ALBANY, New York, Aug. 26, 2019 /PRNewswire/ -- The global Microscopy Devices Market is likely to experience a robust growth during the forecast period. The microscopy devices market is driven by factors like growing focus on life science and nanotechnology research, and growing number of inventions in the field of microscopy.
Using extensive research methods, Transparency Market Research (TMR) has prepared a report on the global microscopy devices market. The market is likely to clock a robust growth rate of 8% CAGR during the assessment period ranging from 2017-2025. The global microscopy devices market is likely to reach a value of US$ 12,351.4 mn by 2025 from US$ 6218.0 mn in 2016.
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North America to Lead the Market during the Forecast Timeframe
South America, Asia Pacific, Middle East and Africa, Europe, and North America comprise the principal regional segments of the global microscopy devices market.
From the regional standpoint, North America occupies a dominant position in the global microscopy devices market and is anticipated to continue with the regional dominance during the assessment period. According to the findings of Centers for Medicare and Medicaid Services (CMS), there has been an increase of 3.9% in the healthcare spending in 2017, nearly US$ 3.5 trillion in value. In the region, almost 18% of the total GDP was spent on healthcare services. Out of the total spending, 32% was spent on hospital care. CMS reported that this trend would continue.
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The region will be driven by the United States, which is home to a large base of geriatric population with a high prevalence of chronic disorders, such as cardiovascular disorders and cancer. According to National Center for Chronic Disease Prevention and Health Promotion, every six out of ten Americans live with at least one chronic disease in their lifetime. The International Journal of Environmental Research and Public Health reports that every 7 out of 10 deaths are caused by chronic diseases in the United States, accounting for nearly 1.7 million deaths per year.
The rate of diagnosis has increased with the increase in geriatric population, which has furthered the growth of use of microscopy devices in the region. In addition to that, support from the government to continue research and development in nanotechnology is also influencing the growth of the global microscopy devices market.
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Cost-effectiveness and Consistent Accuracy of Microscopy Devices to Fuel Market Growth
The global microscopy devices market is likely to gain traction from the fact that the devices perform much better than rapid diagnostics tests (RDT) in the diagnosis of malaria in children under the age of five. Numerous studies have suggested microscopy devices, if available, should be performed for all patients suspected to have malaria parasites, even for those who tested negative in RDT test.
According to the findings of World Health Organization, the total number of patients who were tested by microscopic examination had surpassed 204 million in 2016. India led the total microscopic examination globally and accounted for nearly 125 million slide examinations. Owing to the cost-effectiveness and consistent accuracy, use of microscopic techniques for testing has been rising dramatically. Therefore, the global microscopy devices market derives traction from the increased use and acceptance of microscopic techniques worldwide.
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Furthermore, growth in the segment of biomedical research and engineering is stimulating innovation in the technologies and products utilized in the field. For example, localization microscopy is a brand new technique invented at the Delft University of Technology. A fluorescence microscope generally creates images in between the resolution range of 200 nanometers to 300 nanometers. With use of the localization microscopy technique, more informative and better images can be produced as compared to the fluorescence microscope.
Hitachi High-Technologies Corporation, Olympus Corporation, Thermo Fisher Scientific, Carl Zeiss Microscopy GmbH, and Nikon Corporation are some of the prominent companies of the global microscopy devices market.
The information shared in this review is based on a TMR report, bearing the title, "Microscopy devices Market (Product - Optical Microscopy, Scanning Probe Microscopy, Electron Microscopy, Microscopy Accessories; Application - Cell and Molecular Biology, Pharmacology and Toxicology, Clinical Pathology and Diagnostics, Surgery, Biomedical Engineering, Neuroscience; End use -Hospitals, Diagnostic Laboratories, Ambulatory Surgery Centers (ASCs), Physician Offices, and Academic & Research Institutes) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 - 2025."
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