The global Microscope Market is projected to reach USD 12.7 billion by 2024, exhibiting a 7.8% CAGR over the forecast period. The magnification and visualization devices such as microscope are the important part of scientific research and research and development activities. The newer industries such as polymer industry, nanotechnology, agriculture and atomic science are the key customer of this device. The new technology advancements such as faster performance and easy sample preparation fuel the market growth for microscope. The devices are capable of displaying images in high definition and in 3-dimensional views.
The optical technology captures the highest market shares at academic institutes and science research institutes for cellular or subcellular imaging activities. The adoption of devices at academic institutes such as schools, colleges, universities and private institutes and the growing research culture in developing countries as well as at small scale industries raises the product penetration. The another reason for industry growth is government and private organizations funding for the research and technology development The price plays an important role in product acceptance, the affordable price of the device increases the product adoption. Thus, the above factors are the main driver for the business growth.
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The product is categorized into optical, electron, and scanning probe microscopes. The electron microscope captures the highest shares due to its various applications and functions. Currently, the electron microscope dominate the marketplace.
With technological advancement, scanning probe microscope are gaining popularity in the market space due to accurate magnifying capacity at atomic level giving sharp images. Thus, this segment is expecting the fastest growth over the forecast period.
The application segment is classified in material science, nanotechnology, life science and semiconductors. The life science segment holds 29.22% of revenue share and dominates the industry followed by the semiconductors.
With recent development in sciences, nanotechnology is gaining space in the industry. the recent research and developments in pharmaceuticals, chemicals, biotechnology and other fields are boosting the nanotechnological applications. Hence, this segment is anticipated to be the fastest growing segment overt he forecast period.
North America accounts for 34.13% revenue share in 2016. The largest share in North America is accounted due to its strong economy, technology advancement and high adoption rate in the region. In addition, the government provides heavy funding and investment in the R&D, thus opening more opportunities for the market players.
Asia Pacific incorporated the growing economies such as India, Japan and China. Japan is the largest manufacturer of technology products with the vast number of local manufacturers. The government initiatives such as project funding for R&D development and funding for the infrastructure development at the schools and colleges increase the market. Thus, this region is projected to be the fastest growing over the forecast period.
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The major player for Microscope industry includes Hitachi High-Technologies Corporation, Asylum Research, FEI Company, Olympus Corporation, CAMECA Instruments, Nikon Corporation, Bruker Corporation, NT-MDT Company, Carl Zeiss AG, and JeoL Ltd.
The major players invest in research and development for the better opportunities and industry growth. The mergers and acquisitions are the key strategies for the market expansion.
Product Type Outlook (Revenue, USD Million, 2012 - 2024)
• Optical Microscopes
• Inverted Microscopes
• Phase Contrast Microscopes
• Fluorescence Microscopes
• Confocal Scanning Microscopes
• Near Field Scanning Microscopes
• Other Optical Microscopes
• Electron Microscopes
• Transmission Microscopes
• Scanning Electron Microscopes
• Scanning Probe Microscopes
Application Outlook (Revenue, USD Million, 2012 - 2024)
• Material Sciences
• Life Sciences
• Other Applications
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Regional Outlook (Revenue, USD Million, 2014 - 2024)
• North America
• Asia Pacific
• Latin America
• South Africa