Global Microscopy Devices Market, by Product Type (Optical Microscopes, Electron Microscopes, Scanning Electron Microscopes, and Others), by Application (Nanotechnology, Life Science, Pathology, and Others), by End User (Hospital, Research Institutes, Diagnostic Laboratories, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 8,102.1 million in 2020 and is expected to exhibit a CAGR of 7.1% during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
Global Microscopy Devices Market - Impact of Coronavirus (COVID-19) Pandemic
Lockdown in various countries due to the pandemic has placed an economic burden on the private healthcare sector. Healthcare providers are facing challenges with regards to declining outpatient’s visits, manpower, equipment, consumables, and other resources to ensure safety in treatment of patients with other diseases. Thus, the COVID-19 pandemic has affected the economy in three main ways; 1) by directly affecting the production and demand; 2) by creating disruptions in distribution channels; and 3) through its financial impact on companies and financial markets. Furthermore, in May 2020, government of India announced relief for daily wage workers and construction workers for an amount of US$ 13.3 per person for all states and union territories.
The increasing number of product launches, clinical trials, and collaborations and partnerships strategies adopted by key players are the major factors which are expected to drive growth of the microscopy devices market during the forecast period.
The increasing launch of microscopy devices is expected to contribute significantly to the global microscopy devices market growth. For instance, in February 2020, JEOL, Ltd. launched a new Field Emission Scanning Electron Microscope with several features unique to the company’s FE SEM product line: NeoEngine, employing analytical intelligence for optimizing electron beam setup and tuning; embedded EDS with live analysis for real time imaging and elemental analysis; and Zeromag navigation function.
Key players in the global microscopy devices market are focused on adopting inorganic growth strategies such as collaborations and partnerships which is expected to drive growth of the market during the forecast period. For instance, in May 2019, microscope and precision-instrument maker Nikon Metrology (Leuven, Belgium) and industrial-camera producer Pixelink (Ottawa, Canada) entered a strategic partnership to accelerate sales of affordable industrial microscopy cameras in Europe. As part of this collaboration, Nikon Metrology will distribute Pixelink cameras as standalone devices or integrated with Nikon NIS-Elements Microscope Imaging Software.
Increasing nanotechnology research and development activities and demand for appropriate tools to characterize the functional properties of nanomaterials are expected to drive growth of global microscopy devices market during the forecast period. For instance, the U.S. President’s 2021 Budget requests over US$ 1.7 billion for the National Nanotechnology Initiative (NNI), with an increased investment in the foundational research that will lead to discoveries that will advance a wide range of areas. Cumulatively totaling over US$ 31 billion (since the NNI in 2001 including the 2021 request), this support reflects the continued importance of research to understand matter at the nanoscale.
Browse 35 Market Data Tables and 35 Figures spread through 210 Pages and in-depth TOC on Global Microscopy Devices Market, by Product Type (Optical Microscopes, Electron Microscopes, Scanning Electron Microscopes, and Others), by Application (Nanotechnology, Life Science, Pathology, and Others), by End User (Hospital, Research Institutes, Diagnostic Laboratories, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Forecast to 2027"
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The rising adoption of inorganic growth strategies such as mergers and acquisitions by major companies is expected to drive growth of the global microscopy devices market. For instance, in 2018, TESCAN ORSAY HOLDING a.s. acquired XRE NV, a company headquartered in Belgium and manufacturer of dynamic 3D and 4D X-ray imaging systems. This acquisition helped TESCAN ORSAY HOLDING a.s strengthen its product portfolio by expanding into the field of fast X-ray micro-computed tomography systems, thus creating new opportunities to serve and meet consumer demands for non-destructive analysis in a wide range of applications across different fields of materials science, life sciences, and industry.
Key Takeaways of the Global Microscopy Devices Market: