The global surgical microscope market will likely grow at a compound annual growth rate of more than 10 percent between 2016 and 2023, based on a Global Market Insights report.
Here are eight observations:
1. Valued at $400 million in 2015, the market is expected to exceed $900 million by 2023.
2. The demand for minimally invasive surgeries; rapid diagnostics; increase in research and development investment; more government funding; and increase in number of surgeries will spur market growth.
3. The growing global geriatric population will also drive market growth.
4. The oncology segment leads in application, accounting for about a 20 percent market share. The neurology segment comes in second, with an anticipated CAGR of 10 percent.
5. The high market price trend; excise taxes; custom duty on medical devices; and necessary technical expertise will serve as obstacles to market growth.
6. North America led the global market in 2015, accounting for more than 30 percent of the market.
7. India and China will see rapid market growth, because of large populations and more government initiatives in the healthcare sector.
8. Market leaders include Wetzlar, Germany-based Leica Microsystems; China-based Alltion; Fort Worth, Texas-based Alcon Laboratories; Germany-based Haag Streit Surgical; Commack, N.Y.-based Accu-Scope; Munich, Germany-based Arri; Oberkochen, Germany Carl Zeiss; Hillsboro, Ore.-based FEI; and Japan-basedTakagi Seiko.