May 21, 2020
According to the research report titled ‘Global Digital Microscope Market Size study, by Product Type (Desktop Digital Microscope, Portable Digital Microscope, Wireless digital microscope, Others) By Application ( Scientific research, Biomedicine, Cosmetology, Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global digital microscope market was worth USD 388.05 million in the year 2019 and is expected to grow with a CAGR of 2.74% during 2020-2026.
For the record, a digital microscope is equipped with rechargeable batteries, high quality image sensors, digital cameras, and comprises of a storage system for saving the acquired images. This type of microscope offers instant and clear images of the object and is widely used in various industry verticals such as biomedicine, cosmetology, and scientific research among others.
Surging investments towards R&D activities in life science industry along with rising adoption in biomedicine and pharmaceutical industry are major factors driving the market growth. In 2015 for instance, the National Institutes of Health allocated around USD 1.495 billion to promote stem cell research activities. The investment increased up to USD 1.912 billion in the year 2019. Similarly, California government invested USD 45 million in 2018 to encourage early stage research of stem cell treatments & technologies.
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Digital microscopes are used extensively in healthcare centers to study the specimen acquired from patients. Moreover, increasing application of the product in metallurgy, inspection, automotive, and electronics industry is stimulating the industry outlook. However, the report estimates that lack of skilled personnel may hinder the market growth.
As per product type, the market is divided into wireless digital microscope, portable digital microscope, and desktop digital microscope. Based on application spectrum, the digital microscope market is split into cosmetology, biomedicine, scientific research, and others.
Citing the regional landscape, the North America digital microscope industry is predicted to acquire appreciable returns in the subsequent years, primarily due to escalating expenditure towards R&D activities in pharmaceutical sector. Meanwhile, the Asia-Pacific market is anticipated to record substantial growth during the forecast period. Factors such as surging research & development funding, rising adoption of microscopy in nano technology, increasing automobile production, and booming textile industry are augmenting the regional demand.
The prominent companies operating in digital microscope market are Tagarno A/S, Danaher Corp., Hirox Corp., Jeol Ltd., Keyence Corp., Nikon Corp., Carl Zeiss AG, Leica Microsystems, Celestron LLC, and Olympus Corp. among others.