Surgical Microscopes Market Growth, Size or Share Estimated to increase by 2018 – 2025
U.S. surgical microscopes market size is expected to reach USD 385.2 million by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 10.7% during the forecast period. Increasing prevalence of chronic disorders such as cancer and cardiovascular diseases, which require surgical intervention, is anticipated to bolster the growth of the operating microscopes market over the forecast period.
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According to the Center for Disease Control and Prevention (CDC) in 2014, the cancer prevalence rate in the U.S. was in the range of 380.4-510.7 incidents per 100,000 people. States with the highest cancer incidence rates were Kentucky, Delaware, Pennsylvania, Maine, New Hampshire, Louisiana, Connecticut, New York, Iowa, and Michigan. These states are estimated to have greater demand for the product due to the requirement of more frequent surgical interventions.
Awareness regarding advantages of minimally invasive surgeries is also expected to stoke the growth of the market. Surgical microscope is one of the key devices needed for minimally invasive surgeries. Advantages of minimally invasive surgeries include reduced overall healthcare cost, reduced recovery time, and lesser chances of hospital acquired infections. Thus, demand for operating microscopes is estimated to increase over the forecast period as penetration of minimally invasive surgeries across all medical fields is on a rise.
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Further key findings from the report suggest:
• In terms of revenue, on caster was the leading type segment in the market in 2016 and is anticipated to hold large share throughout the forecast period, exhibiting a CAGR of 11.5% over the forecast period
• On the basis of application, oncology is likely to account for the largest share in terms of revenue, while the neurosurgery and spine surgery segments are estimated to register the highest CAGR over the forecast period
• Based on end-use, hospitals were the leading revenue contributors in 2016. The trend is estimated to continue throughout the forecast period.
• Key players operating in the U.S. surgical microscopes market include Seiler Precision Microscopes; Alcon Laboratories; Alltion (Wuzhou) Co. Ltd.; Carl Zeiss; Leica Microsystems; Takagi Seiko Co Ltd.; and Topcon Corporation Inc.