Research Methodologies Followed:
Secondary Research:
This research study involved the widespread usage of secondary sources; directories; databases such as Bloomberg Business, Factiva, and Dun & Bradstreet; white papers; annual reports; company house documents; investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for an extensive, technical, market-oriented, and commercial study of the Microscope Software Market.
It was also used to obtain important information about the key players and market classification & segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives. A database of the key industry leaders was prepared using secondary research.
Primary Research:
Extensive primary research was conducted after acquiring knowledge about the global market scenario through secondary research. Primary interviews were conducted from both the demand (healthcare facilities & life science laboratories, hospitals, pharma companies, semiconductor manufacturers, aerospace equipment manufacturers, automotive equipment providers and manufacturers, academic and industry research institutes, and medical device companies, among others) and supply sides (microscope software providers and microscope providers).
The primaries interviewed for this study include experts from the industry, such as CEOs, VPs, directors, sales heads, and marketing managers of tier 1 and tier 2 companies engaged in offering microscope software products across the globe, and administrators & purchase managers of different industries in relevant application areas. This primary data was collected through questionnaires, e-mails, and telephonic interviews.
Major Growth Driving Factors:
The growing availability of funding & support for R&D in the area of microscopy, a broad application base (since microscopes are used widely in a range of fields, such as semiconductor, life science/healthcare, aerospace, and material sciences), technological advancements in microscopes & microscope software, and the emergence of new application areas is driving market growth.
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Expected Revenue Growth:
The global microscope software market size is projected to reach USD 1,021 million by 2025 from USD 567 million in 2020, at a CAGR of 12.5% between 2020 and 2025.
Data Triangulation:
After arriving at the overall market size from the market size estimation process explained above, the global microscope software market was split into segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, data triangulation and market breakdown procedures were employed, wherever applicable.
The data was triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the global microscope software market was validated using both top-down and bottom-up approaches.
Recent Developments:
# In 2019, Leica Microsystems ( A part of Danaher) launched LAS X Steel Expert software for the fast and accurate rating of non-metallic inclusions in steel.
# In 2020, JOEL Ltd had an agreement with DI Corporation (South Korea) to acquire all of the DI-owned shares of JEOL Korea Ltd. and make JK a wholly-owned subsidiary of JEOL.
# In 2019, Carl Zeiss AG launched the ZEISS ZEN core software suite that offers new analysis and connectivity modules
Opportunity: Emerging Markets
Developing countries, including BRIC, offer significant growth opportunities for players in the microscope software market. Government funding for R&D in advanced microscopes and software has increased considerably in these countries. Due to the low manufacturing cost and higher production volumes, these countries will further require advanced microscopes along with enhanced software to compete in the international market. The growth of their life sciences, semiconductor, and automotive industries will also support their demand for microscopes and software.
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North America accounted for the second-largest share of the global microscope software market in 2019 and is likely to remain an important region for manufacturers to concentrate
North America (comprising the US and Canada) accounted for the second-largest share of the global microscope software market in 2019. North America is a mature market for microscope software. The major players operating in the microscope software market, including Danaher Corporation and Thermo Fisher Scientific, have a strong presence in North America with a wide customer base and established distribution channels. The penetration of advanced microscopy systems and software such as electron microscopes, digital microscopes, and confocal microscopes is significantly high in various end-use industries in this region. These companies are actively involved in research to expand the applications of correlative microscopy in materials science and geology in the region and contribute towards its growth.
