Press release
Microscopy Devices Market is Anticipated to Surge with an Impressive CAGR of 5.6% During 2021 - 2028
According to the report, the global microscopy devices market was valued at US$ 8.1 Bn in 2020 and is projected to expand at a CAGR of 5.6% from 2017 to 2028. Microscopes have enabled researchers to conduct in-depth academic and exploratory research. Increase in interest in life science areas such as nano science and pharmacology & toxicology has created a need of advanced microscopes, which employ mediums that are much more penetrative than light such as electron and X-ray.
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The growth of the global microscopy devices market can be attributed to increase in innovations & technological advancements in microscopes, focus on R&D activities by pharmaceutical & biotechnology companies, and expansion of the life science industry. The biomedical research & engineering sector is rapidly growing driving innovation in the products and technologies used in the field.
The global microscopy devices market is quite competitive, with the top players accounting for major share and every company focusing on research & development to produce better microscopy devices.
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The implementation of industrial policies favoring companies in the health and life science areas with the approval of non-reimbursable funds and the establishment of various government programs to support the internationalization of the life sciences sector driving the market in Brazil, South Africa, Saudi Arabia, etc. is likely to boost market growth in Latin America and Middle East & Africa.
Development of New Integrated Microscopes Drives Microscopy Devices Market
Microscopes such as scanning probe microscopes or electron microscopes usually require additional instruments and systems such as imaging system, scanners, and detectors in order to complete their functions. New integrated microscopes have been introduced in the market, which are available in whole packages, including imaging and other systems. Demand for these is high in the research industry. Major market players such as Leica Microsystems (Danaher Corporation), Olympus Corporation, and Carl Zeiss Microscopy GmbH (Carl Zeiss AG) have introduced integrated microscopes, such as Leica EZ4 HD, which are equipped with screens, scanners, and other additional systems. The high demand for integrated microscopes is expected to drive the global microscopy devices market during the forecast period.
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Increase in Demand for Optical Microscopy Devices
In terms of product type, the global microscopy devices market has been classified into optical microscopy, scanning probe microscopy, electron microscopy, and microscopy accessories. The optical microscopy segment dominated the global microscopy devices market in 2020 and the trend is projected to continue during the forecast period. The growth of the segment can be attributed to increase in demand for different types of optical microscopes such as fluorescence and inverted microscopes and low cost of stereo and phase contrast microscopes.
The scanning probe microscopy segment is anticipated to expand at a higher growth rate in terms of value during the forecast period, owing to continuous innovations in the product type technologies by major market players.
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North America to Lead Global Market
In terms of region, North America accounted for significant share of the global microscopy devices market in 2020. The microscopy devices market in North America is driven by large R&D budgets, availability of advanced microscopy systems offered by market leaders, focus on nanotechnology, and presence of a large number of major research institutes and universities.
High growth of the pharmaceutical industry, increase in R&D expenditure, and high adoption of electron and scanning probe microscopes in countries such as China, Japan, and India are projected to drive the market in Asia Pacific at. However, high cost of advanced microscopes and high customs duty & excise tax are likely to hamper the growth of the market in the region. Increase in research spending in the life science and pharmaceutical industries in countries such as the U.K. and France fuels the growth of the microscopy devices market in Europe.
Economic growth in countries in Latin America, such as Brazil, augments healthcare and research expenditure through rise in private health insurance and entry of international drug manufacturers and healthcare providers.
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Competition Landscape
The global microscopy devices market is consolidated in terms of number of players. Key players in the global market include Olympus Corporation, Hitachi High-Technologies Corporation, Carl Zeiss Microscopy GmbH, and Nikon Corporation. Other prominent players in the global microscopy devices market include Shimadzu Corporation, Leica Microsystems, Bruker Corporation, FEI Company, JOEL Ltd., and Cameca SAS.
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