According to a new market research report titled “Microscopy Market by Product (Microscopes, Software), Type [Optical (Compound, Digital), Electron (SEM, TEM), Scanning Probe (AFM, STM)], Application (Research, Material), and End User (Electronics, Healthcare, F&B, Academic) - Forecast to 2028” published by Meticulous Research®, the microscopy market is expected to grow at a CAGR of 4.2% from 2021 to 2028 to reach $11.71 billion by 2028.
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A microscope is an instrument that offers the ability to view magnified images of small objects or specimens not visible to the human eye, allowing the user to observe an extremely close view of minute structures at a scale appropriate for examination and analysis. From research to particle analysis to material characterization to industrial failure analysis and process control, microscopes are used broadly in academic & research institutes and various industries, such as electronics and semiconductor, automotive, healthcare, chemical, food & beverages, ceramics, aerospace, synthetic rubber, paints and coatings, plastics, and environment among other industries.
The growth of this market is driven by key factors such as technological innovations and advancements in microscopes, encouraging funding scenario for R&D in microscopy, rising innovations and applications of regenerative medicine and nanotechnology, and increasing academia-industry collaborations.
Impact of COVID-19 on Microscopy Market
The COVID-19 pandemic has weakened the global business environment and has created an uncertain outlook of the microscopy market. The key companies operating in the microscopy market experienced rapid market shrinkage due to temporary closures of many governments and private academic & research centers & institutes, industries, suppliers, disruptions or restrictions on employee’s and customer’s ability to travel, and delays in product installations or shipments to and from affected countries. These travel restrictions, business closures, and operating capacity reductions have adversely affected the microscopy market.
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The companies offering microscopes are falling short in predicting the effects of the pandemic due to uncertainties related to the global spread of this virus, the severity of the infection, duration of the outbreak, and the length of the travel restrictions and business closures established by the governments of impacted countries. In addition, this kind of outbreak could result in a widespread health crisis that can negatively affect the economies and financial markets of many countries, resulting in an economic downturn or a global recession that could affect the demand for products and impact the operating results.
Looking at the overall scenario, the COVID-19 pandemic has negatively impacted the global microscopy market. Still, rightful measures are also being taken by the companies operating in the market to adapt themselves to the scenario.
Key Findings in the Microscopy Market Study
The global microscopy market is segmented on the basis of product, type, application, end user, and geography. The study also evaluates industry competitors and analyzes their market share at the global and regional levels.
Based on product, the software segment is expected to show the fastest growth rate in the forecast period. Factors attributing towards the growth of this segment include rising applications of microscopy in various fields, technological advancements in microscope software, and the emergence of microscopy in emerging economies. Moreover, owing to the COVID-19 pandemic, key companies operating in the market launched software that allows ease in capturing, documenting, and sharing images.
Based on type, the electron microscopes segment is expected to show the fastest growth rate in the forecast period. Factors attributing towards the growth of this segment include encouraging funding scenario for R&D in scanning electron microscopy, rising demand for 3D analysis in material analysis and life science research, and growing industrial applications of electron microscopy.
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Based on application, the material analysis segment is expected to show the fastest growth rate in the forecast period. Factors attributing to this segment's growth include technological advancements and innovations in microscopy with wide application areas in material sciences and dedicated support from several governments in some countries to promote nanotechnology and nanoscience research.
Based on end user, the industrial segment is expected to show the fastest growth rate in the forecast period. Factors attributing towards the growth of this segment include the growing application of nanotechnology and high demand for microscopes for surface analysis and R&D in various industries.
This research report analyzes major geographies and provides comprehensive analysis for North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and RoAPAC), Latin America, and the Middle East & Africa. The key players operating in the global microscopy market are CARL ZEISS AG (Germany), Nikon Corporation (Japan), Bruker Corporation (U.S.), Olympus Corporation (Japan), JEOL Ltd. (Japan), Danaher Corporation (U.S.), Hitachi High-Tech Corporation (Japan), Thermo Fisher Scientific Inc. (U.S.), Oxford Instruments plc (U.K.), Accu-Scope Inc. (U.S.), Meiji Techno Co., Ltd. (Japan), and Labomed, Inc. (U.S.) among others.
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