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The global Microscopy Devices Market is estimated to be valued at US$9.82 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The microscopy devices market comprises of various devices that magnify images of samples placed under the microscope. These devices play a vital role in healthcare and R&D and include optical microscopes, electron microscopes, and scanning probe microscopes. Optical microscopes are most commonly used devices that magnify samples using visible light and simple glass lenses. Some key advantages of these devices include non-invasive sample analysis, high-resolution imaging, ability to view live samples and cross-sections. With growing advancements in life science research and biomedical applications, these devices see wide applications in pathology, microbiology, drug discovery, cell biology, and material science.
Market key trends:
Continuous technological advancements are fueling growth of the microscopy devices market. Manufacturers are focusing on developing advanced microscopes with higher magnification capabilities, better resolution, and enhanced imaging features. For instance, development of super-resolution microscopes that can achieve resolution beyond the diffraction limit of light. Integration of artificial intelligence and machine learning capabilities is also gaining traction to enable advanced image analysis. Additionally, growing research in nanotechnology and rising government funding for R&D activities in life science sector are some other factors bolstering demand for advanced microscopy devices.
Porter’s Analysis
Threat of new entrants: The microscopy devices market requires high R&D investment and compliance with various regulations. These factors act as a barrier for new players.
Bargaining power of buyers: The presence of several global players provides buyers with high bargaining power compelling companies to offer innovative products at competitive prices.
Bargaining power of suppliers: The spectroscopy devices market has several component providers. This gives suppliers moderate bargaining power.
Threat of new substitutes: There exists a low threat of substitution as microscopy devices offer unique capabilities for various applications in life sciences and material science.
Competitive rivalry: The global microscopy devices market is highly competitive with the presence of numerous global as well as regional players. Price wars and new product launches are common.
Key Takeaways
The global Microscopy Devices market is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing investments in microscopy device manufacturers for advanced research and development.
The North America microscopy devices market dominated in 2023 and is expected to retain its dominance over the forecast period. This is attributed to the presence of major players and rising government funding for R&D activities in the region.
Asia Pacific microscopy devices market is anticipated to exhibit the highest growth rate during the forecast period. Increasing biomedical research in countries like China and India are driving the demand for advanced microscopy devices in the region.
Key players operating in the microscopy devices market are Danaher Corporation, Olympus Corporation, Thermo Fischer Scientific, Bruker Corporation, Nikon Corporation, Hitachi, Ltd., Alltion (Wuzhou) Co., Ltd., Park Systems Corp., ACCU-SCOPE Inc., Semilab Germany GmbH, JEOL Ltd., Carl Zeiss Meditec AG, TESCAN ORSAY HOLDING a.s. and Nanosurf AG. Nikon Corporation specializes in optical components for microscopes lenses. Carl Zeiss Meditec AG offers both light and electron microscopes.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
