Certain factors that are driving the market growth include increasing adoption of minimally invasive surgeries, rise in geriatric population and prevalence of chronic diseases, and technological advancement in surgical microscopes.
The global population is aging rapidly, owing to reduced birth rates and increasing life expectancy. According to a United Nation, economic and social commission for Asia and the Pacific (ESCAP) report, the geriatric population in Asia-Pacific was around 617.1 million in 2015, and It is estimated that, by 2050, Asia-Pacific will account for almost two-thirds of the world’s geriatric population. Hence, owing to the rapid increase in the geriatric population, the prevalence of age-associated chronic diseases and subsequent surgical interventions has also increased, which, in turn, has resulted in the market's expansion.
Key Market Trends
Gynecology and Urology is Expected to Hold Significant Market Share in the Application Segment
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 chronic diseases, along with the geriatric population is increasing across the world, the significance of surgical microscopes is increasing as well. 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. As per the report of Centers for Medicare and Medicaid Services (CMS), the healthcare spending in the United States has been increased by 4.3%, and the cost of healthcare spending per person was USD 10, 348 in the year 2016. Around 17.9 % of the total GDP is spent on healthcare in the country. Among the total health spending, 32% is spent on the hospital's care and CMS has reported that this spending is increasing as hospitals are the major components of the healthcare system. The region has a large amount of geriatric population and a high incidence rate of chronic disorders, such as cancer and cardiovascular disorders. The International Journal of Environmental Research and Public Health has reported that 7 out of 10 deaths in the United States are caused by chronic diseases, which account for around 1.7 million people each year.
The Surgical Microscopes 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.
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