Microscope Market Size Worth $16.76 Billion By 2028 | CAGR: 8.0%

The global microscope market size is expected to reach USD 16.76 billion by 2028 according to a new study by Polaris Market Research. The report “Microscope Market Share, Size, Trends, Industry Analysis Report, By Type (Optical, Electron, Scanning Electron Microscope; Scanning Probe Microscope, Others); By Application; By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Several technological advancements in the fields of nanotechnology, semiconductors, and life sciences have augmented the growth of the microscope market. In addition, this has encouraged government bodies to invest in research & development, which in turn has led to an increase in demand for the product in companies, small laboratories and academic institutions. Companies and academic institutions are increasing collaborations for shared use of advanced laboratory equipment that have further supplemented the growth.

The other factors driving the growth include lightweight and portability of certain microscopes production of robust, more accurate and relatively cheaper instruments, and widespread adoption of the product by manufacturers across various domains. Emerging industries in developing countries and newer innovative fields of application provide numerous opportunities for growth.

The major driver of the growth of the microscope market is the advancements in the field of nanotechnology. Various factors such as optimal energy consumption and its conservation, environmental preservation, and increasing industrial productivity and quality by optimizing operational efficacy have fuelled the growth of nanotechnology.

Also, miniaturization in semiconductor and electronics industry and material science has boosted market growth. Furthermore, the extensive use of the product and technological advancements in the field of forensic sciences, pharmacology, cell biology, biophysics and microbiology among other life sciences has augmented the industry growth.

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In view of increasing technological advancements and their benefits, there has been an increase in the research and development activities in companies, small laboratories, and academic institutions. It has also encouraged the government bodies to increase funding of such research and development activities. Moreover, companies and academic institutions are collaborating in order to use advanced laboratory equipment, which in turn has also supplemented the growth.

The recent technological advancements in the manufacturing process of microscopes have led to the production of robust, more accurate, and relatively cheaper instruments. In addition, certain microscopes are lightweight and portable in nature which has further contributed to the industry growth.

Furthermore, recent advancements in commercial applications of nanotechnology, life science, and semiconductor manufacturing have led to the widespread adoption of microscopes used by manufacturers across various domains. Asia-Pacific dominates the global market and is predicted to exhibit growth at the highest CAGR during the forecast period. This rapid growth is due to the swelling economic growth in countries such as China and Japan.

Various factors governing the growth in this region include the presence of major market players in this region, increasing government, and rapidly increasing research and development activities. Furthermore, various technological advancements in the field of material and life sciences, and nanotechnology are further boosting the industry growth.

The key players profiled in the report include Nikon, NT-MDT Company, Leica Microsystems, Hitachi High Technologies, Carl Zeiss AG, Bruker Corporation, FEI Company, Jeol Ltd., Olympus Corporation, Omax Corporation, Amscope, Celestron, Asylum Research, Motic and Magnus Analytics.