Surgical Microscopes Market Expected to Reach $1.4 Billion by 2030

According to a new report published by Allied Market Research, titled, “Surgical Microscopes Market," The surgical microscopes market was valued at $612.79 million in 2020, and is estimated to reach $1.4 Billion by 2030, growing at a CAGR of 8.6% from 2021 to 2030. 

Surgical microscope is a mechanically or electrically operated optical device, specifically designed for use in surgical settings to perform microsurgeries. It has a combination of lenses, which provides magnification, stereoscopic vision, and illuminated image of the surgical area. Surgical microscopes are ergonomically designed to provide strain-free operation to users. These microscopes find applications in dentistry, ENT, gynecology, urology, neurosurgery & spine surgery, oncology, ophthalmology, and plastic & reconstructive surgeries.

Factors that drive the global surgical microscopes market growth include increased prevalence of ophthalmic diseases among geriatric population across the globe. Subsistence of chronic diseases, such as cardiovascular disease, neuropathic disorders, and ENT disorders among adults has increased the demand for these microscopes. Thus, growth in prevalence of ophthalmic and chronic diseases coupled with rise in geriatric population and complexities in treatment are expected to foster the usage of surgical microscope, worldwide. Furthermore, rise in such chronic diseases, surge in hospital admissions &increased initiatives, investments to tackle these chronic diseases are anticipated to drive the surgical microscopes market size.  Further, the FDA aims to enhance the availability of appropriate, reliable, and accurate surgical microscopes to meet public health needs. 

Alarming rise in prevalence of cosmetic surgeries, advancements in surgical microscope products, rise in government &private funds for development of healthcare sectors, and increase in number of surgical procedures are expected to notably contribute toward the growth of the global surgical microscope market during the forecast period. surge in geriatric population, who are more vulnerable to chronic diseases, led to increase in number of surgeries that propelled the growth of the surgical microscopes market size.

Moreover, development of pharmaceutical & medical device industries and improvement in healthcare spending are anticipated to drive the growth of the surgical microscopes industry. In addition, upsurge in number of cancer cases led to development of innovative instruments in the healthcare sector, thereby propelling growth of the market.

Moreover, initiatives taken by governments for development of surgical products and healthcare sector for manufacturing of surgical microscopes are the key factors that boost the growth of the market. Furthermore, surge in geriatric population, who are more vulnerable to chronic diseases, led to increase in number of surgeries that propelled the growth of the surgical microscopes market size.

The technological advancements in surgical microscope products, launch of various solutions for fast, & accurate diagnosis, to fulfill the unmet medical demands, and rise in chronic diseases are anticipated to drive the market.

The global surgical microscope market is segmented on the basis of application, end user, price range, and region. On the basis of application, the market is divided into dentistry, ENT, gynecology & urology, neurosurgery & spine surgery, oncology, ophthalmology, plastic, and reconstructive surgeries. The ophthalmology segment dominated the market in 2020, and this trend is expected to continue during the forecast period owing to increase in number of chronic diseases, advancements in R&D activities in pharmaceutical & medical device industries, and surge in adoption of surgical microscope instruments. These factors leads to drive the surgical microscopes market share.

By end-user, the market is segmented into hospital and outpatient facilities. The outpatient facilities segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to rise in number of neurological diseases that increases the number of surgeries and advancements in R&D activities in pharmaceutical & medical device industries.  As per end user, it is divided into hospitals, ambulatory surgical centers, and others.

Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.  Region wise, North America accounted for a majority of the global surgical microscopes market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of spinal surgeries, increase in number of approvals for surgical microscope, presence of key players, and development in technology for healthcare. Asia-Pacific is anticipated to witness lucrative growth owing to increase in dental surgeries, rise in number of geriatric populations, growth in healthcare expenditures, and surge in adoption of surgical microscope product.