According to Coherent Market Insights, the global surgical microscope market was valued at US$ 777.8 million in 2018 and is expected to exhibit a CAGR of 9.4% over the forecast period (2019-2027).
Key Trends and Analysis of the Surgical Microscope Market:
Key trends in market include increasing demand for high precision minimally invasive surgeries, technological advancements, and adoption of growth inorganic strategies such as acquisition, collaboration by the market players.
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Increasing demand for high precision minimally invasive surgeries due to increasing patient population suffering from chronic diseases such as cancer, CVD (cardiovascular disease), and others is expected to drive growth of surgical microscope market during the forecast period. For instance, according to the World Health Organization reports, the global cancer burden was around 18.1 million, and 9.6 million related deaths were reported in 2018.
Moreover, manufacturers are focused on developing new technologies and products, owing to increasing adoption of surgical microscopes for performing microsurgeries in developed and emerging economies. Rising demand for technologically advancement microscopes, which offers enhanced visibility, portability, and stability are expected to be the key factor driving the market growth. Technological advancements have helped to widen the scope of these surgical microscopes for different applications in surgery. For instance, in September 2019, Carl Zeiss Meditec AG launched a new surgical microscope with high-resolution imaging technology for eye care. The new technology helps to advance the digitalization of eye care and offers high-resolution imaging, which allows doctors to enhance clinical efficiency and surgical performance.
Increasing investments in the healthcare industry are expected to drive growth of the surgical microscopes market in the emerging economies over the forecast period. For instance, the Israel National Institute for Health Policy Research (NIHP) supports healthcare research and development sector by organizing scientific meetings, conferences, Moreover, according to the Israel Advanced Technology Industries (IATI), in 2017, around 20% of all investments in the life sciences sector in Israel were attributed to technological developments.
Several market players are focused on expansion of existing and new production facilities, in order to maintain a competitive edge in the market. For instance, in 2018, B. Braun Melsungen AG invested around US$ 1 Bn on increasing production and research and development projects to expand its product portfolio. Moreover, in April 2018, B. Braun Melsungen AG opened new medical production facilities in Penang, Malaysia for manufacturing infusion pump devices, pharmaceutical solutions, and surgical instruments.
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Market players are adopting product acquisition and partnership strategies, in order expand their offering in the market. For instance, in October 2019, Carl Zeiss Meditec AG and Kyoto University entered into a partnership to establish Zeiss iCeMS Innovation Core and develop new microscopy technologies
Key Market Takeaways:
- The surgical microscope market is expected to exhibit a CAGR of 9.4% during the forecast period (2019 – 2027), attributed to increasing demand for high precision minimally invasive surgeries, technological advancements, and adoption of growth inorganic strategies such as acquisition, collaboration by the market players.
- Key players are adopting merger and acquisition strategies for enhancing their offering in the potential market, which in turn is expected to propel the market growth over the forecast period. For instance, in July 2019, Leica Microsystems signed a distribution agreement with DKSH, a market expansion services provider with a focus on Asia Pacific, in order to distribute Leica’s brand portfolio in Vietnam and the Philippines.
Key players operating in the global surgical microscope market include Carl Zeiss Meditec AG, Leica Microsystems, Takagi Seiko Co., Ltd., Topcon Corporation, Alcon, Alltion(Wuzhou) Co., Ltd., HAAG-STREIT SURGICAL, Seiler Precision Microscopes, ARI Medical Equipment Co., Ltd., and CHAMMED.
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