The global surgical microscope market is expected to expand at a compound annual growth rate (CAGR) of 10.89% over the forecast period with a revenue of approximately 945 USD million in 2020, and it is expected to reach 1758 USD million by 2026.
Operating theaters were being temporarily converted to respiratory support units in regions with high disease burden. Postoperative recovery rooms and intermediate-care units were being used as care units outside regular intensive care, to manage sick patients affected by COVID-19. For instance, according to the study published in the British Journal of Surgery, in May 2020, based on a 12-week period of peak disruption to hospital services due to COVID-19, around 28.4 million elective surgeries worldwide will be canceled or postponed in 2020. Thus, it indicates that covid has impacted negatively to the market studied.
Certain factors that are driving the market growth include increasing adoption of minimally invasive surgeries, rise in geriatric population and burden of chronic diseases, and technological advancement in surgical microscopes.
The global population is aging rapidly, owing to reduced birth rates and increasing life expectancy. For instance, according to the United Nations data of World Population Prospects for 2019, the number of people over the age of 65 would increase from 9% in 2019 to more than 16% of the total world's population by 2050. Hence, owing to the prevalence of age-associated chronic diseases and subsequent surgical interventions has also increased, which, in turn, has resulted in the market's expansion.
Furthermore, surgical microscopes have become a crucial tool for minimally invasive surgical procedures in several arenas such as dental surgery, otorhinolaryngology, neurosurgery, ophthalmic surgery, and cosmetic surgery. Technological advent in the product has significantly improved vision, positioning, stability, sizing, and recording capabilities as well as helped in the integration of image-guided microscope systems for better outcomes.
The surgical microscope offers optimum lighting, 3D visualization, and magnification of deep surgical fields through small approaches. It also allows surgeons to be physically benefitted from these microscopes as it has the capability to adjust their posture while performing complicated and long procedures. These factors are anticipated to further propel the market growth during the forecast period.
However, factors such as lack of skilled professionals and low acceptance owing to high cost are likely hampered the market growth over the forecast period.
Key Market Trends
Gynecology and Urology is Expected to Hold Significant Market Share in the Application Segment and Expected To Continue the Same Over Forecast Period
COVID-19 is expected to have a negative impact on the gynecology and urological application segment from the surgical microscope market. COVID-19 has majorly impacted surgical services. As per the study titled "COVIDSurg Collaborative", in May 2020, approximately 2.5 million urological benign surgeries were reported to be canceled during the peak disruption by COVID-19. However, as elective surgeries are being resumed, along with emergency surgical procedures, the demand for surgical microscopes for urological and gynecology conditions is expected to boom.
The applications of surgical microscopes are wide. Among the various applications, the gynecology and urological applications are most common, as these practices include an abundant number of procedures. As the prevalence of urological and gynecological conditions is increasing across the world, hence the significance of surgical microscopes is increasing as well. For instance, urinary tract infections (UTIs) are one of the most common microbial diseases affecting people of all age groups. According to the study titled "Epidemiology of urological infections: a global burden", World Journal of Urology, January 2020, about 150 million people get affected by community- acquired UTIs (CAUTIs). The rising prevalence of target disorders as well as the complexity of their treatment have led to the adoption of advanced techniques that involve the use of surgical microscopes
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 ease the surgery procedure. Due to the increasing diseases associated with bowel movements, colonoscopy and endoscopy are widely being used, which is expected to drive the overall market, over the forecast period.
North America is Expected to Dominate the Market Over the Forecast Period
The overall market growth of the region is vastly attributed to the United States. This is owing to the availability of highly advanced equipment, the presence of sophisticated facilities, skilled neurosurgeons and cosmetic surgeons, the increasing number of surgical facilities, the preference for outpatient settings, and the supportive reimbursement framework for medical treatments.
Moreover, the burden of chronic illnesses, like cancer, cardiovascular diseases (CVD), and neurological diseases, is huge in the United States (US). The Centers for Disease Control and Prevention (CDC) estimates that between 2010 and 2020, the number of new cancer cases in the country may go up about by 24% in men to more than 1 million cases per year, and by about 21% in women to more than 900,000 cases per year. Thus, the rising prevalence of chronic disorders, as well as the complexity of their treatment, have led to the adoption of advanced techniques that involve the use of surgical microscopes.
