The Global Optical Microscope Market is expected to reach US$ 3,687.90 Mn in 2027 from US$ 2,412.23 Mn in 2018.
According to The Insight Partners market research study titled ‘Optical Microscope Market to 2027 – Global Analysis and Forecasts by Product, End User and Geography'. The Global Optical Microscope Market is expected to reach US$ 3,687.90 Mn in 2027 from US$ 2,412.23 Mn in 2018. The market is estimated to grow with a CAGR of 5.2% from 2019-2027. The report highlights the trends prevalent in the optical microscope market and the factors driving the market along with those that act as challenges to its growth.
Asia Pacific is the fastest growing geographic market and it is expected to be the fastest revenue contributor throughout the forecast period. Asia Pacific is expected to record growth at a significant rate during the forecast period. The development in microscopy science and research in developing markets of China and India is expected to be a prime contributing factor towards the rising demand for optical microscopes.
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Optical Microscope Market Competitive Landscape and Key Development
The major players operating in the optical microscope market include, Agilent Technologies, Inc, Nikon Corporation, Bruker, JEOL Ltd, Leica Microsystems, Olympus Corporation, Carl Zeiss AG, Accu-Scope Inc, Ken-A-Vision, Inc, Crest Optics, MEIJI TECHNO CO., LTD among others. The companies are involved in various growth strategies that are enabling the growth of the market as well as for the company. For instance, in June 2019, Olympus Corporation launched the DSX1000 digital microscope, which will improve inspection workflow and enable the analysis of samples with a single tool.
The market for optical microscope is expected to grow significantly due to factors such as rising expenditure of pharmaceutical and biotechnology companies on research and development activities, innovative product launch. However, limitation of the optical microscope is expected to act as major restraining factor for the growth of the market. In addition, developing nations offer great growth opportunities for the market during the forecast period. Also the future trend such as development in the technology is expected to drive the market in coming years.
Innovative Product Development
To gain a higher market share companies are investing in the development of a new microscope. These microscopes are produced by keeping in consideration of the requirement from the end user. Technologically advanced products offer competitive advantage to the manufacturers. The market is highly competitive, which requires continuous improvement in technology. Companies in the optical microscopes market are gradually focusing on software-based variation to remain competitive. Since the demand from the life sciences industry for research is rising, Olympus, one of the player in optical microscope has launched the IXplore microscope range for modern laboratory life sciences and medical application requirements. This product comes with an automated imaging technology feature for accurate and efficient experiments and the IXplore Live feature for precise live cell imaging. Flinn Advanced Compound Microscopes that deliver high-quality optics launched by Flinn Scientific Inc. which are considered the best for advanced biological science courses and include easy-to-use software.
Market Collaborations
Collaboration in the segment is seen to be a win-win situation for the parties entering in collaboration. The objective of any collaboration with the company is usually for technology transfer, resource management, reducing operation cost, and others. In collaborations companies combine their effort and expertise of both organization, this creates a better network, and new innovation are expected, which ultimately leads to the growth of the organizations. For instance, there have been various developments and collaborations between the major players. For instance, For instance, there have been various developments and collaborations between the major players. For instance, in March 2019, Olympus launched Alpha3 lightbreaker microscope in its life science portfolio. The product was developed in collaboration with PhaseView which is an advanced 3D microscope manufacturer.
Optical Microscope Market: Segmental Overview
The global optical microscope market by end user segments was led by academic and research institutes segment. In 2018, the academic and research institutes held a largest market share of 33.95% of the optical microscope market, by end user. Also, the academic and research institutes segment is expected to grow at the fastest growth rate during the forecast period, 2019 to 2027 because of the government funding for life science research and collaborations by companies offering optical microscopes and research institutes.
Organic and inorganic growth strategies were observed among which organic strategy was the most adopted strategy in optical microscope industry. For instance, in June 2019, Olympus Corporation launched the DSX1000 digital microscope, which will improve inspection workflow and enable the analysis of samples with a single tool. Thus, various product launches in the market are likely to influence the market growth during forecast period.
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