Press release
High Applications of Microscopes in the Field of Life Sciences Drives the Global Life Science Microscopy Devices Market
Despite the consolidated vendor landscape, the global life science microscopy devices market is reeling under fierce competitive forces. “Competition is especially tough from manufacturers in Asia Pacific as they offer microscopy devices at comparatively lower prices,” said a lead TMR analyst.
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However, major players are forecast to enjoy stronghold on account of their deeper global penetration and brand value. These companies also compete based on their strong product portfolio. Given the scenario, the competition is expected to remain high in the market through the forthcoming years.
According to TMR, the global life science microscopy devices market, which stood at US$1.1 bn in 2015, is projected to reach US$2.0 bn by the end of 2024. If these figures hold true, the global life science microscopy devices market will exhibit a CAGR of 6.5% between 2016 and 2024. By device type, the optical microscopes segment held the dominant share of 51.9% in the overall market in 2015. This segment is forecast to gain from the increasing demand for various types of optical microscopes such as inverted and fluorescence microscopes.
Regionally, North America dominated the global life science microscopy devices market with a share of 47.3% in 2015 and will continue doing so through the forecast period. Besides this, Asia Pacific exhibits high potential as the regional market for life science microscopy devices owing to the rising investment in R&D activities by biotechnology and pharmaceutical companies.
Microscopy Devices Sales to Surge in Response to Higher R&D Activities
Expansion witnessed by the contract research organization market and the increasing applications of microscopes in life sciences will support growth of the life science microscopy devices market. Several companies have ventured in the contract research organization industry encouraged by growth it has been exhibiting over the past few years. This in turn has bolstered research and development activities in the field of life science, which is creating lucrative opportunities for microscopy device manufacturers. The life science industry itself has risen considerably in the last few years owing to higher healthcare spending. Spurred by these factors the global life science microscopy devices market will exhibit robust growth in the coming years.
Besides this, investments in the development of new integrated microscopes will play a major role in bolstering market opportunities. Older microscopes such as electron or scanning probe microscopes required additional equipment such as scanners, detectors, imaging, and other systems. Contrary to this, the recently introduced integrated microscopes are available with the whole package. It thus has allowed customers to save considerably on their purchase compared to their traditional counterparts. This, coupled with recent technological innovations will greatly contribute towards the market’s expansion in the coming years.
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Premium Price of High-end Microscopes to Limit Their Penetration across Regions
On the downside, high-end microscopes often come for a premium price, which is an off-putting factor. These microscopes therefore have limited penetration across biotechnology and pharmaceutical companies thereby negative influencing the overall trajectory. In addition, lower allocation of budget towards research and development especially in developed countries is creating major concerns.
Nevertheless, the advent of localization microscopy is expected to provide a new dimension to the fluorescence microscopy techniques. Such innovations will pave way for a brighter future of enterprises operating in the global life science microscopy devices market.
This review is based on a TMR report, titled “Life Science Microscopy Devices Market - Global Industry Analysis, Size, Share, Volume, Growth, Trends and Forecast 2016 - 2024.”
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