The global Microscope Market size is expected to reach USD 16.2 billion by 2027, according to a new study by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.9% from 2021 to 2027. Growing demand for advanced and high resolution or super resolution medical instruments for conducting R&D exercises in the fields of life sciences and nanotechnology is also expected to have a positive impact on demand over the forecast period.
Emergence of new application areas such as quantum dots and miniature transistor chips will serve this market as future growth opportunities. Quantum dots technology is currently in a nascent stage and is expected to cater to multiple application areas such as in transistors, diode lasers, quantum computing, biological imaging, solid-state lighting, electroluminescent displays and photo-voltaic cells. Optical microscopes dominated the market in 2020, primarily owing to their large application base.
However, due to rising adoption rates of advanced medical instruments, scanning probe microscopes (SPMs) and electron microscopes are expected to gain significant revenue share over the next six years. SPM is expected to be the fastest growing product segment, at an estimated CAGR of 9.3% from 2021 to 2027. Features such as non-dependence on wavelength of the source light, resolving atoms and generating better 3D maps of surfaces are some of the factors expected to increase market penetration for these products.
North America is anticipated to witness significant revenue share over the forecast period. This is attributed to presence of advanced healthcare infrastructure, advanced academic institutes, and research and development centers in the region. In addition, presence of significant number of key market players is also contributing to market growth in the region.
Related Press Release @ Microscope Market Report
Microscope Market Report Highlights
- Asia Pacific dominated the market in terms of revenue share in 2020. Evolving demand for semiconductors and positive outlook on application markets is expected to be a key driver for the market in the region
- The life science segment dominated the market and accounted for the largest revenue share in 2020
- Nanotechnology is expected to be the fastest growing application segment at a CAGR of 11.4% from 2021 to 2027
- The optical microscopes segment dominated the market in 2020 owing to a large application scope