According to a report published by Grand View Research, Inc.; the global microscope market is anticipated to reach a valuation of around USD 12.7 billion by 2024. Flourishing semiconductor industry and growing research and development (R&D) activities in nanotechnology and life sciences can propel the market over the forecast period (2012 to 2024). Additionally, growing expenditure for developing applications in many areas and miniaturization of transistor chips can have positive impact on the market.
Development of technologically advanced products with easy sample preparation techniques and faster performance will drive the demand in the forthcoming years. Advanced techniques for integrating display modalities to get high definition and 3D images is likely to further boost the market. The microscopes can be used in surgical interventions associated with cancers and neurosciences. Both these fields have extensive demand for magnified imaging systems to get better surgical outcomes. This may create positive outlook for the microscopes market over the forecast period.
Rise in microsurgeries including cranial, spinal, and other multi-disciplinary procedures is expected to boost the microscope market in near future. Additionally, implementation of automation and artificial intelligence (AI) in magnified imaging equipment is one of the crucial driving factors for the market. Microscopes can be integrated with automated platforms to expand their scope of applications in material science and life-sciences. This factor can improve the working efficiency in hospitals as well as manufacturing units.
Full Research Report On Microscope Market Analysis:
However, high cost associated with technologically advanced equipment may restrict the adoption of microscopes in emerging countries. In addition, complexities related to sample preparation is also expected to restrict the growth of the high resolution equipment during the forecast period.
The worldwide microscope market can be segmented on the basis of product type, application, and regions. Based on product type, the market can be classified into optical microscopes, scanning probe microscopes, and electron microscopes. In 2015, the optical microscope segment attained the largest market share of around 37% in terms of revenue. The scanning probe microscope segment, on the other hand, is likely to exhibit the fastest growth at around 9.6% CAGR from 2016 to 2024.
As per application, the market can be categorized into nanotechnology, material sciences, semiconductors, life sciences, and others. Nanotechnology is projected to be the fastest growing application segment in the forthcoming years. Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
In 2015, North America accounted for the largest market share of around 34% in terms of revenue. This growth can be attributed due to availability of well-established healthcare infrastructure, academic institutes, and research and development (R&D) organizations. Additionally, presence of major market participants in the U.S and Canada are contributing towards regional market growth. Rising availability of healthcare facilities and high demand for diagnostic centers are also expected to drive market expansion over the forecast period.
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Asia pacific is anticipated to showcase rapid growth over the projected period due to flourishing medical tourism industry, extensive R&D, and availability of advanced manufacturing facilities. Availability of cutting-edge technologies at affordable price is expected to further impel the regional growth as it can minimize production cost. In addition, existence of top players in countries like Japan and local manufacturers in India and China are also expected to fuel regional growth.
Latin America market for microscopes is expected to register substantial growth over the forecast period. Major biotechnology and pharmaceutical companies are preferring the region due to relatively lenient regulatory framework, availability of advanced infrastructure, and large patient pool. The administrations of various countries in the region have simplified the policies regarding clinical trials and approval processes. This likely to create positive outlook in terms of growth for the regional market in the forthcoming years. Prominent markets in the region include Brazil, Argentina, and Mexico.
Key players operating in the microscope market include Hitachi High-Technologies Corporation; CAMECA Instruments, Inc.; Nikon Corporation; Bruker Corporation; and JEOL Ltd.
The market is highly competitive due to existence of several local and international players. Most major companies are following business strategies such as collaborations, mergers and acquisitions (M&A), R&D, and product innovations to sustain the competition.
Access Full Press Release Of This Report By Grand View Research: https://www.grandviewresearch.com/press-release/global-microscopes-industry
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