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 Optical Microscope market is estimated to grow with a CAGR of 5.2% from 2019-2027.
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. The development in the technology is expected to continue as a future trend for the market. In addition, developing nations owe great growth opportunities for the market during the forecast period. Thus, it is expected that the above mentioned factors are likely to influence the optical microscope market during the forecast period.
The growing biotechnology industry, rising number of diagnostic laboratories are driving the optical microscope market. The United States has a significant number of diagnostic labs, which enable better disease monitoring. In the United States, more than 200,000 laboratories offer testing services. As per data published by Lab Florida, there are approximately 8,680 hospital labs, 106,190 physician office labs, and 5,414 independent labs.
In addition, government funding for research activities is increasing significantly. March 2019, the Canadian government invested in research activities across the country, to provide better scope for technological advancements. The government announced a boost in the funding for the Canada Foundation for Innovation (CFI) of approximately $763 million for the next five years and $462 million per year starting in 2023-24. This investment will provide support to 251 researchers conducting 186 projects in 43 universities across Canada. These measures are expected to offer significant opportunities in the field of R&D in the country
Across the world various programs are initiated to boost healthcare services which has led to development of new hospital and clinics, diagnostic laboratories. Investment by pharmaceutical companies in drug discovery, clinical trial are anticipated to increase the demand of optical microscope. Therefore, owing to the above mentioned factors the market is likely to propel during the forecast period.
Global optical microscope market was segmented by product and end user. The product segment was segmented into digital microscopes, stereo microscopes, inverted microscopes and accessories market. Likewise, the end user segment is classified as hospital & clinics, academics & research institute Pharmaceuticals & biotechnology companies.
Some of the major primary and secondary sources included in the report for the optical microscope market are World Health Organization, European Federation of Pharmaceutical Industries and Associations, Industrial Biotechnology Leadership Forum, Japan Society Promotion of Science, Nikon Microscopy Center, Council of Scientific and Industrial Research, Canada Foundation for Innovation, Chinese Academy of Sciences and others.