Global Microscopy Devices Market to Grow at a CAGR of 8.5% Through 2025
The usage of microscopy devices has registered an uptick in the past few years. Microscopes have allowed in-depth academic and exploratory research in various branches of science. Amongst the wide range of sciences, the life sciences division has found increased usage of microscopy devices, particularly in cell biology. Also, the need for more penetrative media to identify cells has boosted technological developments in microscopic devices. On the back of these trends, the global microscopy devices market is poised to expand 1.6x, registering a CAGR of 8.5% throughout the forecast period (2020-2025).
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Nowadays, major life science companies are increasingly seeking the services of contract research organizations (CROs) to reduce their overall expenditure and concentrate on their core businesses. This has enabled several microscopy service providers to invest in research and development of microscopes. The ongoing coronavirus pandemic is anticipated to leverage market prospects. With the number of infections climbing at an exponential rate, hospitals and other healthcare settings have experienced an uptick in the number of diagnostic tests to determine the presence of the virus. On the back of this, the usage of microscopes to detect potential pathogens has increased. Leading players are therefore concentrating on streamlining their production processes to cater to this increased demand.
Key Takeaways of Global Microscopy Devices Market Study:
- Optical microscopes are projected to account for a major chunk of the market, capturing more than three-fifths of the market share. Rising demand for different types of optical microscopes such as fluorescence and inverted microscopes and low cost of stereo and phase contrast microscopes shall drive the segment’s growth.
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- By application, Cell and Molecular Biology and Biomedical engineering are anticipated to make exhaustive utilization of microscopy devices. This is due to increased adoption of microscopes in microbiology, cell culture, healthcare monitoring and launch of new therapeutic products. Projected CAGR for both segments is pegged at 8.3%.
- Clinical Pathology and Diagnostics shall find equally important microscopy applications, for understanding pathological changes in conditions such as Alzheimer’s and Parkinson’s diseases and chronic diseases. Anticipated CAGR for this segment is a staggering 8.2%.
- By end-users, diagnostic laboratories are anticipated to find maximum usage of microscopy devices. The need to accurately identify potentially life-threatening diseases such as tuberculosis and immunological ailments such as HIV-AIDS and diabetes in order to suggest appropriate corrective course of action is anticipated to drive the segment’s growth.
- Asia-Pacific is projected to emerge as the leader of the global microscopy devices market, capturing more than half of the total market share. An emerging pharmaceutical industry, liberalization and deregulation of key markets and rising adoption of electron and scanning probe microscopes shall drive the Asia-Pacific regional growth.
- However, North America is projected to soar in popularity due to increased patent filing approvals, increased government funding for life sciences projects, greater flexibility in regulations and high transparency. Besides, adoption of optical microscopes is poised to increase during the forecast period. The region is set to expand 1.6x, capturing nearly one-fourth of the global microscopy devices market.
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“The global microscopy devices market is poised to experience a healthy growth trajectory. Rising incentives for research in life sciences in the form of government funding, relaxation of regulations and growing healthcare infrastructure are anticipated to leverage the prospects of microscopy devices,” concludes a Fact.MR analyst.
Technological Developments to Boost Key Players’ Market Prospects:
The global microscopy devices market consists of the following key market players: Olympus Corporation, JOEL Ltd., Nikon Corporation, Carl Zeiss Microscopy GmBh, FEI Company, Leica Microsystems, Hitachi High-Technologies Corporation, Bruker Corporation and CAMECA SAS. Most of these market players rely on technological advancements to increase market presence.
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