEPS technology more easily available to a broader category of patients.
MARKET DYNAMICS
Market Dynamics Include Driving and Restraining Factors, Opportunities and Challenges Stating the Market Conditions.
DRIVING FACTORS
"Rising Prevalence of Neurological and Ophthalmic Disorders to Expand the Market"
One of the key driving factors of Visual Electric Physiological System Market growth is the Rising Prevalence of Neurological and Ophthalmic Disorders. Population ageing resulting in a heightened prevalence of ageing eye diseases such as macular degeneration and glaucoma. Increasing knowledge about such neurological disorders as multiple sclerosis and optic neuritis. Special attention to early diagnosis and treatment, as the result of which outcomes are considered to be more effective.
"Technological Advancements in VEPS to Advance the Market"
The development of new mobile and easier-to-operate VEPS for easy testing in different centres. Use of artificial intelligence and machine learning to increase the level of automated data processing to give higher diagnostic results. New signal processing algorithms that show better signal-to-noise characteristics.
RESTRAINING FACTOR
"High Cost of the VEPS Equipment to Pose Potential Impediments on this Market"
Among the factors that are likely to pull down the Visual Electric Physiological System Market share of this product, one of them is the high cost of the VEPS equipment and the high level of technical know-how that is required in operating and analysing the results from this equipment. The cost of implementing VEPS devices tends to be high at the onset, especially when one is acquiring systems that possess multiple attributes. Further, the interpretation of VEPS data needs certain formal education and knowledge about this particular index, and that is why this kind of analysis is not available for everyone. These drawbacks can hamper the wider implementation of VEPS, especially in developing healthcare facilities.
OPPORTUNITY
"Compatibility with Other Diagnostic Procedures and Frameworks and Telemedicine to Create Opportunity in this Market"
The major growth area for the VEPS market is in compatibility with other diagnostic procedures and frameworks and telemedicine. VEPS integrated with other imaging methods such as optical coherence tomography and magnetic resonance imaging offers an opportunity for the visualisation of the entire visual system on a single platform. In addition, incorporating VEPS in telemedicine can enhance the applicability of these sophisticated diagnostic tools in distant and poorly served regions. This integration may help in detection and perusal as well as early interventional approaches for many an eye and neurological illness.
CHALLENGE
"Environmental Conditions to Pose Potential Challenge for this Market"
An issue that is significant in the consideration of the VEPS market is that test deliverability is sensitive to patient attention, environmental conditions, and the operator’s skill. They may affect the quality of the recorded signals or the extent to which diagnostic interpretation is correct. In order to overcome this challenge, there is a need to develop standard operating procedures and clinical pathways for VEPS testing with the aim of reducing variation and hence enhancing the validity of the study. However, improving these factors seems feasible by refining signal processing and automated analysis tools that will improve the general accuracy of VEPS.