The introduction of technologically-advanced products is boosting the demand for surgical microscopes as they offer better illumination sources, are more precise, and provide options for customization and technology integration based on the complexity of the procedures. For instance, in 2018, Med X Change, Inc launched the 4Klear, a 4K Camera & Medical Video Recorder All-In-One Solution for surgical microscopes. Two products in one simplifies use, reduces cost, delivers unparalleled Native 4K image quality. Thus, such technologically advanced product launches are expected to boost the regional market growth.
However, the rising number of cases of COVID-19 is expected to have a negative impact on the growth of the North American surgical microscope market due to the affected the supply chain of most of the companies. Furthermore, the guidance recommended that the usage of equipment, like surgical microscopes was temporarily halted to curb the contamination with the virus through surgical equipment. However, as the surgical instruments such as colonoscopes and endoscopes, represent essential component of surgical services, the impact is not expected to be long-term.
The Surgical microscope market is highly competitive and consists of a number of major players. Companies like Alcon, Alltion (Wuzhou) Co., Ltd., ARI Medical Technology Co., Ltd., Metall zug (Haag-Streit), Danaher Corporation, Olympus Corporation, Seiler Instrument Inc., Takagi Seiko Co. Ltd, Topcon, Carl Zeiss AG, among others, hold the substantial market share in the market. New product launches, collaboration with surgical centers and hospitals for product installation, and mergers and acquisitions for product portfolio enhancement and geographical expansion are some of the strategies being adopted by key players of the market. For instance, in March 2020, Saxonia Systems AG, a customized software solution provider is acquired by Carl Zeiss. The acquired company now operates as Carl Zeiss Digital Innovation by proving customized software solutions to the customers.
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TABLE OF CONTENTS
- 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 Burden 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
- 5.1.1 Dentistry
- 5.1.2 Gynecology and Urology
- 5.1.3 Ear, Nose, and Throat (ENT)
- 5.1.4 Neurosurgery and Spine Surgery
- 5.1.5 Oncology
- 5.1.6 Ophthalmology
- 5.1.7 Plastic and Reconstructive Surgery
- 5.1.8 Others
- 5.2 By End User
- 5.2.1 Hospitals
- 5.2.2 Dentist Clinic
- 5.2.3 Other End Users
- 5.3 Geography
- 5.3.1 North America
- 220.127.116.11 United States (By Application, and By End User)
- 18.104.22.168 Canada (By Application, and By End User)
- 22.214.171.124 Mexico (By Application, and By End User)
- 5.3.2 Europe
- 126.96.36.199 Germany (By Application, and By End User)
- 188.8.131.52 United Kingdom (By Application, and By End User)
- 184.108.40.206 France (By Application, and By End User)
- 220.127.116.11 Italy (By Application, and By End User)
- 18.104.22.168 Spain (By Application, and By End User)
- 22.214.171.124 Rest of Europe (By Application, and By End User)
- 5.3.3 Asia-Pacific
- 126.96.36.199 China (By Application, and By End User)
- 188.8.131.52 Japan (By Application, and By End User)
- 184.108.40.206 India (By Application, and By End User)
- 220.127.116.11 Australia (By Application, and By End User)
- 18.104.22.168 South Korea (By Application, and By End User)
- 22.214.171.124 Rest of Asia-Pacific (By Application, and By End User)
- 5.3.4 Middle East and Africa
- 126.96.36.199 GCC (By Application, and By End User)
- 188.8.131.52 South Africa (By Application, and By End User)
- 184.108.40.206 Rest of Middle East and Africa (By Application, and By End User)
- 5.3.5 South America
- 220.127.116.11 Brazil (By Application, and By End User)
- 18.104.22.168 Argentina (By Application, and By End User)
- 22.214.171.124 Rest of South America (By Application, and By End User)
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 Alcon Inc.
- 6.1.2 Alltion (Wuzhou) Co., Ltd.
- 6.1.3 ARI Medical Technology Co., Ltd.
- 6.1.4 ATMOS MedizinTechnik GmbH & Co. KG
- 6.1.5 Avante Health Solutions
- 6.1.6 Carl Zeiss AG
- 6.1.7 HAAG-STREIT Surgical GmbH
- 6.1.8 Danaher Corporation (Leica Microsystems)
- 6.1.9 Metall Zug Group (Haag-Streit)
- 6.1.10 Olympus Corporation
- 6.1.11 Optofine Instruments Pvt. Ltd.
- 6.1.12 Seiler Instrument Inc.
- 6.1.13 Synaptive Medical
- 6.1.14 Takagi Seiko Co. Ltd
- 6.1.15 Topcon Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS