Global Microfluidics Market: Snapshot
Microfluidics technology refers to of operating and controlling liquids with flow channels. The technique has picked up pace due to its growing applications in areas such as point of care devices and invitro diagnostic techniques for pregnancy kits and glucometer kits. The report states that the technology will show tremendous progress in the coming years due to its emerging applications in the fields of pharmaceutical, in-vitro diagnostics, and drug delivery industries. Owing to these reasons, the global microfluidics market is estimated to be worth US$12.45 bn by the end of 2025 as compared to US$4.76 bn in 2016. The market is expected to show a steady CAGR of 11.4% between 2016 and 2025.
The range of advantages offered by the global microfluidics products and devices such as accuracy, reduction in volume, liability, reduced costs, fast return on investments, and greater profit margins have proven to the key growth drivers. Furthermore, growing interest of market players in discovering various types of polymers in order to improve the compatibility of microfluidic products to cut down their manufacturing costs is also expected to work in favor of the overall market in the near future.
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Acceptance of Cartridges and Reagents in Industries and Laboratories Drives Segment
On the basis of product, the global microfluidics market is fragmented into instruments, microfluidic chip, cartridges and reagents, and others. Of these, the cartridges and reagents held a leading share in the global market and the segment is expected to continue its dominance in the coming years. In terms of revenue, the total global microfluidics market held a share of 45.2% in the global market in 2016. The considerable acceptance of microfluidic products in laboratories and industries have provided cartridges and reagents this wide scope for growth. The report projects that the instruments and the microfluidic chip segments will closely follow the lead during the forecast period.
North America to Dominate Global Market with Well-established Healthcare Sector
On the basis of geography, the global microfluidics market is segmented into Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America. As of 2016, North America held a major share in the overall market. The region is anticipated to show a persistent progress throughout the forecast period due to high adoption of innovative products. The regional market will also benefit from the well-established healthcare sector.
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Asia Pacific is also expected to offer lucrative opportunities to the microfluidics market in the coming years. This regional market will be fueled by the growing pool of geriatrics who are prone to medical conditions and thus require diagnosis and care. The increasing technological advancements across Asia Pacific is also projected to propel the growth of the overall market. For instance, improvements in point of care diagnostic devices and invitro diagnostics technology have allowed vendors to products some of the superior microfluidics products in recent times. The growing awareness about new technologies in Asia Pacific, rising medical tourism, and growing healthcare infrastructure will prove to be pivotal to the positive trajectory of this regional market.
The important players operating in the global microfluidics market are Danaher Corporation, PerkinElmer, Inc., Agilent Technologies, Inc., Bio-Rad Laboratories, Inc, Thermo Fisher Scientific, Inc, RainDance Technologies, Inc., and F. Hoffmann La-Roche Ltd. The market is witnessing a high degree of competition due to the presence of several players.