DUBLIN--(BUSINESS WIRE)--The "Surgical Microscopes Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
Global Surgical Microscopes market is expected to witness a CAGR of 10.5% during the forecast period.
Certain factors that are driving the market growth include increasing adoption of minimally invasive surgeries, rise in geriatric population and prevalence of chronic diseases, and technological advancement in surgical microscopes.
The global population is aging rapidly, owing to reduced birth rates and increasing life expectancy. According to a United Nation, economic and social commission for Asia and the Pacific (ESCAP) report the geriatric population in Asia-Pacific was around 617.1 million in 2015, accounting for more than half of the world's total elderly population. It is estimated that, by 2050, Asia-Pacific will account for almost two-thirds of the world's geriatric population.
According to the United States Census Bureau's Statistics, among the 7.3 billion people worldwide in 2015, an estimated 8.5 %, or 617.1 million were aged 65 and older. Hence, owing to the rapid increase in the geriatric population, the prevalence of age-associated with chronic diseases and subsequent surgical interventions have also increased, which in turn have resulted in the market expansion.
Key Market Trends
Gynecology and Urology is Expected to Hold Significant Market Share in the Application Segment
The applications of the surgical microscopes are wide. Among the various applications, the gynecology and urological applications are most common, as these practices include the abundant number of procedures. As the prevalence of chronic disease is increasing across the world, the significance of surgical microscopes is increasing.
In the gynecological and urological practices, for the detection of cancers, laser surgeries, diagnostic procedures, etc., microscopes are used. The microscopes, like colonoscopy and endoscopy, give access to the inside of the bowel or colon, and eases the surgery procedure. Due to the rising diseases associated with bowel movements, colonoscopy and endoscopy are widely being used.
North America Dominates the Market Over the Forecast Period
The overall market growth of the region is vastly attributed to the United States. As per the report of Centers for Medicare and Medicaid Services (CMS), the healthcare spending in the United States has been increased by 4.3%, and the cost of healthcare spending per person was USD 10,348 in the year 2016. Around 17.9 % of the total GDP is spent on healthcare in the country.
Among the total health spending, 32% is spent on the hospitals care and CMS has reported that this spending is increasing as hospitals are the major components of the healthcare system. The region has a large amount of geriatric population and high incidence rate of chronic disorders, such as cancer and cardiovascular disorders. The International Journal of Environmental Research and Public Health has reported that 7 out of 10 deaths in the United States are caused by chronic diseases, which account for around 1.7 million people each year.
The global Surgical Microscopes market is highly competitive and consists of a number of major players. Companies like Alcon (Novartis AG), Alltion (Wuzhou) Co., Ltd., ARI Medical Technology Co., Ltd., Haag-Streit Surgical GmbH, Leica Microsystems (Danaher), Olympus Corporation, Seiler Instrument Inc., Takagi Seiko Co. Ltd, Topcon, Zeiss International, among others, hold the substantial market share in the Surgical Microscopes market.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Adoption of Minimally Invasive Surgeries
4.2.2 Rise in Geriatric Population and Prevalence of Chronic Diseases
4.2.3 Technological Advancement in Surgical Microscopes
4.3 Market Restraints
4.3.1 Lack of Skilled Professionals
4.3.2 Low Acceptance Owing to High Cost
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Application
5.1.2 Gynecology and Urology
5.1.3 Ear, Nose, and Throat (ENT)
5.1.4 Neurosurgery and Spine Surgery
5.1.7 Plastic and Reconstructive Surgery
5.2 By End User
5.2.2 Dentist Clinic
5.2.3 Other End Users
5.3.1 North America
184.108.40.206 Rest of Europe
5.3.3 Asia Pacific
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.3.4 Middle East and Africa
22.214.171.124 South Africa
126.96.36.199 Rest of Middle East and Africa
5.3.5 South America
188.8.131.52 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Alcon (Novartis AG)
6.1.2 Alltion (Wuzhou) Co. Ltd.
6.1.3 ARI Medical Technology Co. Ltd.
6.1.4 Haag-Streit Surgical GmbH
6.1.5 Leica Microsystems (Danaher)
6.1.6 Olympus Corporation
6.1.7 Seiler Instrument Inc.
6.1.8 Takagi Seiko Co. Ltd.
6.1.10 Zeiss International
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/avf408