Surgical Microscopes Market: Increase in Prevalence of Chronic Disorders to drive the market
Surgical Microscopes Market: Introduction
Transparency Market Research has published a new report on the surgical microscopes market. According to the report, the global surgical microscopes market was valued at ~US$ 515 Mn in 2018. It is expected to expand at a CAGR of ~10% during the forecast period of 2019 to 2027.
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An operating or surgical microscope is an optical instrument that provides the surgeon with a stereoscopic, high quality magnified, and illuminated image of small structures in the surgical area. The operating microscope is a fixture of modern surgical facilities, and it is critically important for the success of several complex surgical interventions that are used today. First used in neurosurgical procedures, surgical microscopes are now heavily utilized in the surgical practices of ophthalmology, otolaryngology, plastic and reconstructive medicine, dentistry, gynecology, oncology, urology, etc. The purpose of a surgical microscope is to improve the surgeon’s view and also improve the usual components of microscopy, magnification, resolution, and illumination. Modern surgical microscopes can be placed on a stand, table or even worn by the surgeon. These microscopes can also be mounted on the ceiling or a wall to conserve floor space in the surgical suite.
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In terms of product, the on casters segment held a major share of the global surgical microscopes market in 2018. It is likely to maintain its dominance during the forecast period, owing to their increased penetration in the market, and also because they provide ease of operation and maneuverability. Based on application, the oncology segment is estimated to account for a major share of the global surgical microscopes market. This segment is anticipated to expand at a rapid pace during the forecast period. According to the National Cancer Institute, in 2016, there were an estimated 15,338,988 people living with cancer in the U.S. In terms of end user, the hospitals & ambulatory surgical centers segment is anticipated to dominate the global surgical microscopes market during the forecast period, due to an increase inpatient admissions in hospitals and ambulatory surgical centers. Surgical microscopes are used in various surgeries such as ENT surgeries, neurosurgery, dental surgeries, etc. Surgical microscopes, along with technological advancements, provide surgeons with better insights, enabling appropriate decision-making regarding the treatment procedure. However, the high cost of procurement of surgical microscopes and lack of skilled professionals are factors that are expected to hamper the growth of the surgical microscopes market during the forecast period.
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Global Surgical Microscopes Market: Prominent Regions
North America holds a major share of the global surgical microscopes market. The market in the region is estimated to expand at a rapid CAGR during the forecast period. It is primarily driven by factors such as highly structured healthcare industry and availability of well-defined reimbursement policies from private and public health insurance firms. In addition, the adoption of new technologies related to surgical microscopes, along with high awareness among people about diseases and related cure & technologies, and a large number of players in the North American region focusing on R&D activities to introduce technologically-advanced surgical microscopes with improved design are driving the surgical microscopes market in the region. The surgical microscopes market in Asia Pacific is estimated to witness significant growth. Asia Pacific is a relatively untapped market as compared to developed regions. Hence, the region offers immense growth opportunities to market players. Factors such as high prevalence of chronic diseases, rise in geriatric population resulting in increased number of surgeries, surge in patient population, and growth of the healthcare industry in the region are factors fueling the expansion of the surgical microscopes market in the region.
Europe held the second-largest market share in 2018. Well-developed healthcare infrastructure and increase in the number of surgical procedures are driving the surgical microscopes market in the region. This markets in the Middle East & Africa and Latin America are projected to witness moderate growth in the near future.
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Global Surgical Microscopes Market: Key Players
Key players are expanding their footprint to strengthen their position in the global surgical microscopes market. Emerging economies, due to an increase in the number of patient population and surgical procedures, offer lucrative opportunities to key players to increase their market share. Manufacturers are engaging in new product development, collaborations, acquisitions, and distribution agreements. For instance, In March 2018, The Metall Zug Group completed 70% acquisition of HAAG-STREIT GROUP, headquartered in Köniz, Switzerland. Haag-Streit Holding AG develops, produces, and distributes high-quality products and services for diagnosis and surgery, mainly in the fields of ophthalmology and surgical microscopy. Following this acquisition on February 28, 2018, Haag-Streit Holding AG formed the fourth Business Unit Medical Devices of the Metall Zug Group.
Prominent players operating in the global surgical microscopes market are ZEISS International, Leica Microsystems (Subsidiary of Danaher), HAAG-STREIT GROUP (Metall Zug Group), TOPCON CORPORATION, Alcon, Takagi Ophthalmic Instruments Europe Ltd., Ecleris, Optomic, Seiler Instrument Inc., and ATMOS MedizinTechnik GmbH & Co. KG.
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