The global surgical microscope market accounted for $447 million in 2015 and is estimated to reach $818 million by 2022, registering a CAGR of 8.9% during the forecast period. Surgical microscope is a mechanically or electrically operated optical device, specifically designed for use in surgical settings to perform microsurgeries. It has a combination of lenses, which provides magnification, stereoscopic vision, and illuminated image of the surgical area. Surgical microscopes are ergonomically designed to provide strain-free operation to users. These microscopes find applications in dentistry, ENT, gynecology, urology, neurosurgery & spine surgery, oncology, ophthalmology, and plastic & reconstructive surgeries.
Growth in global ageing population, growing adoption of minimally invasive surgeries, increase in R&D activity in life science vertical sector, and growth in health care infrastructure, are some of the major factors that contribute in the growth of global surgical microscope market. However, high cost of equipment in developing region would hamper the growth of the market.
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Government of various countries have funded in research and development activities across the globe to support and facilitate medical advancements. Moreover, healthcare sector in developing countries has undergone rapid development in the recent years. The emerging economies such as India and China have increased their spending on healthcare facilities, which has created a positive environment for the market players. Due to this, stakeholders across the value chain are optimistic about the growth of surgical microscopes market in the emerging economies. Globally, EXIM (export-import) promotion councils, trade policies agencies focus on technology transfer, improved regulatory environments to promote international trade to improve healthcare infrastructure, which creates growth opportunities for key players based in North America and Europe.
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The adoption of surgical microscopes for ENT application is driven by growing geriatric population, increasing prevalence of chronic sinusitis, increasing adoption of minimally invasive ENT surgeries, and supportive reimbursement policies for ENT surgeries. In addition, dentistry segment is expected to witness significant growth, especially in the developing regions due to increasing number of out-patient facilities and increasing per capita healthcare expenditure. Growth in neurosurgery & spine surgery application segments is expected to be driven by growing research and development activities on tissue clearing and targeted cell labeling for brain functions.
TOP WINNING STRATEGIES, 2011‐2016 (%)Key players in the global surgical microscopes market adopted different business strategies such as capacity and business expansion, partnerships, mergers, acquisitions, and product & application development to survive in the global competitive market. The data pertaining to market players and their strategic moves are gathered through press releases of the respective companies, various blogs available on their websites, and primary calls made to the experts in the industry.
Application Segment Review:Ophthalmology segment would continue to dominate the market throughout the forecast period due to increase in population going for ophthalmology surgeries, worldwide. This is further anticipated, rapid increase in the population aged 65 and above by 2025, which accounts for the highest prevalence and incidence of eye diseases. Moreover, ENT and plastic & reconstructive surgery segment is projected to grow at a CAGR of 9.3% and 9.1% respectively. Growth in geriatric population, increase in prevalence of chronic sinusitis along with rise in adoption of minimally invasive ENT surgeries and reimbursement for ENT surgeries mainly drive surgical microscopes for ENT application. In addition, dentistry segment is expected to witness significant growth, especially in the developing regions due to increase in the number of outpatient facilities and the per capita healthcare expenditure.
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