Video Microscopes Market Size will exhibit a considerable CAGR growth rate during 2022-2028. A rapid upsurge in the aging population and the prevalence of chronic diseases in several developing economies will push the demand for video microscopes in the near future. Increasing demand for minimally invasive devices for surgical interventions, along with the rising product preference for accurate and convenient diagnosis among healthcare professionals and patients, will boost the industry outlook over the projected timeline.
Growing R&D activities and investment by industry players coupled with increased government funding to deliver technologically advanced innovative products are likely to propel the market share in the forthcoming years.
Emerging requirements for cost-effective, high-quality diagnostic tools, leading to the widened adoption of 3D imaging technology for precise disease diagnosis, may create new growth avenues for the video microscopes industry. Furthermore, the evolution of manufacturing technology and the proliferating product demand across several end-use industry verticals like therapeutic, diagnostic, engineering, and human anatomical study will improve the sales of these devices in the years ahead.
3D video microscopes may gain significant momentum over the forecast period due to their increasing preference among healthcare professionals for medical imaging approaches like CT scan, MRI, and endoscopy for application to minimally invasive surgical interventions. These microscopes offer real-time interaction with specimens with high magnification capability.
With respect to the product application, hospitals may register decent expansion over the next few years due to their growing demand for diagnosis of several microbial diseases like tuberculosis, HIV, AIDS, etc., and investigate tissue samples, blood smears, and biological objects at a microscopic level. Moreover, the availability of certified health professionals and advanced equipment in these settings will further help segment expansion.
Regarding the end-user segment, biopharmaceutical companies may bring lucrative opportunities to the video microscopes market over the analysis period due to the increasing expenditure for advanced drug delivery for people suffering from chronic diseases. As per a study by Centre for Disease Control and Prevention (CDC), every 6 in 10 adults in the US have a chronic disease. It is a leading cause of death and disability and constitutes over $3.8 trillion in annual health care expenditure.
North America video microscopes market may experience substantial progression in the forthcoming years due to the increasing healthcare expenditure and improved infrastructure in the region. Emerging R&D investment by key players to offer technologically advanced products will further support the regional growth.
Some of the prominent players of the video microscopes market include LW Scientific, Biobase, Microptik, PCE Iberica, Olympus microscopy, Meiji Techno, and Renfert. These players are adopting several growth strategies to foster their market demand and strengthen their existing customer base.
The advent of the pandemic negatively impacted the video microscopes market during 2020. Shutting down of major enterprises due to government-imposed lockdowns across several economies severely disrupted the production and supply of goods and services. Declining disposable incomes and reducing consumer demand due to economic fallbacks led to the elimination of non-essential healthcare expenditure, impacted the market growth. In addition, shifting government expenditure towards research and development of COVID-19 drugs and vaccines further led to industry contraction during the pandemic.
However, with the lifting of lockdown restrictions by government authorities, the industry is expected to recover over the next few years.
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