The size of the Microscopy Market in North America was around USD 2.27 Billion in 2023. It is expected to grow at a CAGR of 5.8% to reach USD 3.02 Billion by 2028.
Cells or tiny objects cannot be observed with the naked human eye as they have limited resolving power, and it is impossible to distinguish objects with a size less than 0.1mm. Therefore, microscopes as devices are used for higher resolution and magnification.
The key driving factors of the market include the tremendous subsidizing situation for R&D in microscopy, innovative headways in magnifying instruments, and the rising spotlight on nanotechnology and regenerative medicine. In addition, the high potential for growth in developing economies in the Asia Pacific and Latin America is expected to interest critical players working in the microscopy market in the coming years.
Additionally, the rapid changes in healthcare and the growing need for advanced technology with magnification and visualization devices, and the expanding reach of these devices in industries are driving the demand for microscopes in the North American region. There is a huge demand for electron microscopes in the microscopy market because they produce larger and higher resolution images better than regular microscopes. Furthermore, according to a study published in the journal Nature Nanotechnology, scientists believe nanoparticles with different colors can benefit multicolor electron microscopy. Also, the increase in the research and development activity in the microscopy and healthcare sector.
Moreover, expanding application territories of microscopy and a combination of microscopy with spectroscopy support the development of the market. However, the cost size of advanced microscopes can affect the market growth of the microscopes in North America. Also, its maintenance they are large and are extremely sensitive to vibration and external magnetic fields.
Impact of COVID-19 on the North American microscopy market:
The global microscopy market has been adversely affected by the COVID-19 outbreak, which had a huge impact on industries, supply lines, workforce, infrastructure, affecting the whole economy. Due to lockdown around the world, which resulted in the shortage of the supply. Also, business and public life got disrupted. During the covid lockdown period, almost all the educational institutions and laboratories were closed. Due to this, there was a significant drop in demand for microscopes as educational institutions are a major contributor to the demand for microscopes.
This research report on the North American Microscopy has been segmented and sub-segmented into the following categories:
By Product:
By Type:
By Application:
By End User:
By Country:
Regionally, North America holds a significant market share, followed by Europe in the global market. The future growth prospects of the microscopy market can be accomplished by introducing innovative product solutions into the market. The North American market is currently lagging behind the Asia-Pacific market in terms of gains. However, compared to other regions, North America plays a dominant role in the microscopy market and contributes significantly to the market growth.
As the COVID 19 spread improves and the institutions open up, the growth rate may improve significantly over the next few years as major amounts of sales are contributed by educational institutes only.
Also, there are many large healthcare institutions and research and development laboratories situated in the US and Canada and are closed due to lockdown. However, over the course of time, they will also open up, and new demand will arise in North America.
KEY MARKET PLAYERS:
Companies playing a dominant role in the North American microscopy market profiled in this report are Carl Zeiss, Danaher, Thermo Fisher, Nikon, Bruker Corporation, Olympus, Oxford Instruments, JEOL, and Hitachi High-Technologies, Keyence, Vision Engineering, and Helmut Hund.
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