Global Life Science Microscopy Market to Exhibit 6.5% CAGR 2016-2024, thanks to Rising Demand across CROs, TMR
The global market for Life Science Microscopy Devices has an extremely consolidated vendor landscape wherein the leading four companies account for nearly 90% of the overall market in 2016, observes Transparency Market Research in a recent report. These heavyweights, namely Olympus Corporation, Nikon Corporation, Leica Microsystems, and Carl Zeiss Microscopy GmBH benefit from their extensive product portfolios, extensive geographical presence, and financial capacity to fund research and development activities and introduce innovative products at a steady pace.
Despite immense stronghold on the global market, these companies face a rising level of competition from regional players, especially from the Asia Pacific region, wherein companies are focusing on the development of low-cost products to serve the rising demand from the thriving life sciences sector in the region.
According to the report, the global life science microscopy devices market will register a healthy 6.5% CAGR over the period between 2016 and 2024, rising to a revenue opportunity of US$2.0 bn by 2024 from a valuation of US$1.1 bn in 2015.
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Optical Microscopes Account for Lion’s Share in Overall Market
Based on device type, optical microscopes accounted for a dominant 51.9% of the overall market in 2015. The demand for optical microscopes is also expected to remain high in the life sciences sector over the report’s forecast period, helping keep the segment profitable in the global life science microscopy devices market. From a regional standpoint, the market for life science microscopy devices in North America is presently the most profitable and dominant regional market.
The North America life science microscopy devices market accounted for over 47% of the global market in 2015 and is likely to retain its dominant stance over the forecast period as well, thanks to the thriving research and development activities in the region’s highly developed life sciences industry.
Massive Rise in Life Science Research and Development Activities to Drive Market
A number of factors are working favorably for the global life science microscopy devices market, including the vast rise in research and development activities in the life sciences sector, steadying finances of contract research organizations (CROs) in emerging economies due to a massive influx of projects from developed countries, and technological advancements in microscopy devices.
The increased influx of new and improved product varieties in emerging markets, rising numbers of regional players developing cost-effective products, and easy availability of advanced products across the globe are also having a positive impact on the global life science.
On the flip side, the high cost of high-end microscopes and low budgets allocated to life science projects in a number of countries could hinder the growth prospects of the market to a certain extent over the forecast period. Nevertheless, the rising adoption of localization microscopy—a promising new sub-segment of fluorescence microcopy—will continue to present new growth opportunities to the global life science microscopy devices market.
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