LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global surgical microscope market to grow at a CAGR of close to 12% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global surgical microscope market for 2017-2021. The report also lists hospitals and ASCs as the two major end-user segments, of which hospitals accounted for close to 79% of the market share in 2016.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global surgical microscope market:
- Increase in applications of surgical microscopes
- Increasing adoption of MI procedures
- Increased funding for R&D
Increase in applications of surgical microscopes
In recent years, the applications of surgical microscopes have grown immensely. Surgical microscopes have been used in applications, such as orthopedic, neurosurgery, plastic surgery, and hand surgery. With the increase in applications, there is a parallel emphasis on the specialization of surgical microscopes as the requirement varies from one application to another. These wide-ranging microscopes come in different mounting options, including wall, high wall, ceiling, floor, and table mount that can be chosen based on the user’s convenience. Thus, with the growing number of applications, it is likely that the growth prospects of the market will grow as they have opened new avenues for the manufacturers in the market.
Increasing adoption of MI procedures
Surgical microscopes are increasingly used in MI procedures due to advantages, such as their ability for precision location of target area during surgeries. For example, the surgical microscope is known to provide exceptional magnification and illumination during MI spine procedures.
“The development and integration of surgical microscopes is a great boon to the healthcare industry as it helps minimize bleeding and surrounding muscle and tissue damage, due to the precision offered by magnification and illumination during a procedure. This is likely to escalate the growth prospects of surgical microscopes for MI procedures, considering that there is a drastic shift from invasive to minimally invasive surgeries,” says Amber Chourasia, a lead analyst at Technavio for lab equipment research.
Increased funding for R&D
In recent years, government and private funding for R&D have risen considerably with an objective to invent new technologies. Research institutions and companies are on the constant look out for innovating and creating breakthroughs in various fields. Governments in most countries have made significant investments in R&D because they expect long-term benefits from improving the healthcare system.
With several such schemes being promoted in developed countries, emerging economies, such as India and China are also realizing the potential growth of the microscope market with the development of specific microscopes such as dental operating microscope or ophthalmic microscope.
“There will be high investments for the development and introduction of advanced microscopy instrumentation and research equipment that will trigger revolutionary changes in the global surgical microscopes market,” says Amber.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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