The impact of the coronavirus pandemic and the nationwide lockdowns it triggered is visible in various industries, including the microscopy market. The overall growth of various sectors has been heavily impacted, specifically in countries with a high incidence rate of COVID-19, such as India, China, the US, and several European countries (Russia, Italy, and Spain, among others).
According to a new market research report, "Microscopy Market by Product (Microscopes, Software, Accessories), Type (Optical Microscope (Stereo, Digital), Electron Microscope (SEM, TEM), AFM, STM), Application (Semiconductor, Life science), End User (Industrial, Research) - Global Forecast to 2026", is projected to reach USD 8.9 billion in 2026 from USD 6.5 billion in 2020, at CAGR of 5.6% during the forecast period.
Market growth is driven largely by factors such as favorable funding scenario for R&D in microscopy, technological advancements in microscopes, and rising focus on nanotechnology and regenerative medicine. However, the high cost of the advanced microscopes is expected to restrain the growth of this market during the forecast period.
The introduction of novel image acquisition software for microscopes is a recent trend in the microscopy market. Increasing research in life sciences and other application areas have resulted in the generation of a large amount of data, mainly due to advances in image quality. Present software can no longer handle these images, which indicates the potential opportunities offered in the area of software development.
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While industries such as oil and petroleum, aeronautics, and mining are experiencing a steep fall in revenues, the healthcare, biotechnology, and pharmaceutical industries are optimizing this situation to serve a maximum number of patients and healthcare professionals. The COVID-19 outbreak has disrupted business and economic activities globally. However, it is expected to have a positive impact on the microscopy market for the healthcare industry.
Technological advancements in microscopy include digitization, live-cell imaging, super-resolution, and high-throughput methods. These advancements serve to reduce product and test costs.