Global Life Science Microscopy Devices Market is Projected to Reach US$2.0 bn by the End of 2024

Life science microscopy devices market: Rise in R&D funding drives growth

The application of microscopes in the field of life sciences has grown over the years, which is the primary factor propelling the life science microscopy devices market. This increase in application has been largely supported by government funding in research and development activities across the globe. The U.S. National Science Foundation states that in the year 2011, approximately 60% of the total academic R&D spending in the country was dedicated to life science research.

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Moreover, as published in the New England Journal of Medicine in 2014, between 2007 and 2012, the total R&D spending in the Asia-Oceania region rose by US$10.9 billion. This only goes to show that the rise in research activities has had a direct impact on the demand for microscopes and this trend is expected to fuel the growth of the global life science microscopy devices market. The market is also supported by the growing contract research organization (CRO) sector. The CRO market has witnessed a shift from developed countries to emerging economies such as many countries in Latin America and Asia, thereby fueling the life science microscopy devices market in these regions.

Untapped opportunities to boost life science microscopy devices market

Despite the fact that the high cost of advanced microscopes has restricted the penetration and adoption of life science microscopy devices in developing economies, there are still numerous opportunities for growth of the global market. Currently, only countries such as Canada, the U.S., Italy, the U.K., Japan, Germany, and Australia make maximum use of life science microscopy devices. However, emerging economies such as China, India, Russia, and Brazil hold immense untapped potential especially with the rise in number of research and biotechnology facilities in these regions.

Fragmented life science microscopy devices market

The global life science microscopy devices market can be segmented on the basis of region, device type, and application. Geographically, the market for life science microscopy devices is divided into Europe, North America, Asia-Pacific, and Rest of the World. By type of device, the market is categorized into scanning probe microscopes, electron microscopes, and optical microscopes. Each of these three types of life science microscopy devices are further fragmented on the basis of application: pharmacology and toxicology, biomedical engineering, cell biology, clinical/pathology, and neuroscience.

Optical microscopy devices dominate overall market

Among the three types of life science microscopy devices, optical microscopes held the largest share of the global market, accounting for over 40% of the overall share in 2013. The factors attributed to the growth of this segment are ease of use, low cost, and minimal efforts in sample preparation.

Electron microscopes are forecasted to witness rapid growth over the coming years, especially transmission electron microscopes, due to their wide-ranging uses in advanced life science fields such as drug toxicity, neuroscience, and cellular mechanism. North America holds the maximum share of the electron microscopes segment in terms of demand and consumption since it has the adequate infrastructure as well as commercial strength to operate these life science microscopy devices.

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According to a report published by a leading U.S.-based market intelligence company, the global market for life science microscopy devices was estimated to be worth US$1,656.0 million in 2013. Registering a healthy compound annual growth rate of 6.6% during the forecast period of 2014 to 2020, the life science microscopy devices market is projected to be worth US$2,614.0 million by the end of 2020.

Presence of many market players

There are numerous prominent players in the life science microscopy devices market. These include JEOL Ltd., Carl Zeiss AG, Leica Microsystems GmbH, Cameca SAS, FEI Company, Nikon Corporation, Bruker Corporation, Olympus Corporation, Keysight Technologies, Inc., Danish Micro Engineering A/S, Hitachi High-Technologies Corporation, and NT-MDT Company. While Hitachi High-Technologies Corporation led the electron microscopes market, Olympus Corporation dominated the optical microscopes market.

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This release was published on openPR.