by Surgical Microscopes Market: Preference for Minimally-invasive Surgeries to Catalyze Growth
The negative impact of high per-unit price and lack of availability of skilled professionals doesn’t seem to affect the growth of the surgical microscopes market much, as it traces vertical distance with an impressive compound annual growth rate of ~10 percent during 2019-2027. The key success factor projected to catapult the growth of the surgical microscopes market is the alarming prevalence of cancer and similar severe chronic diseases that require surgical microscopes to optimize the throughput time for patients and improve diagnostic efficiency.
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The geriatric population will remain the key demography in this landscape, and to cause minimum trauma to these patients during surgery, surgeons are showing high reliance on minimally-invasive procedures. To underpin a clear visualization of the surgical site, these microscopes are found to perform better than conventional magnifier accessories, which has been adding sheen to the popularity of surgical microscopes, especially for oncological surgeries.
Surge of Surgical Microscopes Market to Remain Fostered by Technological Advancements
The study finds that, market players have a huge appetite for innovation, with stability, portability, and visibility being the focal points. Besides the MVPs of surgical microscopes, efforts are being expended to offer value-added products with features such as augmented microscopy, red reflex stability, and a wide-angle view.
A key market player, Coburn Technologies, introduced the HOM-700 that possesses 3D observation and a halogen-illumination system, to offer a better resolution to surgeons. Another player – Haag-Streit Surgical GmbH – announced the launch of Allegra, which has been developed using the red reflex technique, to provide stereoscopic observation during a surgical procedure.
Also, a novel trend of custom-development of microscopy solutions is being well-received by surgeons, which stresses on catering to their specific requirements. An introduction of fluorescence image guided surgery, also known as FIGS, which uses non-toxic contrast agents, has been enabling surgeons to precisely differentiate cancerous and non-cancerous tissues. With ease to conduct surgeries being central, revenue influx will remain powered by hospitals, ambulatory surgical centers (ASCs), and specialty clinics, during the forecast period.
High Investments from Hospitals & Ambulatory Surgical Clinics
According to the TMR study, in 2019, hospitals and ambulatory surgical clinics (ASCs) are projected to account for ~78 percent of the total investments made in the surgical microscopes market. A high number of individuals opting for surgeries over drugs to eliminate the disease from the very cause is likely to turn more patients toward hospitals and ASCs. Also, supportive government initiatives to improve healthcare quality, coupled with favorable reimbursement options, are high impact drivers leading to the adoption of surgical microscopes in these healthcare centers.
Being home to sophisticated healthcare facilities and high use of technology to offer surgical convenience to surgeons, North America is the key surgical microscopes market. The high popularity of surgical microscopes in the region can also be attributable to the concentration of market majors who constantly strive to innovate with new product launches. However, the exponential growth of the surgical microscopes market is witnessed in Asia Pacific, on account of the high returns potential of the region, which attracts investments from leading players operating in developed countries for business expansion.
Surgical Microscopes Market: Analysts’ Opinion on Growth
Authors of the TMR study foresee propitious growth of the surgical microscopes market, while they also alarm market players regarding the heavy custom duties levied on surgical microscopes, which passes down to the product cost. To market the ‘value comes at a price’ ideology, market players tend to focus on developing technology-intensive solutions to empower surgeons in conducting surgeries effectively. Diversification of product portfolios with on-caster surgical microscopes can be a strategic step toward consolidation, since these products offer better portability and maintenance capability. Besides this, partnerships with clinics and hospitals will ensure steady sales in the long term.
Surgical Microscopes Market: Overview
The surgical microscopes market for the historical period of 2017-2018 and forecast period of 2019-2027, increase in the burden of chronic diseases, and growing demand for sophisticated easy-to-maneuver and accurate surgical intervention systems are propelling the adoption of surgical microscopes.
According to the report, the global surgical microscopes market was valued at ~US$ 515 Mn in 2018, and is projected to expand at an impressive CAGR of ~10% from 2019 to 2027.
Increase in Prevalence of Chronic Disorders and Rise in Geriatric Population: A Key Driver
Chronic diseases are long-lasting conditions that usually can be controlled but not cured. According to the National Health Council, in the U.S., by 2020, the number of individuals with chronic diseases is projected to grow to an estimated 157 million, with 81 million suffering from multiple conditions.
