Surgical Microscopes Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Surgical Microscopes Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Surgical Microscopes Market size in terms of Equal-11.77 is expected to grow from USD 1.41 billion in 2024 to USD 2.46 billion by 2029, at a CAGR of 11.77% during the forecast period (2024-2029).

The impact of COVID-19 in its initial phase was adverse to the market growth due to the cancellations of elective procedures, including surgeries worldwide. However, the market started to gain traction due to the resumption of surgical procedures. For instance, as per the report published by the Canadian Joint Replacement Registry (CJRR) in September 2023, more than 117,000 hip and knee replacements were performed in Canada in 2021-2022, which was 5.9% more compared to the pandemic period. Therefore, the COVID-19 pandemic had an adverse impact on the surgical microscopes market initially. However, after the limits were relaxed, the market expanded due to an increase in alternative management approaches for surgeries.

Factors driving the market include the increasing adoption of minimally invasive surgeries, the rising geriatric population and burden of chronic diseases, and technological advancements in surgical microscopes.

For instance, according to the study published by the Pediatric Surgery International Journal in March 2022, minimally invasive surgery (MIS) is frequently the preferred procedure for most abdominal and pelvic surgeries due to benefits like decreased morbidity and quicker recovery times. Similarly, according to an article published by the Journal of the American Academy of Orthopedic Surgeons in February 2023, there is a rapidly growing interest in minimally invasive surgery (MIS) of the foot and ankle. Such a rise in the adoption of MIS is expected to lead to increased usage of surgical microscopes, which is expected to boost the market’s growth over the study period.

Furthermore, the advancements in surgical microscopes improve the precision of these devices, which is expected to have high demand in operating theaters and is anticipated to propel the market’s growth. For instance, as per the report published by Corder in September 2023, integrating cutting-edge technology into neurosurgical microscopes sets them apart from traditional surgical microscopes. This advanced surgical instrument combines superior optics, lighting, and ergonomic design to provide surgeons with an excellent visual experience.

Hence, the factors mentioned above, such as the increasing adoption of minimally invasive surgeries and the key advancements in surgical microscopes, are expected to boost the market's growth. However, factors such as a lack of skilled professionals and low acceptance due to high costs are likely to hamper this growth over the forecast period.

Surgical Microscopes Market Trends

Ophthalmology Segment is Expected to Hold a Largest Share in the Market Over the Forecast Period

Surgical microscopes are crucial in ophthalmology for various procedures like cataract surgery, retinal surgery, corneal transplants, glaucoma surgery, and vitrectomy. The growing incidence of ophthalmologic disorders that require minimally invasive procedures and increasing research funding for eye and vision-related diseases is expected to increase the availability of advanced microscopes for ophthalmology surgeries, hence boosting the segment’s growth.

The growing incidence of eye disorders and ophthalmic surgeries is expected to boost the segment's growth. For instance, as per the Royal Australian and New Zealand College of Ophthalmologists (RANZCO) Pre-Budget Submission 2022-2023, the estimated prevalence of glaucoma in Australians over 50 years is approximately 2.2%. As per the same source, the prevalence of glaucoma in Australia is projected to increase to 379,000 patients by 2025.

Furthermore, according to the article published by the JAMA Ophthalmology Journal in June 2023, an estimated 9.60 million people in the United States had diabetic retinopathy, and 1.84 million people had vision-threatening diabetic retinopathy in 2021. These instances show the increasing burden of ophthalmology diseases and raise the need for surgeries, which is likely to propel the market growth in the segment over the study period.

In addition, the growing number of collaborations among the major players and advances in surgical microscopes in the segment are expected to boost the segment's growth. For instance, in August 2022, Heidelberg Engineering unveiled its first ophthalmic solution in the field of digital surgical microscopy in collaboration with Bausch+Lomb. Therefore, the growing eye disorders and market player strategies increase the demand for the usage of surgical microscopes which is expected to boost the market growth over the forecast period.

North America is Expected to Hold a Significant Market Share Over the Forecast Period

The market's growth in the region is vastly attributed to the availability of highly advanced equipment, the presence of sophisticated facilities, skilled neurosurgeons and cosmetic surgeons, the increasing number of surgical facilities, the preference for outpatient settings, and the supportive reimbursement framework for medical treatments. Factors such as the rising prevalence of various chronic diseases increase the need for surgeries using surgical microscopes and are also expected to drive the market in the region.

The rising prevalence of cancer in the United States is projected to drive the demand for surgical microscopes to perform precise cancer surgeries in hospitals. For instance, according to the data published by the American Cancer Society (ACS), in January 2023, about 1,958,310 new cancer cases were projected to occur in the United States by the end of 2023, compared to 1,918,030 cases in 2022. Thus, the expected increase in cancer cases is anticipated to increase the adoption of surgical microscopes during the forecast period.

The active participation of prominent players in the launch of various advanced surgical microscopes in the region is also projected to drive market growth during the forecast period. For instance, in March 2023, Sight Sciences Inc. launched the Ergo-Series of the OMNI Surgical System, integrated with a surgical microscope to facilitate surgeons’ ability to perform minimally invasive, implant-free glaucoma procedures in adults with primary open-angle glaucoma. Thus, factors such as the rising prevalence of various chronic diseases and product launches increase the usage of surgical microscopes, which is expected to boost the market's growth in the region.

Surgical Microscopes Industry Overview

The surgical microscopes market is competitive and fragmented, with several major players distributed globally. Due to the technological advancements in the surgical microscope by the market players, the market is expected to grow globally. Some of the key players in the market include Alcon Inc, Alltion (Wuzhou) Co. Ltd, Metall Zug (Haag-Streit), Danaher Corporation, Olympus Corporation, Topcon Corporation, and Carl Zeiss AG.

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