In a recent published report, Kenneth Research has updated the market report for Surgical Microscopes Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Surgical Microscopes Market products.
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Kenneth Research has recently added a report titled Surgical Microscopes Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021 2030. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth.
According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
According to a new study published by Polaris Market Research, the global surgical microscopes market is anticipated to reach over USD 1,740.4 million by 2026. In 2017, the ophthalmic microscopes segment dominated the global market, in terms of revenue. Among regions, North America accounted for the majority share in the global surgical microscopes market.According to the World Health Organization (WHO), cancer is the leading cause of death around the globe. Thus, there is a great demand for surgical microscopes to improve diagnostic efficiency and decide prognosis of a disease. Moreover, increase in the number of surgeries, advancements in healthcare facilities, customized microscopy solutions, and technological advancements are the major factors driving the market growth.
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Moreover, growth in geriatric population, rise in adoption of minimally invasive ENT surgeries, and improved reimbursement policies for ENT surgeries further bolsters the growth of the market. Furthermore, surge in the number of outpatient facilities and increased per capita healthcare expenditure of various countries supplement the market growth.
In 2009, average health spending reached 9.5% of gross domestic product, up from 8.8% in 2008. The healthcare spending in most of the OECD countries has increased by margins greater than the gross domestic product. Moreover, the U.S. spent USD 1.9733 trillion for health care expenditures in 2005, which was 15.9% of the gross domestic product (GDP); of which, twenty-nine percent of the expenditures were allocated to surgical revenues. Thus, increase in population coupled with expansion of healthcare infrastructure and favorable scenarios for medical reimbursement programs have led to surge in the adoption of surgical microscopes.
The adoption of surgical microscopes in ENT application has increased due to rise in prevalence of chronic sinusitis, growth in geriatric population, increase in adoption of minimally invasive surgeries, and implementation of favorable reimbursement policies for ENT surgeries. Technological advancements in surgical microscopes such as integrating intelligence, video, intraoperative-imaging, and navigation technologies enable surgeons to improve their decision-making at the point-of-care (POC) centers and provide best possible outcomes to patients.
Surgical microscopes have been widely used in ophthalmology, as these microscopes help surgeons to perform intricate surgeries with precision and visualize the anatomy of small cavities. Increasing incidence of eyesight and vision disorders has fueled the use of ophthalmic microscopes across the globe.In addition, the dentistry segment is expected to witness significant growth in the near future, especially in the developing regions due to increase in the number of out-patient facilities and growing per capita healthcare expenditure. Growth in neurosurgery & spine surgery application segments is expected to be driven by surge in research and development activities related to tissue clearing and targeted cell labeling for brain functions.
The governments of various countries have funded research & development activities to support and promote medical advancements. Moreover, the healthcare sector of developing countries has witnessed tremendous development in the recent years. Emerging economies, such as India and China have increased in their spending on healthcare facilities, which is a positive indicator for market growth. Thus, market players in the value chain are optimistic about the growth of the surgical microscope market across emerging economies in the near future.
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The key players profiled in the report are Carl Zeiss AG, Leica Microsystems, Takagi Corporation, Seiler Precision Microscopes, Topcon Corporation, Alltion (Wuzhou) Co. Ltd., Alcon Laboratories, Inc., Haag-Streit Surgical, Olympus Corporation, Accu-scope, Inc., Novartis AG, Danaher Corporation, Labomed Microscopes, and Prescott’s Inc. The prominent players operating in the industry have adopted various strategies such as business and capacity expansion, acquisitions, partnerships, mergers, and application & product development.
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