The global optical microscopes market was valued at around US$ 1.5 Bn in 2016 and is anticipated to expand at a CAGR of around 6% from 2017 to 2025, according to a new report published by Transparency Market Research (TMR) titled 'Optical Microscope Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017-2025.' Expansion of the global optical microscope market is driven by increase in investment in research and development activities. The optical microscope market in Asia Pacific is expected to expand at a CAGR of around 6.5% during the forecast period. Innovations in microscopy sciences and rise in usage of microscopes in the life sciences and health care industries are likely to propel the optical microscopes market in the region.
Rise in investments in R&D activities in the industries and academia and government support for research activities are likely to propel the optical microscopes market. Nowadays, extensive research is being carried out, mostly in the field of cell biology and histology. Developments in the field of fluorescence microscopy and software technology related to microscopes are driving the optical microscopes market. However, technical limitations of optical microscopy as compared to electron microscopy is the main restraint for the optical microscopes market.
Benefits of Digital Microscopy as Compared to Traditional Microscopy is Amplifying the Demand for Digital Microscopes
A digital microscope is an optical microscope equipped with a digital camera that provides an image to a monitor. Digital microscopes offer several benefits over conventional microscopes, as images can be stored or printed for close examination. The applications and adoption of digital microscopes have increased owing to advances in technology. Digital microscopes are equipped with sensors that are used to convert analog information from incoming light into digital images. Digital still images and videos can be produced, saved, and shared by using digital microscopes, which makes them useful in applications such as industry and medical diagnostics.
Rise in Pharmaceutical Product Development Expenditure to Fuel Growth of Pharmaceutical & Biotechnology Companies
In terms of end-use industry, the market can be divided into hospitals & clinics, pharmaceutical & biotechnology companies, diagnostics laboratories, academic & research institutes, and others. The pharmaceutical & biotechnology companies segment dominated the optical microscope market in 2016. The trend is expected to continue during the forecast period. The hospitals & clinics segment is likely to be followed by the pharmaceutical & biotechnology companies segment in terms of market share during the forecast period.
Large Customer Base in Developing Countries of Asia Pacific to Create Opportunities
In terms of region, the global optical microscopes market can be categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Asia Pacific hold a prominent share of the optical microscope market, as most of the pharmaceutical & biotechnology companies are well established in these regions. North America also constitutes a significant share of the market. The market in Asia Pacific is estimated to expand at a rapid pace due to development in microscopy science and research in emerging economies such as China and India. The market in Middle East & Africa and Latin America is expected to expand at a slow pace during the forecast period.
Key players operating in the optical microscope market include market include Carl Zeiss AG, Leica Microsystems, Meiji Techno, Nikon Instruments Inc., Olympus Corporation, Labomed, Inc., Oxford Instruments Asylum Research, Inc., Bruker, and CAMECA. Carl Zeiss AG, Nikon Instruments Inc., and Olympus Corporation constitute a major share of the market. Companies are heavily investing in the technology and digitalization of the optical microscope. For instance, in 2017, Carl Zeiss AG announced the development of its platform with machine learning capabilities, which enables researchers to perform advanced analysis of their imaging samples across multiple microscopy methods.
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