The global microfluidics market features a largely consolidated landscape, attributed to the marked presence of several globally prominent players. The top three players held a market share of 53.0% in 2016, finds Transparency Market Research (TMR). These leading players are Danaher Corporation, F. Hoffman-La Roche AG, and Thermo Fisher Scientific. They are broadening their product portfolio and consolidating their geographic presence, in a move to stay ahead of the pack, notes TMR. Several companies in the market are also focused on launching technologically-advanced products for a wide range of applications in areas such as drug discovery, therapeutic devices, and medical diagnostics. Such product innovations which includes low-cost point-of-care testing help them gain a significant share in the overall market.
According to TMR, the global microfluidics market is projected to expand at CAGR of 11.4% from 2017 to 2025. The global market for microfluidics stood at US$4.76 bn in 2016 and is forecast to touch a valuation of US$12.45 bn by the end of 2025.
The various product types are microfluidic chips, cartridges and reagents, and instruments. Of these, the cartridges and reagents segment is predicted to lead the market and is estimated to garner a CAGR of 12.2% during 2017–2025. The dominance of the segment can be attributed to the vastly rising demand for these in assays and techniques.
Geographically, North America leads the global market and is predicted to account for a major share by the end of the forecast period. The launch of a wide range of novel technologies in point-of-care testing methods and the extensive demand for in-vitro diagnostics are key factors accentuating the growth of the regional market. Meanwhile, Asia Pacific is set to rise at a promising pace during the assessment period.
Demand for Low-Cost Point-Of-Care Testing Methods to Bolster Uptake
The drive for the sales of microfluidics platforms stems from a substantial demand for cost-effective diagnostic procedures that ensure economical use of reagents and require small-sized medical devices. The growing demand for low-cost microfluidics in the point-of-care settings is a notable factor boosting the market. In addition, the rising popularity of point-of-care testing for the diagnosis of a number of chronic ailments, including cardiovascular ailments, diabetes, and cancer is boosting the market. The advent of low-cost point-of-care diagnostics supported by microfluidics technologies has immensely benefitted patients and clinicians alike, notably in various emerging economies of Asia Pacific.
The burgeoning geriatric population in several developing and developed nations is stoking the need for microfluidics platforms that offer rapid and reliable diagnosis. Furthermore, the rapid strides made by genomics and proteomics in recent years is a notable factor providing a robust fillip to the growth of the market.
Research Activities to Develop Better Drug Delivery Methods to Open Lucrative Avenues
The protracted approval processes by various regional agencies, notably the U.S. FDA, has adversely affected the earnings of the market in recent years. Coupled with this, the elevated cost of instruments is a crucial factor likely to impede the growth of the market to an extent. Nevertheless, the use of polymers in the manufacturing of advanced microfluidic products is likely to bring the final price of microfluidics, which augurs well for the market.
In addition, a number of dynamic collaborations entered into by leading players is a significant factor expected to accentuate the growth of the market. In addition, R&D activities related to novel methods of drug delivery is anticipated to positively impact the global microfluidics market.
The advent of low-cost microfluidics for point-of-care testing is expected to present lucrative avenues for market players in the coming years.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Microfluidics Market (Product Type - Instruments, Microfluidic Chips, Cartridges & Reagents, and Others; Application - Peripheral Vascular Diseases, Wound Care Management, Pharmaceutical and Biotech Research, In-vitro Diagnostics, and Drug Delivery; Material - Polymer Based and Glass Based; End User - Hospitals, Academic and Research Institutes, Diagnostic Lab, and Homecare Settings) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025.
The global microfluidics market is segmented into:
- Microfluidic Chip
- Cartridges & Reagents
- Peripheral Vascular Diseases
- Wound Care Management
- Pharmaceutical & Biotech Research
- In-vitro Diagnostics
- Drug Delivery
- Polymer based
- Glass based
- Academic & Research Institutes
- Diagnostic Lab
- Homecare settings
- North America
- Rest of Europe
- Asia Pacific
- Rest of Europe
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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