Microscopy devices are finding wide applications in various fields such as nanotechnology, materials science, semiconductors technology, and life science fields. New and advanced microscopes are being introduced in the market which are enabling researchers around the world to go down at miniature levels, and analyze the substance, cells, and materials, with high throughput, real time and 3D imaging facilities. A new generation of integrated microscopes which come equipped with all the necessary additional features such as imaging instruments and techniques like Raman spectroscopy, high resolution camera, and other features, are expected to drive the growth of the microscopy devices in the life science field. Global life science microscopy devices market is segmented on the basis of device types and application. Device type segment comprises of three major categories of the optical microscopes, electron microscopes, and the scanning probe microscopes.
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According to TMR, the global life science microscopy devices market, which stood at US$1.1 bn in 2015, is projected to reach US$2.0 bn by the end of 2024. If these figures hold true, the global life science microscopy devices market will exhibit a CAGR of 6.5% between 2016 and 2024. By device type, the optical microscopes segment held the dominant share of 51.9% in the overall market in 2015. This segment is forecast to gain from the increasing demand for various types of optical microscopes such as inverted and fluorescence microscopes.
Regionally, North America dominated the global life science microscopy devices market with a share of 47.3% in 2015 and will continue doing so through the forecast period. Besides this, Asia Pacific exhibits high potential as the regional market for life science microscopy devices owing to the rising investment in R&D activities by biotechnology and pharmaceutical companies.
Microscopy Devices Sales to Surge in Response to Higher R&D Activities
Expansion witnessed by the contract research organization market and the increasing applications of microscopes in life sciences will support growth of the life science microscopy devices market. Several companies have ventured in the contract research organization industry encouraged by growth it has been exhibiting over the past few years. This in turn has bolstered research and development activities in the field of life science, which is creating lucrative opportunities for microscopy device manufacturers. The life science industry itself has risen considerably in the last few years owing to higher healthcare spending. Spurred by these factors the global life science microscopy devices market will exhibit robust growth in the coming years.
Besides this, investments in the development of new integrated microscopes will play a major role in bolstering market opportunities. Older microscopes such as electron or scanning probe microscopes required additional equipment such as scanners, detectors, imaging, and other systems. Contrary to this, the recently introduced integrated microscopes are available with the whole package. It thus has allowed customers to save considerably on their purchase compared to their traditional counterparts. This, coupled with recent technological innovations will greatly contribute towards the market’s expansion in the coming years.
Premium Price of High-end Microscopes to Limit Their Penetration across Regions
On the downside, high-end microscopes often come for a premium price, which is an off-putting factor. These microscopes therefore have limited penetration across biotechnology and pharmaceutical companies thereby negative influencing the overall trajectory. In addition, lower allocation of budget towards research and development especially in developed countries is creating major concerns.
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Nevertheless, the advent of localization microscopy is expected to provide a new dimension to the fluorescence microscopy techniques. Such innovations will pave way for a brighter future of enterprises operating in the global life science microscopy devices market.
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