Founded in 1981, scanning probe microscopy is widely used in the study of 3D specimen. Demand for scanning probe microscopes has witnessed an uptick in the recent past, owing to increasing focus on life sciences and nanotechnology. In addition to its burgeoning applications in the healthcare sector, scanning probe microscopes are also widely used in electronics and semiconductor industry. Governments around the globe are investing in R&D activities, especially in nanotechnology, owing to which demand for microscopy industry is in a period of ascendancy. Furthermore, corporate funding on R&D is also acting as a contributing factor for the growth of the market. During the forecast period 2016-2024, the scanning probe microscopy market is expected to witness a stable CAGR and offer growth opportunities to manufacturers.
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Growing Applications Fuelling Demand for Scanning Probe Microscopy
Applications of scanning probe microscopes in a wide range of end-use industries is expected to provide a fillip to global demand during the forecast period. Various end-use industries are using scanning probe microscopes for improving quality control and assurance and enhancing overall product development. Key end-use industries include semiconductor, personal care, and food science industries. Nanomechanical characterization with the help of scanning probe microscopy is quickly gaining traction among end-users, further promoting the growth of the market.
During the forecast period 2016-2024, the demand for scanning probe microscopy will be vastly influenced by research funding in life sciences and nanotechnology sector. While government support has been a key support for the growth of the market, corporates have also come forward to invest in developing cutting-edge equipment so that they can consolidate their position in the market.
Region-wise Analysis on Scanning Probe Microscopy Market
North America is a key region for the scanning probe microscopes market, and it is expected to maintain its dominance of the market during the forecast period 2016-2024. The market in North America is largely driven by surging demand for scanning probe microscopes in the U.S., where a number of research institutions have emerged as the largest end-users for these devices. The U.S. scanning probe microscopes market will continue to lead global sales besides remaining a hub for innovation and advancement in this field. A majority of microscope manufacturers are based in the U.S. owing to which technological advancement and innovation is at a mature stage.
Western Europe is another lucrative market for scanning probe microscopy, owing to the strong demand from research institutes in the region. While Asia Pacific market has witnessed moderate growth till now, during the forecast period 2016-2024, demand for scanning probe microscopes in the region is anticipated to witness robust growth owing to increasing emphasis on research and development by fast-growing economies of China, India, and South Korea. Japan is another lucrative market for scanning probe microscopes, and is anticipated to witness steady growth during the forecast period.
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In contrast, the economic slowdown in several countries over the past decade has had a considerable impact on government budgets and funding when it comes to research within the healthcare sector. This has adversely impacted the global market for prepacked chromatography columns market. Moreover, the high prices of columns and limitations resulting from clogging and fouling act as deterrents to the market.