The microscopy market is projected to reach USD 8.2 billion in 2024 from USD 6.3 billion in 2019, at CAGR of 5.5% during the forecast period. Market growth is driven largely by factors such as favorable funding scenario for R&D in microscopy, technological advancements in microscopes, and rising focus on nanotechnology and regenerative medicine. However, the high cost of the advanced microscopes is expected to restrain the growth of this market during the forecast period.
By application, the material sciences segment is expected to witness above-average growth in the microscopy market during the forecast period.
Material sciences are expected to show the highest growth in the forecast period. Increasing focus on research in material science is expected to drive the growth of this application segment. Microscopes are used for the structural and chemical analysis of materials, including polymers, metals, alloys, ceramics, and biomaterials. Optical microscopy and SEM are common techniques in mineralogical and structural investigations of geological and archaeological samples.
North America is expected to account for the largest market share during the forecast period.
The microscopy market is divided into four major regions— Europe, North America, Asia Pacific, and the Rest of the World (RoW). In 2018, North America accounted for the largest share of the global market, closely followed by North America. Factors such as the significant R&D budgets, availability of advanced microscopy systems offered by market leaders, high and growing focus on nanotechnology, and the presence of a large number of major research institutes and universities in the region are driving the growth of the market in North America.
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Asia Pacific is estimated to grow at the highest CAGR during the forecast period. Factors such as the rising R&D funding for microscopy, increasing application of correlative microscopy in life sciences and nanotechnology research, establishment of collaboration centers for microscopy research, and the low material cost and the availability of low-cost skilled labor for OEMs in these countries are the major factors supporting the growth of the Asia Pacific microscopy market.
Key Market Players
The major companies in the microscopy market include Carl Zeiss (Germany), Danaher (US), Thermo Fisher Scientific (US), Nikon (Japan), Olympus (Japan), Hitachi High-Technologies (Japan), JEOL (Japan), and Bruker (US).
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