Microscope Market Size To Grow At 8% CAGR From 2016 To 2024

The global microscope market is projected to exhibit a CAGR above 8% during the forecast period. The market stood at nearly USD 7 billion in 2016. Technological advancements in microscopes on account of higher & sharper resolutions can impel the growth. Applications in nanotechnology, atomic studies, agriculture, and polymer industries can positively impact the expansion in the near future.

Microscopes can enlarge images of miniscule organisms or particles for detailed scientific analysis. Electronic microscopes use wave technology. They rely on electrons instead of light to generate images. These devices are expected to capitalize on the growing trend of miniaturization of transistor chips. This factor is expected to boost the global market for microscopes during the forecast period.

Developments in microscopes can lead to integration of charge-coupled device (CCD) chips and complementary metal-oxide semiconductor (CMOS) technology. They can capture microscopic images in digital format. Carl Zeiss AG, one of the leaders within the market, recently launched the ZEISS MultiSEM 506 microscope. It is a variation of the scanning electron microscope. The product has 91 beams and can capture images at 2 tera pixel per hour. These microscopes find applications for the study of neuronal circuits within the brain.

The global microscope market is segmented on the basis of products, applications, and regions. Optical, electron, probing microscopes, and others are the major product types. Optical products are further divided into inverted, stereo, phase contrast, fluorescence, confocal scanning, and others. Electron microscopes are subsumed into scanning and transmission.

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Optical microscopes led the overall market on account of applications in 2015. High adoption in private institutes, universities, colleges, and schools for research purposes is the key market driver. Growing research culture in developing countries and rising adoption by small scale industries are expected to provide further impetus in the forthcoming years. Scanning probe microscopes are anticipated to gain prominence on account of displaying astute images at atomic levels. They may exhibit a high CAGR during the forecast period.

Life sciences, material sciences, nanotechnology, and semiconductors are the major application segments of the microscopes market. Life sciences may continue leading the global market, followed by semiconductors in the forthcoming years. High adoption in consumer electronics and research & development can impel market demand over the years to come. Nanotechnology is expected to exhibit robust growth till 2024. R&D activities in biotechnology, pharmaceuticals, and other fields can support the market growth.

Geographically, the market is segmented into Latin America, North America, Asia Pacific (APAC), Middle East & Africa (MEA), and Europe. North America led the overall market with more than 30% revenue share in 2016. High adoption and technological advancements are some the key regional drivers. APAC is anticipated to exhibit a substantial CAGR throughout the forecast period due to government funding and developments in the emerging economies.

Notable players operating in the microscope market are Carl Zeiss AG, Hitachi High-Technologies Corporation, Olympus Corporation, Leica Microsystems, and Nikon Corporation. Most companies adopt mergers & acquisitions and investments in R&D as some of the chief business strategies to gain the larger market share. Companies are keen o establishing customer care centers to showcase their latest technologies and to attract newer customer base.

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Ryan Manuel
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Million Insights
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