Rise in the geriatric population is another key driver of the global surgical microscopes market, as it constitutes the major share of the patient population suffering from chronic diseases. According to the National Council on Aging, approximately 80% of the elderly population has at least one chronic disease, and 77% has at least two. Four chronic diseases—heart disease, cancer, stroke, and diabetes, lead to almost two-thirds of all deaths each year.
According a study published by NCBI (National Center for Biotechnology Information), titled ‘Prevalence and correlates of chronic diseases in an elderly population: A community-based survey in Haikou’, with an increase in the geriatric population and rise in life expectancy, the leading cause of death may change from infections to chronic non-communicable diseases. It has been reported that, major chronic illnesses that burden the elderly population in high-income countries are hypertension, high cholesterol, arthritis, diabetes, heart disease, cancer, and dementia.
Increase in the prevalence of chronic disorders, along with a rise in the geriatric population, is likely to propel the global surgical microscopes market during the forecast period.
Surgical Microscopes Market: New Product Development & Technological Advancements
Key market players are engaged in the development of technologically-advanced surgical microscopes.
Rise in the demand for surgical microscopes due to a surge in advancements in technology and their requirement in various fields of surgeries, such as oncology, neurosurgery, ENT, etc., are anticipated to drive the global surgical microscopes market.
In November 2018, Leica Microsystems further enhanced the 3D visualization capabilities of its ARveo digitally-augmented reality microscope. Surgeons can now choose to operate ‘heads-up’ looking straight ahead at a large 4K 3D screen.
In December 2017, ZEISS announced the introduction of the VERACITY Surgical to the U.S. market. VERACITY Surgical is a powerful, intuitive cloud-based platform for cataract surgery planning, logistics, treatment, risk management, and analysis. The VERACITY cataract surgery platform is the first application introduced by the Medical Technology business group of ZEISS since the company’s acquisition of Veracity Innovations LLC.
In April 2015, HAAG-STREIT GROUP announced that its intraoperative-OCT camera received 510(k) clearance from the U.S. Food and Drug Administration (FDA) The intraoperative optical coherence tomography (iOCT) is already being successfully used for cataract operations, lamellar keratoplasty, membrane peelings, and for the treatment of retinal disorders.
High Cost of Surgical Microscopes Hamper Global Surgical Microscopes Market
Surgical microscopes are expensive, delicate instruments that require extreme care and precaution in handling and cleaning. All lenses and cords must be carefully inspected before and after every use.
According to a study titled ‘An Overview on Periodontal Microsurgery’, the operating microscope offers flexibility and comfort, superior to magnifying loupes. However, it is much more expensive and difficult to use, at least initially.
Global Surgical Microscopes Market: Competition Landscape
This report profiles the major players in the global surgical microscopes market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments.
Prominent players operating in the global surgical microscopes market include
- Carl Zeiss Meditec AG
- Leica Microsystems (Subsidiary of Danaher)
- HAAG-STREIT GROUP (Metall Zug Group)
- TOPCON CORPORATION
- Alcon
- Takagi Ophthalmic Instruments Europe Ltd.
- Ecleris
- Optomic
- Seiler Instrument Inc.
- ATMOS MedizinTechnik GmbH & Co. KG.
Key Questions Answered in the Surgical Microscopes Market Report
- What is the scope of growth of surgical microscope companies in the surgical treatment sector?
- What will be the Y-o-Y growth of the surgical microscopes market between 2019 and 2027?
- What is the influence of the changing trends in technologies on the global surgical microscopes market?
- Will North America continue to remain the most profitable regional market for surgical microscope providers?
- Which factors will impede the growth of the global surgical microscopes market during the forecast period?
- Which are the leading companies in the global surgical microscopes market?
Global Surgical Microscopes Market – Segmentation
Product
- On Casters
- Wall & Ceiling Mounted
Application
- ENT Surgeries
- Dentistry
- Oncology
- Neurosurgery
- Ophthalmology
- Plastic & Reconstructive Surgeries
- Other Surgeries
End User
- Hospitals & Ambulatory Surgical Centers
- Specialty Clinics
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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