The demand within the global market for life science microscopy devices has been rising on account of advancements in the domain of medical research and development, finds Transparency Market Research (TMR). The competitive dynamics of the global life science microscopy devices market largely hinge onto the growth of the medical industry. As medical experiments and researches improve, the market vendors in the global life science microscopy devices are projected to improve their standards of manufacturing. Furthermore, these vendors are expected to invest huge amount of money in developing seamless microscopy devices. The leading vendors in the global life science microscopy devices market have stayed inclined towards investing in core research and development. This has in turn helped these established vendors stay relevant in the contemporary times.
The small-scale vendors in the global life science microscopy devices market also stand a chance to expand their profit margins. These vendors are projected to follow the growth model of leading vendors in the years to come. Mergers between large players, or a large and a small player, are also expected to be a key trend within the global life science microscopy devices market. The global market for life science microscopy devices consists of the following vendors: JOEL Ltd., Hitachi High-Technologies Corporation, FEI Company, Leica Microsystems, and Carl Zeiss Microscopy GmBH.
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Transparency Market Research (TMR) finds that the global life science microscopy devices market would expand at a sturdy CAGR of 6.5% over the period ranging from 2016 to 2024. Furthermore, the global life science microscopy devices market is expected to reach a value of US$2.0 bn by 2024-end, rising up from a value of US$1.1 bn in 2015. On the basis of geography, the demand within the market for life science microscopy devices in North America is expected to expand at a stellar rate.
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Advancements in Microbiology to Propel Demand
The global life science microscopy devices market is projected to attract voluminous revenues in the years to come. The advancements in several research domains including pathology and cell biology has played a crucial role in the growth of the global life science microscopy devices market. Furthermore, the need for improved research practices in the domain of microbiology has also aided the growth of the global life science microscopy devices market. Moreover, the quest of the medical fraternity to find new and improved drugs and medications shall also propel demand within the global life science microscopy devices market.
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Use of Microscopy in Pharmacology to Aid Market Growth
Life science microscopy devices have applications in the field of pharmacology, and the former has emerged as a revenue-generating industry. Hence, the global market for life science microscopy devices is expected to expand at a stellar pace in the years to come. Moreover, the field of toxicology has also become a key consumer within the global life science microscopy devices market in recent times. To add to this, developments in neurosciences are also slated to contribute to the growth of the global life science microscopy devices market.