Microscope is a type of device which is used to study the details of a substance such as the crystalline structures and the molecular structures or to study the changes in the structure of microorganisms which are far smaller than any cell. These devices are used to magnify the specimens several hundred times which helps to study the morphology and anatomy of the specimens. The microscopy devices has a wide range of applications such as life sciences, biotechnology, atomic studies and nanotechnology among others. With the advancement in technology, there is an increasing use of optical microscopes for advanced life science research. The Fluorescence and phase contrast microscopes are extensively used in cell biology, pathology and toxicology studies. Furthermore, the use of electron and scanning probe microscopes is rapidly growing with the advancement in the research objectives.
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The market for microscopy devices has been on rise over the past many years. Based on MRFR analysis, the global microscopy devices market is growing at the CAGR of around 7.8% and is expected to reach approximately USD 10.5 billion by the end of 2022. The microscopy devices are used in life science and medical research for centuries and the intensity of innovation has not died down; it will still continue to evolve in future. Currently, there is a wide range of microscopy products available in the market. The rapid advances in microscopy devices with electronic sensors, information technology and telecommunications has led to its advancement. The technologies that are enabling innovations today, have created opportunities for growth of these devices in coming future.
Microscopy Devices Market Dynamics
The high growth of this market is mainly attributed to factors such as increasing funding for life science research studies by the public and private sector. As per International Association of Scientific, Technical and Medical Publishers, the R&D expenditures is shifting away from the physical science studies to the life sciences studies. Based on this data, it has been observed that many nations are spending more on life science research. For instance, U.S. is spending about 60% of funding for life science R&D studies focusing primarily on biological sciences and medical sciences. Furthermore, the European Union is now focusing on biological sciences and medical sciences while Japan’s research are divided among biological sciences, medical sciences, chemistry, and physics. Additionally, there are certain others factors such as expansion of the semiconductor industries in most of the emerging nations and rising research and development activities initiated by schools, governments, universities, and research institutions across the developing regions has fueled the growth of the global microscopy devices market.
However apart from the factors leading to the growth of this market, there are some restraints hampering the market growth such as large capital investments, complexities in the maintenance of these devices and premium pricing of some products like electron microscopes, scanning probe microscopes etc.
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Microscopy Devices: Market Segmentation
For the purpose of this study, the global microscopy devices market has been majorly segmented on the basis of; types, application, end-users, and geographic regions.
Microscopy Devices: Prominent Market Players
Companies are majorly focusing on the innovation of the microscopy devices by increasing investments on R&D particularly in the pharmaceutical, healthcare and electronics sectors that has expected to get intensify in future. The competition among existing market for improving the quality and specifications of the microscope, pricing, and product performance has played a crucial role in growth of this market. Leading companies are working on increasing digitization of microscopic devices, focusing on niche application sectors such as quantum dots and miniaturization of components such as transistor chips. There are plenty of large and small market players which operate in this market all over the globe. The major participants of this market are FEI, Nikon Metrology NV, Woodley Equipment Company Ltd, Radical Scientific Equipments Pvt Ltd, Bruker, Mauna Kea Technologies SA, Icon Analytical Equipment Pvt. Ltd, OLYMPUS CORPORATION, NIDEK Inc., Sonix, Inc., Konan Medical USA Inc., Carl Zeiss, Leica Microsystems, Meiji Techno and others.
On the basis of type, optical microscopes market is the largest segment of microscopy devices with the market value of USD 2.58 billion in the year 2015. Among applications, life sciences segment accounted for the dominant market share in 2015, and is estimated to grow at a CAGR of around 6.0% during the forecast period. Besides that, microscopy devices are proved useful in various industries and sectors. Some of the users of the microscopy devices are hospitals & clinics, academic & research institutes, diagnostics centers and others. There is an increasing use of microscopy devices in academic and research institutes due to high investment by the government research organization in this segment. For instance, in 2013, the Biotechnology and Biological Sciences Research Council made an investment of nearly USD 16 million on advanced scientific research instruments. The funding for equipment includes super-resolution microscopes for plant scientists and the UK’s first two commercial fluorescence light sheet microscopes.
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Microscopy Devices: Regional Analysis
As per MRFR analysis, the global microscopy devices market has grown tremendously in Asia-Pacific, North America, Europe and Middle East & Africa region from 2016-2022. Geographically, North America holds the largest share of more than 40% of microscopy devices market and is expected to be the leading market during 2016-2022. Increasing focus on R&D in nanotechnology and life sciences industries coupled with large federal and corporate funding serves as a significant driver for this region. Furthermore, new development in optical microscopes in combination for semiconductor applications has derived the growth of this market.
On the other hand, Asia-Pacific market for microscopy devices is the fastest growing market due to increasing investment in research and development in these region; this is due to low labor cost in the developing countries like India and China, which attracts the foreign investments.
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