The global Surgical Microscope Market size was valued at USD 485.7 million in 2015 and is expected to grow at a CAGR of 11.6% over the forecast period. The rising prevalence of chronic conditions, such as cancer, where surgical intervention is one of the primary treatment lines is another factor that drives the growth of this segment.
As per the World Health Organization (WHO) statistics, cancer is responsible for around 13.0% deaths globally. This further drives the demand for surgical microscopes by reducing the throughput time for patients and can be helpful in increasing the diagnostic efficacy.
Geriatric population is the key target demographic segment for these devices as they are highly prone to the various chronic disorders as well as age-related deformities. As per the WHO statistics on geriatric population, by 2024, there would be a two-fold hike in the geriatric population, which is expected to further drive the demand. The demand for microsurgeries or minimally invasive surgeries is rising exponentially. These devices play a critical role in these procedures in terms of better visualization of the target site, minimum trauma, and speedy recovery of a patient, thereby supporting the industry growth substantially.
Technological advancements on the grounds of visibility, stability and portability are expected to act as key factors for the spurring demands for these products. The addition of advanced features such as Red Reflex stability, wide angle view, and augmented microscopy is anticipated to play a vital role in the coming years.
North America Surgical Microscope Market share, by application, 2014 - 2024 (USD Million)
The key application segments include ENT surgery, dentistry, oncology, gynecology, urology, ophthalmology, plastic & reconstructive surgery, neurosurgeries, and spine surgeries. Oncology dominated the application segment with around 23.0% share. As mentioned, the rising prevalence and the rising complexity of chronic conditions facilitated the use of advanced techniques including operational microscopes.
The oncology segment was followed by neurology and spinal surgeries, which is also expected to grow at a lucrative growth rate with a CAGR of 13.0%. Dentistry and ophthalmology segments are also anticipated to grow at a substantial rate with growing demand for cosmetic dentistry and rising volume of cataract surgeries accounting for their growth.
The market is divided into on casters, wall mounted, tabletop, and ceiling mounted. The on casters microscopes held a significant share in 2015 and is anticipated to grow at a promising rate over the forecast period. Portability and better cleaning maintenance capability of these devices are the key factors governing their growth.
The end-user segment includes hospitals and physician’s/dentist's clinic. The largest end-user segment of operational microscopes is the hospital. The rising volume of surgeries and supportive government financing capabilities, higher volume of patients and surgeries and greater financing capabilities are the high impact rendering drivers for this segment.
However, physician’s/dentist’s independent clinic is growing with a significant rate of 11.50% over the forecast period. The availability of smaller operational microscopes and booming dentistry industry is anticipated to drive the demand for this segment.
North America dominated this industry with around 35.0% share in 2015. The sophisticated healthcare facilities in this region, as well as the presence of reimbursement facility over medical treatments, facilitated the greater usage of this equipment. Moreover, the prevalence of the chronic disorders in this region is substantially higher than the global average, thus contributing towards the growth of this region significantly.
Asia Pacific is anticipated to witness the fastest growth over the forecast period. The supportive government policies to improve healthcare system along with economic developments are anticipated to be the governing factors for growth.
Competitive Market Share Insights
The key players operating in this industry include Carl Zeiss, Leica Microsystems, Allition (Wuzhou), Takagi Corporation, Topcon, Alcon, HAAG-STREIT SURGICAL, and Seiler. Upgrading of products, new launches, technological innovation, and strategic collaboration such as mergers and acquisition are the key initiatives in this industry.
For instance, in August 2014, Alcon acquired WaveTec Vision a developer of an intraoperative guidance system for cataract. This initiative helped Alcon to strengthen the product portfolio in the ophthalmic surgical market.
The study includes the types of surgical microscopes and their applications in various medical fields. Multiple approaches and models were utilized for market estimates and forecasts. One such approach is commodity flow approach, wherein the average price and volume of devices installed are analyzed to determine the market estimates for the particular year.
The report gives a complete idea about trends in surgical microscopy, initiatives by leading companies, and demand generating factors. This will provide a thorough understanding of the industry and enable in taking wise business decisions.
The estimates and forecasts were validated through primary interviews. Insights from industry experts, end-users such as lab technicians, surgeons, and sales managers were used to confirm the market size. The Surgical Microscope Market is dynamic and also involves substantial R&D initiatives. The customization on any segment of this study will be available upon request.
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