Surgical Microscope Market size anticipated to rise at over 10% CAGR by 2023

Surgical Microscope Market size was over USD 400 million in 2015 and is anticipated to surpass USD 900 million by 2023, at over 10% CAGR from 2016 to 2023.

Factors such as development in healthcare facilities, requirement for high speed diagnostics, rise in drug discovery and life science research, increasing R&D investment, increase in the number of surgeries; upsurge in minimally invasive surgeries (MIS), and rising government funding are the major drivers of the segment. According to the WHO, geriatric population is the major demographic sector for these devices as they are highly disposed to the several chronic illnesses and age related abnormalities. Global geriatric population is expected to double by 2024, which will further drive revenue.

According to the WHO statistics, cancer is accountable for over 10% deaths worldwide. This is forecast to spur the global surgical microscope market size, since these products help decrease the throughput time for patients and can be helpful in increasing the diagnostic efficiency.
Oncology leads the application sector with around 20% share followed by neurology, which is expected to grow with a CAGR of over 10%.
Ophthalmology and dentistry sectors are also expected to grow at a considerable rate with increased demand for rising number of cataract surgeries and cosmetic dentistry.

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In contrast to this, high surgical microscope market price trend, application of excise tax by the government, heavy custom duty on medical devices; and high degree of technical expertise required for handling these products is hampering growth. Surgical microscope is a device which facilitates optimal surgical outcomes through high quality optical images, and is specifically designed for used for 3D visualization of an undergoing surgery. It offers movement to the surgeon, while performing critical medical surgeries and enables patients, staff and students to have the same view as the surgeon.

Based on application, the industry is categorized into neuro & spine surgeries, ophthalmology, plastic & reconstructive surgeries, oncology, gynecology & urology, ENT and dentistry. Oncology is the fastest rising application with around 20% share due to growing prevalence of cancer around the world. Based on end users, the operating microscope market is classified into physicians’/dentists’ clinic and hospitals. Hospitals are the largest end users.

Growing number of surgeries and financial support by government, higher number of patients and surgeries and more financing capabilities of patients are the major drivers for this segment. Independent clinics are growing with a significant rate of 10% over the forecast period. The availability of smaller operating microscopes and growing dentistry industry is estimated to drive the demand for this sector.

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The industry is categorized into tabletop, on casters, ceiling and wall mounted devices. The on casters microscopes held a major share in 2015 and are expected to grow at a lucrative rate during the forecast period. Compactness and better cleaning maintenance capability of these devices are the key features propelling growth.

In 2015, North America surgical microscope market dominated global revenue generation, with over 30% share due to wide technical applications and improved healthcare facilities in the region. Asia Pacific is expected to exhibit high growth due to the presence of enormous potential associated with healthcare services in the region. India and China are expected to be the fastest growing countries in the region due to huge population base and increasing government initiatives towards healthcare improvement.

Key companies contributing to the surgical microscope market share are Leica Microsystems, Alltion, Alcon Laboratories, Haag Streit Surgical, Accu-Scope, Arri, Carl Zeiss, FEI, and Takagi Seiko. New launches, improvement of products, technological innovation, and strategic partnership such as mergers and acquisition are the key initiatives in the industry. In 2014, Alcon acquired WaveTec Vision which is a developer of an intraoperative guidance system designed for cataract. This helped Alcon to strengthen its ophthalmic surgical product portfolio.

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This release was published on openPR.