Growing public and private R&D funding aimed at the commercialization of nanotechnology based products is one of the key drivers of this market. According to statistics published by the ObservatoryNANO, public funding for nanotechnology crossed USD 10,000 million in 2012, growing from a nominal figure in 2000. Other market drivers include growing demand for research and development, especially in the fields of life sciences and semiconductors and increasing demand in emerging Asia Pacific and Latin American markets. Asia Pacific on account of the presence of cheap labor and favorable government policies is rapidly emerging as a manufacturing hub for players operating in the fields of nanotechnology, life sciences and semiconductors. Growth in manufacturing pertaining to these industries is expected to further market demand over the next six years. The global microscopes market was valued at USD 5,682.4 million in 2013 and is expected to grow at a lucrative rate during the forecast period.
Growing usage rates of super resolution microscopes is expected to serve this market as a future growth opportunity. High resolution capabilities associated with these products have opened up new avenues in R&D pertaining to the fields of cell biology and neurology and this is expected to drive overall market growth during the forecast period. These devices accurately image biological specimens and therefore are considered to be used as internal substitutes to electron microscopes. In addition, introduction of cost effective super resolution techniques such as dSTORM (direct stochastic optical reconstruction optical microscopy) is expected to boost usage rates.
Global microscopes market, by application, 2012 – 2020 (USD Million)
Life sciences dominated the application market with a share of over 30.0% in 2013. Growing use of microscopes in this industry for research and development, inspection and manufacturing and the rapid growth of the consumer electronics segment are two of the highest growth rendering drivers of this market. Nanotechnology based applications are identified as the most lucrative segment of this market. Presence of initiatives such as the National Nanotechnology Initiative (NNI) and growing R&D spending targeted at the use of nanotechnology as a drug discovery and manufacturing tool are some key drivers of this market. Growing demand for miniaturization in the semiconductor and medical device markets is also expected to boost the demand for nanotechnology and consequently for advanced microscopes.
Optical microscopes were the largest consumer of the market in 2013. Presence of a wide application area and high adoption rates in the fields of life sciences and semiconductors are some factors accounting for its large market share. This segment is further categorized into inverted, stereomicroscope, phase contrast, fluorescence, confocal scanning and near field scanning microscopes. Inverted microscopes market was its largest sub-segment in 2013. Growing usage rates of these products in application areas such as metallurgy and micromanipulation is expected to serve this market as a high impact rendering driver over the next six years.
Asia Pacific was the largest regional microscopes market in 2013 and is expected to retain its position throughout the forecast period. Rapid growth witnessed in application areas such as semiconductors and nanotechnology in this region is one of the key factors accounting for its large share. Moreover, growing usage rates in non-commercial establishments such as universities and research laboratories will serve this market as drivers. Rapidly growing industrialization rates and the presence of extensive nanotechnology related R&D investments in countries such as India and China is expected to serve as future growth opportunities. According to ObservatoryNANO Public Funding 2012, China surpassed the U.S. in terms of public funding for nanotechnology in 2011. Chinese public funding in nanotechnology grew at an annual growth rate of 20.0% to reach USD 2,388.8 million in 2011.
Microscopes market is marked by the presence of low inter-segment competition. The optical microscopes market is oligopolistic in nature with players such as Olympus Corporation, Nikon Corporation, Leica Microsystems and Carl Zeiss accounting for over 90.0% of the revenue share in 2013. Requirement of high capital and R&D investments coupled with the oligopolistic nature of the market is expected to keep the entry barrier for new entrants at a high level during the forecast period. Electron microscopes market was dominated by Hitachi High Technologies Corporation, JEOL Limited and FEI Company in 2013.