Life Science Microscopy Devices Market to Flourish with an Impressive CAGR of 6.5% between 2016 and 2024
Global Life Science Microscopy Devices Market: Snapshot
Technological advancements aimed at innovating the latest models of microscopes have been very common in the recent past. These efforts are appreciated and encouraged as researchers are in constant need of novel technologies to investigate various types of cells, substances, and materials as minutely as possible. Application of microscopy devices is thus highly relevant in nanotechnology, material science, semiconductor, biotechnology, and life science industries. Among these, the demand for microscopy devices is quite high in the field of life science, as these instruments assist in the study of cellular interactions at biological levels and various other functions.
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Microscopes are available in different types depending upon their operational capabilities and features. For instance optical microscopes such as stereo microscopes, phase contrasts, and the fluorescence microscopes work on the light reflections, while electron microscopes uses electron beam to produce images and magnify. Overall, the demand for microscopy devices in the field of life science has steadily risen in the last few years and is projected to continue treading along a positive curve in the coming years.
According to Transparency Market Research (TMR), the global life science microscopy devices market is expected to reach US$2.0 bn by the end of 2024, from its valuation of US$1.1 bn in 2015. If these figures hold true, the global life science microscopy devices market will exhibit a positive CAGR of 6.5% between 2016 and 2024.
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Prevalence of Fierce Competition to Negatively Impact Demand for Optical Microscopes
Based on device type, the global life science microscopy devices market was dominated by optical microscopes in 2015. The high demand for these microscopes across research laboratories in emerging nations and their increasing applications in clinical/pathology and pharmacology & toxicology, besides their low cost are key reasons behind them constituting the key device category. In 2015, the optical microscopes segment held the dominant share of 51.9% in the overall market. However, due to the prevalence of fierce competition and the entry of new players, growth witnessed in this segment is likely to get restrained in the coming years.
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Electron microscopes emerged as the second-leading segment based on device type in 2015. However, in terms of volume the scanning probe microscopes segment accounted for the second-largest market share in the same year.
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