Objective Lenses Market 2020 With COVID-19 Impact Analysis

Transparency Market Research delivers key insights on the global objective lenses market. In terms of revenue, the global market is estimated to expand at a CAGR of ~4% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global objective lenses market.

Objective lenses are used in various applications such as cameras, microscopes, and telescopes for medical, industrial, and research use, to magnify the object to study, diagnose, or perform operations precisely. These lenses are largely used in microscopes to diagnose individual cells accurately. Highly skilled and trained medical professionals are required to operate microscopes and obtain clear images in the process of study and diagnosing. Thus, demand for objective lenses is projected to rise across the globe in the near future with the growing trend of making novel microscopes and cameras to perform operations precisely, quickly, and safely.

The global objective lenses market has been broadly segmented based on product type, application, and end use. Based on product type, the market has been divided into scanning objective lens (4x), low power objective lens (10x), high power objective lens (40x), and oil immersion objective lens (100x). Based on application, the market has been categorized into under cameras, microscopes, telescopes, and others. In terms of end use, the market has been segregated into medical use, industrial use, and research use. Among product type, the high power objective lens (40x) segment holds significant market share and is anticipated to expand at a rapid pace during the forecast period. This is primarily attributable to significant use of high power objective lens (40x) in the healthcare industry.

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Objective Lenses Market: Dynamics

Traditional microscopes used in the laboratory environment are operated entirely manually. However, in recent years, the demand for automated microscopy has risen for multiple laboratory tasks. These automated microscopes are increasingly being used in various modern workplaces, as they are particularly useful in applications that require a high number of repeated observations over a long period of time with high precision and accuracy. For instance, in October 2017, Nanotronics raised US$ 30 Mn to accelerate the development of optical inspection technologies useful for MEMS, nano-medicine, DNA sequencing, and semiconductor fields. The adoption of automated microscopes in modern workplaces such as research laboratories is significantly high as a result of these factors, which is expected to drive the growth rate of the global objective lenses market during the forecast period.

Moreover, rise in demand for high power objective lenses has encouraged multiple manufacturers to engage in strategic partnerships to expand their product portfolio and speed up the sales of high quality industrial microscopy cameras to fulfil the needs of mid-range customers. For instance, in May 2019, Nikon Metrology NV and Pixelink announced a new strategic partnership to accelerate the sales of affordable industrial microscopy cameras, featuring USB 3.0 connectivity, latest high-resolution CMOS sensors, and rolling shutter technology, to offer high quality images.

Thus, increase in strategic partnerships between manufacturers is expected to boost the global market during the forecast period. Furthermore, with technological advancements, scientists have developed a specialized microscope that can non-invasively diagnose and treat skin cancer as well as perform precision surgery without making any incisions in the skin, thereby resulting in improvement in the performance of microscopes. Thus, several well-established manufacturers of objective lenses are undertaking technological advancements in their products to cater to changing needs of customers. Objective lenses are expected to witness high demand across the globe during the forecast period due to these factors.

Objective Lenses Market: Prominent Regions

According to regional analysis, North America is the dominant region of the global objective lenses market. The growth of the market in the region can be attributed to the significant manufacturing ability of players operating in the North America market to produce objective lenses for healthcare and industrial use. The U.S. has proved to be the most diversified and dynamic market. A majority of high power objective lenses are used in microscopes to study and diagnose individual cells and viruses to cure patients, and also used in other research; this is anticipated to drive the objective lenses market in North America in the next few years. The U.S. held a major share of the North America objective lenses market, in terms of revenue, followed by Canada, in 2019. However, in terms of revenue, the market in Mexico is anticipated to expand at a substantial CAGR during the forecast period.

Additionally, Asia Pacific is focusing on the adoption of objective lenses in order to strengthen its industrial and healthcare sectors. Japan is home to several well-established players that design and offer objective lenses. Thus, rising demand for objective lenses in healthcare and industrial sectors is anticipated to boost the objective lenses market in Asia Pacific during the forecast period. The market in Europe is estimated to witness prominent growth during the forecast period. The objective lenses market in Middle East & Africa and South America is expected to witness moderate growth in the near future.