The surgical microscope market is expected to grow over the next five years, according to a report from MarketsandMarkets.
Here are seven things to know:
1. The market is expected to reach $806.6 million by 2020, more than doubling the 2014 market.
2. The surgical microscope market will grow at a 12.3 percent compound annual growth rate through 2020.
3. These factors will drive the market growth:
• Need for high speed diagnostics
• Healthcare facility advancement
• Demand for minimally invasive surgeries
4. These factors will hinder potential growth in the market:
• High cost of advancing surgical microscopes
• Medical device excise tax in the United States
• Heavy custom duty on medical devices
5. Oncology is the fastest growing application because cancer is so prevalent around the world.
6. North America had the largest share of the surgical microscope market in 2014, followed by Europe.
7. The Asia-Pacific market is expected to have the highest growth rate over the next five years because of huge investments in the region.