Microscope Software Industry to be Worth 780 million USD by 2023
Posted by mvmukund on July 9th, 2020
The global Microscope Software Market is projected to reach USD 780 million by 2023 from USD 414 million in 2018, at a CAGR of 13.5%. Growth in this market is mainly driven by the rapid adoption of imaging solutions, the development of new microscopy methods, and increasing volumes of biological imaging data.
The life sciences application segment is projected to occupy the largest share of the market and grow at the highest CAGR during the forecast period.
The life sciences application segment is projected to be the fastest-growing segment during the forecast period. The large share of this segment is primarily due to the rapid adoption of imaging solutions in the life sciences field and the various opportunities created by new microscopy methods such as light sheet microscopy that gather huge amounts of biological imaging data.
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The pharma & biotech industries end-user segment of life sciences microscope software market is projected to occupy the largest share of the market during the forecast period.
Pharma & biotech industries accounted for the largest share of the market in 2017. Microscopy plays a crucial role in pharmaceutical and biotech drug discovery and development. The pharmaceutical industry widely uses microscopy in drug discovery applications, which include drug formulation, toxicology, target identification, and cell culture. This is a key factor driving market growth. Advancements in microscopy techniques such as digitization, live-cell imaging, super-resolution, and high-throughput methods are also generating interest among pharmaceutical and biotechnology companies. This, in turn, will drive the market for this end-user segment.
North America is projected to account for the largest share of the microscope software market during the forecast period.
North America is estimated to account for the largest share of the microscope software market in 2017. Factors such as the presence of a strong life sciences industry and a large base of academic and research institutes in the US are driving the growth in this region. Canada is also a potential market for microscopy owing to favorable government support and growing academic excellence in nanotechnology-based R&D programs.
Major vendors in the microscope software market include Danaher (US), Oxford Instruments (US), Zeiss (Germany), Olympus (Japan), Nikon (Japan), and Thermo Fisher Scientific (US).
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