Global Surgical Microscope Market to Garner around USD 3.5 Billion by 2031 and maintain a CAGR of ~11% during 2022-2031; Market to Grow on Account of Rising Incidence of Chronic Diseases among the Geriatric Populace-Kenneth Research
New York, Aug. 19, 2022 (GLOBE NEWSWIRE) -- For the forecast period, 2022-2031, Kenneth Research has released a thorough market study on the “Global Surgical Microscope Market” that covers the following elements:
Global Surgical Microscope Market Size:
The global surgical microscope market is projected to generate revenue of approximately USD 3.5 billion by 2031, expanding at a CAGR of ~11% over the forecast period. The market is expected to develop as a result of the aging population, rising incidence of chronic diseases, and increased adoption of minimally-invasive surgeries. For instance, the number of people of 80 years or older is predicted to be threefold, from 143 million in 2019 to 426 million in 2050 according to a study by the United Nations. Chronic diseases are on the rise in tandem with the aging population. According to the World Health Organization (WHO) statistics, the prevalence of chronic diseases or non-communicable diseases (NCDs) accounts for 41 million annual deaths or 71 % of all fatalities worldwide. Moreover, there has been substantial growth in the number of minimally invasive surgical (MIS) treatments as they are significantly less expensive than in-patient and traditional open surgeries with the same results. The demand for surgical microscopes is therefore predicted to rise in the minimally invasive procedures and chronic diseases among aging population.
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Global Surgical Microscope Market: Key Takeaways
Widespread Adoption of ENT, Endodontics, and Plastic Reconstructive Surgeries besides Rising Healthcare Expenditure to Boost Market Growth
The surgical microscope has numerous medical applications such as ear-nose-throat (ENT) surgery, endodontics, and plastic & reconstructive surgery. The 3D visualization of microscopic images provides benefits for ophthalmology and neurosurgery in addition to significant advantages for ENT treatments and learning. According to the World Health Organization (WHO) statistics, owing to reckless listening habits, almost 1 billion young individuals are at risk of developing permanent, preventable hearing loss. 430 million people, or more than 5% of the world’s population, need rehabilitation for their “disabling” hearing loss (432 million adults and 34 million children). Over 700 million people, or one in 10 people, are predicted to have a hearing loss that is incapacitating by the year 2050. In addition, there were 5,715 endodontics surgeons in the U.S. in 2019. The growth in ear disorders, the adoption of less invasive procedures, and the development of advantageous payment policies for ENT procedures have all contributed to an increase in the use of surgical microscopes in ENT applications and in endodontics in dentistry.
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Furthermore, the spending on healthcare in the United States increased by 9.7% in 2020, to USD 4.1 trillion, or USD 12,530 per capita. The amount spent on health represented 19.7 percent of the country’s GDP. Therefore, the adoption of surgical microscopes has increased as a result of the growing population, the expansion of healthcare infrastructure, and advantageous conditions for medical reimbursement programs.
Global Surgical Microscope Market: Regional Overview
The global surgical microscope market is sectioned into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Specialised Neurosurgeons and the Growing Export Value to Propel the Growth in North America Region
The availabiliy of highly specialized equipment, the presence of competent neuro surgeons and cosmetic surgeons, and the rising number of surgical hospitals are all expected to contribute to the market’s strong rise in the North American region over the forecast period. In 2019, there were around 5750 active neurosurgeons which are almost 84% in the United States. In addition to this, the U.S. tops the exporting of surgical microscopes in 2021 with a significant increase in the export value from 2020 to 2021. In 2020, the export value was USD 147,644 thousand which rose to USD 200,771 thousand in 2021 with an annual growth value of 36% during 2020-2021. The market is enhanced by the rise of neurosurgeons and surgical microscopes exports, which both raise the demand for surgical microscopes.
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Growing Population and Rising Healthcare Infrastructure to Drive Growth in the Asia Pacific Region
On the other hand, owing to the population growth, and the expansion of the healthcare infrastructure, the surgical microscope market is anticipated to grow at an accelerated growth in the Asia Pacific. For instance, according to the data from the World Bank, there were 2.3 billion people living in East Asia & Pacific and 1.8 billion people living in South Asia in 2020. The market is also predicted to rise as a result of medical reimbursement programs in developing nations like China and India. For instance, the Sustainable Development Goals for India in the health care sector include establishing Universal Health Coverage, and India is dedicated to reach this goal. The government raised its provision for health and well-being in the Union Budget 2021-2022 from USD 1490.76 to USD 2813.74.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
Global Surgical Microscope Market, Segmentation by Application
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The ophthalmology segment is predicted to increase at the highest rate among these during the forecast period. The expansion of the segment can be linked to the increased use of ophthalmology surgeries globally as a result of the expanding aging population, which accounts for the largest prevalence of eye disorders. Approximately 2.2 billion people worldwide suffer from a near-or-distance vision problem. Nearly half of these cases or around 1 billion, involved vision damage that there might have been avoided or is still unaddressed. Uncorrected refractive errors and cataracts are the main causes of vision loss and blindness. The bulk of those who are blind or have visual problems are over the age of 50. For instance, World Population Prospects 2019(United Nations 2019), predicts that by 2050, 1 in 6 of the world’s population will be over 65, rising from 1 in 11 in 2019. The rising geriatric population is expected to fuel the growth of the segment.
Global Surgical Microscope Market, Segmentation by End-User
The hospital segment is anticipated to have the largest share among these on account of the number of hospitals and the number of surgeries the hospitals around the world. The most recent OCED projections predict an average increase in health spending of 5% in 2020, led by an especially high increase in spending by government and mandatory programs (+8.1%). According to the preliminary estimates for a group of 17 OCED nations health spending grew significantly by almost 6% in 2021 as of July 22022. Increased healthcare spending enables hospitals to expand and use cutting-edge technologies which are anticipated to boost the segment.
Few of the well known market leaders in the global surgical microscope market that are profiled by Kenneth Research are New York Microscope Company, Alltion (Wuzhou) Co., Ltd., HAAG-STREIT GROUP, Alcon Inc., KEYENCE CORPORATION, VRmagic Holding AG, Olympus Corporation, Leica Microsystems, Thermo Fisher Scientific Inc., Zeiss International, Global Surgical Corporation, and others.
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Recent Developments in the Global Surgical Microscope Market
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