Surgical Microscopes Market Competitive Strategies, Growth Analysis and Forecast Till 2022
The demand for surgical microscopes has witnessed tremendous growth due to growth in global geriatric population, increase in R&D activity in life science sector, growth in health care infrastructure, and increase in demand for minimally invasive surgeries. In addition, governmental funding & support for implementing the healthcare infrastructure and technological advancement are some of the factors anticipated to play a major role in the growth of the developed markets. However, sale of used and refurbished equipment and high pricing of equipment in developing region are some of challenges, which can hamper the growth of the market to some extent during the forecast period.
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Global Surgical Microscopes Market would reach $818 million by 2022 from $447 million in 2015, growing a CAGR of 8.9% from 2016 to 2022, according to a new report published by Allied Market Research.Ophthalmology application segment is expected to remain the highest revenue-generating segment throughout the forecast period. North America held the leading position in the global market in 2015, and is expected to maintain its lead throughout the study period.
Ophthalmology segment dominated the market in 2015 with one-fourth market share, and is expected to maintain its dominance throughout the forecast period due to increase in population undergoing ophthalmic surgeries worldwide. Moreover, ENT segment is projected to exhibit higher growth rate among all the other applications, closely followed by plastic & reconstructive surgery and oncology segments.
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In 2015, outpatient facilities was the largest end-user segment and is expected to remain predominant over the forecast period. In addition, low price range surgical microscopes accounted for more than two-fifths market share in 2015 and is anticipated to grow at higher CAGR when compared with mid-range and premium range surgical microscopes.
Key Findings of the Surgical Microscopes Market:
- ENT is expected to witness highest CAGR of 9.3% during the forecast period.
- Outpatient facilities is predicted to be the fastest growing end-user segment with a CAGR of 9.0% during the analysis period.
- North America is anticipated to lead the market, growing at a CAGR of 8.2% from 2016 to 2022.
- China and India are projected to grow at higher CAGR of 16.4% and 13.6%, respectively, during the forecast period.
- Low-range surgical microscope to remain dominant over the forecast period and is also estimated to grow at a high CAGR.
In 2015, North America and Europe collectively accounted for more than 60% of the worldwide demand for surgical microscopes and are expected to maintain their lead position throughout the forecast period. However, Asia-Pacific is projected to be the fastest growing region, with a CAGR of 10.7% during the forecast period, followed by LAMEA and North America.
All the industry players invest immensely in R&D to upgrade their product segments and to further penetrate into market. The major companies profiled in the report include ACCU-SCOPE, Inc., TAKAGI SEIKO CO., LTD., Alltion (Wuzhou) Co., Ltd., ARRI AG, Carl Zeiss, Haag-Streit U.S., Leica Microsystem GmbH, Alcon Laboratories, Inc., Topcon Medical Systems, Inc., Olympus Corporation, and Global Surgical Corporation.
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