Microscopy Devices Market: Rise in Technological Advancement Leading to Increased Consumption of Microscopy Devices
The global microscopy devices market is anticipated to rise in the coming years due to technological advancement and increasing number of innovations. The companies are majorly focusing on research and development to produce advanced microscopes. Biotechnology and pharmaceutical companies are engaging in these developments. Rise in engineering sector and biomedical research is also supplementing innovation of products technologies used in the market. Localization microscopy is one of the new product innovation designed by a scientist in Delft University of Technology. This new localized microscopy technique is capable to producing more and better informative images of various cellular functions including internal images of cells.
These innovations are boosting the growth of market. According to a report by Transparency Market Research, the global microscopy devices market is expected to rise at a healthy CAGR of 8.0% during the forecast period of 2017 to 2025. The global market was worth US$6,218.0 mn during 2018 and is expected to attain a valuation of US$12,351.4 mn by the end of 2025.
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Rigaku Corporation, X-ray analytical instrument manufacturer has highlighted its CT and XRM equipment in the Microscopy & Microanalysis 2018 meeting held in Baltimore Convention Centre, Baltimore. These new equipment enables nondestructive analysis at high resolutions of large samples. This X-ray microscopy is applicable to a wide range of materials from substances that are of low density such as biological samples to high density substances such as steels and ceramics.
Key Players Expanding Geographical Base to Fulfill Increasing Demand for Microscopy Devices
The key strategy of major players in the market are to upgrade innovations in technologies and products of microscopy devices. Various new products have successfully created high demand and set benchmark for the same. The various key companies operating in the global microscopy market are Nikon Corporation, Carl Zeiss Microscopy GmbH, Hitachi High Technologies, and Olympus Corporation. These companies are engaging in product offerings so as to increase the geographical reach and increase their customer base. These reasons are likely to garner the shares in the market.
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Companies Launching New Techniques to Replace Conventional Ones
Olympus Corporation in 2016 had introduced a new confocal laser scanning microscope named FLUOVIEW FV300 which helped researchers in various fields such as stem cell research, cancer research, and cell biology. Nikon Corporation in 2016 also launched a new inverted microscope named ECLIPSE Ti2, which helped in providing improved usability and stability in various research applications.
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North America Consuming Major Shares Owing to Established Players in this Region
The key players are enhancing and retaining their shares in the global microscopy devices market by investing in developing cutting edge technologies that promote product uptake and offers credibility. According to a report by Transparency Market Research, Olympus Corporation in 2017 spent US$706 mn in research and development alone. Established players are creating strong presence in the market by doing the same. These global players are operating in various regions of the world. Among which, North America is consuming the highest shares in the market. Asia pacific is also witnessing rise in the growth due to implementation of industrial policies in this region that is favoring the key players in health and science areas. These factors are backed up with various government programmers and non-reimbursable funds.
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