Objective Lens Market: Introduction
Transparency Market Research delivers key insights on the global objective lens market. In terms of revenue, the global objective lens market is estimated to expand at a CAGR of 5.1% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global objective lens market.
The global objective lens market is broadly affected by several factors, including increase in demand from life sciences applications and rise in adoption of miniaturized microscope objectives for microscopy applications.
Objective Lens Market: Dynamics
Microscope objectives are highly important and complex components of an optical microscope, as they are responsible for primary image formation and determine the quality of images that the microscope is capable of producing. Objectives play a key role in determining the magnification and resolution of a particular specimen, which is observed in the microscope.
Advancements in medical and biotechnology have made people health conscious and are living longer. Optical technologies are improving consistently, and objective lenses are the most complex part of the microscope due to their multi-element design. Different types of objectives are utilized for various types of microscopy. Flow cytometry has become an essential bioanalytical tool to analyze the immune or genetic characteristics of cells.
Microscopes play an important role in life science research. Advancements in imaging have enabled their use to expand into most areas of science and technology. They are commonly employed to view different types of cells, analyze clinical specimens, and scan nanomaterials. The objective lens is responsible for the primary image formation and is responsible for determining the quality of images a microscope can produce. Key trends such as increased resolution and the emergence of super-resolution technology and dynamic imaging in live cells and organisms are boosting the objective lens market.
The rise in per capita income is increasing the demand for basic medical care in rapidly developing economies. Laser ablation setups are utilized in medical and biological applications, as they offer higher precision than conventional surgical methods. Furthermore, solutions that increase the efficiency of diagnosis and treatment, improve the effectiveness of patient treatments, and reduce the costs for the healthcare system are becoming more crucial in the face of rising health costs and patient numbers. All these factors are propelling the market.
Objective Lens Market: Prominent Regions
The objective lens market in North America is projected to expand significantly during the forecast period, owing to the presence of key market players & end users, and strong demand from healthcare & life sciences, and industrial research. Moreover, countries such as the U.S. and Canada offer significant opportunities for manufacturers on a long-term basis due to the expansion of the healthcare sector in the region.
The surge in demand for objective lenses in confocal microscopy, total internal reflection fluorescence, microdissection, cell analysis, and endoscopy has fueled the market in the region. Moreover, growing expenditure in research & development activities across several sectors is also fueling the objective lens market. For instance, in 2019, gross expenditures on research and development (GERD) in Canada was around US$ 36.8 Bn, with the private sector accounting for 42%, the government for 24%, higher education for 20%, foreign funders for 9%, and the private non-profit sector accounting for 5%.
The rise in healthcare spending in countries, such as the U.S. and Canada, also boosts the market. Objective lenses are widely used across healthcare & life science research activities, which required high-cost instruments such as an optical microscope. According to the U.S. Centers for Medicare & Medicaid Services, the U.S. healthcare increased by 9.7% in 2020, reaching around US$ 4.1 Trn. It accounted for 19.7% of the spending of the country’s Gross Domestic Product. Thus, all these factors are driving the market in North America. The market in North America is estimated to reach a value of US$ 2,027.5 Mn by 2031. The objective lens market in North America is likely to expand at a notable CAGR of 5.8% during the forecast period.
Objective Lens Market: Key Players
Key players operating in the global objective lens market are JENOPTIK AG, KYOCERA SOC Corporation, Carl Zeiss Microscopy GmbH, Nikon Instruments Inc., Leica Microsystems, Thermo Fisher Scientific Inc., OLYMPUS CORPORATION, Newport Corporation, Mitutoyo Corporation, Meiji Techno Co., Ltd., and Thorlabs, Inc.
Global Objective Lens Market: Segmentation
Objective Lens Market, by Type
Objective Lens Market, by Immersion
Objective Lens Market, by Magnification
Objective Lens Market, by Application
Objective Lens Market, by End-use Industry
Global Objective Lens Market, by Region
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