Growing research activities and increasing public-private fundings to augment the growth of the microscopy market

calendar_today 26 January, 2022 person_outline Growth Plus Reports

Microscopy Market by Product (Microscopes, Software, and Accessories), Applications (Life Sciences, Semiconductors, and Materials Science), End-User (Industries, Academic & Research Institutes, and Clinical & Diagnostic Laboratories) – Global Outlook & Forecast 2021-2031

According to the deep-dive market assessment study conducted by Growth+ Reports, the global microscopy market was pegged at ~US$ 6.6 billion in 2020. The market is expected to witness a CAGR of ~5.2% from 2021 to 2031. 

Factors such as growing research activities across the industry verticals, growing usage of microscopes in the diagnosis of various diseases, and technological advancements are driving the growth of the microscopy market. However, the high cost of advanced microscopes and the dearth of skilled professionals to operate these microscopes are likely to restrain the market growth to a certain extent.

Microscopy plays a significant role in research related to virology and infection biology. Different microscopic techniques can be used to understand the genomic structure, receptor binding, and virus budding as well as understand the immune response. It is used to study the virus and host interactions, multiple research institutes have used microscopy to understand cell morphology. Thus, increasing research and development studies have in turn played a pivotal role in boosting the growth of the microscopy market.

In the past few years, advancements in microscopic techniques have enabled researchers with materials characterization and analysis. For instance, the use of a scanning electron microscope (SEM) over a traditional light microscope provides higher magnification and resolution. It can also be used for image resolution as low as 15 nm. The use of new microscopic techniques provides opportunities for pathologists for developing improved diagnostic tests. Modern-day microscopes also allow visualizations to the atomic level. Therefore, advancements in microscopes have in turn led to their increasing use in research, which is driving the growth of the microscopy market.

Various organizations are providing funding for the propagation of R&D in microscopy, which in turn is driving innovations and growth in the microscopy market. For instance, in Nov 2020, an international research team headed by Markus Sauer of the University of Würzburg was awarded a grant of US$13 million to pursue research in superresolution microscopy. Similarly, in December 2020, Chan Zuckerberg Initiative (CZI) provided around US$ 32 million in funding. These funds will be used to support biomedical imaging researchers, microscopy technology development, and the BioImaging North America international network of bioimaging facilities and communities.

However, the cost of engineering and manufacturing the microscope is quite high. Moreover, the lasers used to excite the dyes used on specimens are also very expensive. Thus, the high cost of advanced microscopes acts as a restrain to the market growth, especially in developing markets.

Regionally, Asia-Pacific is anticipated to grow at a higher CAGR during the forecast period. Factors contributing to the growth of the market in this region include increasing funding for R&D activities in the field of nanoparticles and the launch of technologically advanced products. Moreover, the presence of prominent players (such as Olympus Corporation and Hitachi High-Tech Corporation) also fuels the market growth.

Some of the prominent players operating in the global microscopy market include Carl Zeiss AG, Danaher, Nikon Corporation, Thermo Fisher Scientific Inc., Olympus Corporation, Bruker, Jeol USA, Inc., Oxford Instruments, Hitachi High-Tech Corporation, and Cameca, among others.

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