Global Surgical Microscopes Market - Segmented by Application, End User, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global surgical microscopes market is expected to register a growth rate of CAGR of 10.5% during the forecast period, 2018-2023. The surgical microscopes offers strain-free surgical procedures to the surgeons. The surgical microscopes are of different types, such as on casters, wall mounted, table-top, and ceiling mounted microscopes. The major growth driver for market is the rise in geriatric population. As the geriatric population increases, there is also an increase in chronic diseases, such as cancer and cardiovascular disorders. As per the data published by World Health Organization (WHO) approximately 8.2 million people die from cancer each year. The treatment of such disorders requires microsurgery and surgical intervention. North America is expected to dominate the surgical microscope market over the forecasted period, owing to sophisticated healthcare facilities and availability of reimbursement policies for surgical treatments.
Rise in Geriatric Population and Prevalence of Chronic Diseases
The United States has a large amount of geriatric population and high incidence rate of chronic disorders such as cancer and cardiovascular disorders. The population of the world is aging rapidly due to this there is a huge increment in the cases of lifestyle diseases. Cardiovascular diseases impose a huge burden in terms of mortality, morbidity, and healthcare costs. The incidence of coronary heart disease is anticipated to increase by nearly 26% and prevalent coronary heart disease by 47%. Increase in the number of cases will lead to the more expenditure on diagnosis and treatment of diseases. Moreover, it will lead to increase the growth of the market. Also, there is a huge demographic shift toward old population in the North American region which will drive the growth of this market over the forecasted period.
Other factors that drives the market are the increasing adoption of minimally invasive surgeries and technological advancements in surgical microscopes.
Lack of Skilled Professionals
The lack of skilled professionals and inadequate technical knowledge about the handling of instruments can restrain the growth of this market over the forecasted period. According to the data published by the Bureau of Labor Statistics (BLS) by 2024, a total of 14,700 surgical technologists will be needed. The lack of appropriate career education, training, and skills are the major reasons behind the gap. The surgical technologists help the surgeons to facilitate the surgical procedures.
Other factors that will act as restraints for the market include low acceptance of surgical microscopes owing to high cost.
North America to Dominate the Market
North America is expected to dominate surgical microscopes market over the forecasted period, owing to rising prevalence of chronic disorders, increasing adoption of minimally invasive surgeries (MIS), and rapid technological advancements. According to Organization for Economic Co-operation and Development (OECD), the United States recorded 17,108 and 17,878 surgical procedures in 2015 and 2016 respectively. The data shows a steep rise in overall surgical procedures recorded in the United States, thereby, propelling the need for surgical microscopes in the region. In addition, the increase in geriatric population in the region can be a major driving factor for the surgical microscopes market owing to the increase in cancer cases and cardiovascular disorders.
Key Developments in the Market
May, 2018 - Leica Microsystems, leader in best-in-class precision microscopy, electron microscopy (EM) sample preparation, and digital micro-imaging solutions, announces a strategic expansion in its market representation in the southern region of the United States.
Major Players - ALCON (NOVARTIS), ALLTION (WUZHOU) CO. LTD, ARI MEDICAL TECHNOLOGIES CO. LTD, ZEISS INTERNATIONAL, HAAG-STREIT GROUP, LEICA MICROSYSTEMS, OLYMPUS CORPORATION, SEILER INSTRUMENT INC., TAKAGI SEIKO CO. LTD, and TOPCON CORPORATION, amongst others.
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