Microfluidics Market by Application (Genomics, Proteomics, Capillary Electrophoresis, IVD (POC, Clinical Diagnostics), Drug Delivery, Microreactor, Lab Tests), Component (Chips, Pump, Needle), Material (Polymer, Glass, Silicon) - Global Forecast to 2023
“Microfluidics market is projected to grow at a CAGR of 22.6%”
The microfluidics market is projected to reach USD 27.91 billion by 2023 from estimated USD 10.06 billion in 2018, at a CAGR of 22.6%. Quick returns on investment coupled with the fast results and improved portability of the medical equipment embedded with microfluidics technology are the factors expected to drive the market during the forecast period. However, complex and time-consuming regulatory approvals process for the microfluidics technology into existing workflow is one of the factors restraining the growth of this market.
“The in vitro diagnostics application segment is expected to grow at the highest CAGR during the forecast period”
On the basis of application, the microfluidics market is segmented into in vitro diagnostics, pharmaceutical and life science research, drug delivery, and laboratory testing. The in vitro diagnostics segment is expected to witness the highest growth during the forecast period. High prevalence of infectious and lifestyle diseases, relatively lower turnaround times exhibited by POC diagnostics compared to central lab testing methods, rapid rise in aging population, and the introduction of technologically advanced products are some of the key factors driving the growth of the microfluidics market for in vitro diagnostics applications during the forecast period.
“The polymer-based microfluidics segment of microfluidic components market is projected to witness the highest growth during the forecast period“
On the basis of material, the microfluidics component market is segmented into polymer-based microfluidics, glass-based microfluidics, silicone-based microfluidics, and other material-based microfluidics. The polymer-based microfluidics market is expected to witness the highest growth during the forecast period. The high growth rate of this segment is attributed to the greater preference for polymers as a substrate in microfluidic devices among manufacturers, reduced costs, enhanced profit margins, simple manufacturing process, and wider applications in pharmaceutical research, academic laboratories, and molecular diagnostics. Polymers are rapidly evolving and are widely used for various microfluidic devices due to the several benefits associated with their use such as diversity in material properties suitable for particular applications and high flexibility for micro-manufacturing processes.
“Asia Pacific to witness the highest growth during the forecast period”
Asia Pacific is expected to witness the highest growth during the forecast period (2018 to 2023). A number of factors such as low labor and raw material costs, rapidly growing pharmaceutical and biotechnology industries, large population, and growth in investments due to favorable economic conditions (especially in China and India) are responsible for the high growth of the microfluidics market in this region.
Break of primary participants from supply side was as mentioned below:
• By Company Type – Tier 1–53%, Tier 2–26% and Tier 3–21%
• By Designation – C Level–42%, Director Level–26%, Others–32%
• By Region –North America–26%, Europe–35%, Asia Pacific–20%, Latin America- 11%, Middle East and Africa–8%
Some of the major market players in the microfluidics market are Danaher (US), Thermo Fisher (US), PerkinElmer (US), Agilent (US), Bio-Rad (US), Becton, Dickinson and Company (US), Roche (Switzerland), Illumina (US), Fluidigm Microfluidics (US), and QIAGEN (Netherlands). Other key players include Dolomite Microfluidics (UK), GYROS PROTEIN TECHNOLOGIES AB (Sweden), Sphere Fluidics (UK), OPKO Health (US), Waters (US), thinXXS Microtechnology (Germany), Abaxis (US), bioMérieux (France), Abbott (US), Dolomite Microfluidics (UK), Microfluidic ChipShop (Germany), Elveflow (France), Cellix (Ireland), Micronit Microtechnologies (Netherlands), MicroLiquid (Spain), MiniFAB (Australia), uFluidix (Canada), Micralyne (US), and Fluigent (France).
The report analyzes the microfluidics market and aims at estimating the market size and future growth potential of this market based on various segments such as application, component, material, and region. The report includes revenue analysis for various application of microfluidics equipment and components across the globe and a competitive analysis of the key players in this market along with their company profiles, product offerings, recent developments, SWOT analysis, and key market strategies.
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The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them, garner a greater share of the market. Firms purchasing the report could use one or any combination of the below-mentioned strategies to strengthen their position in the market.
This report provides insights into the following pointers:
• Market Penetration: Comprehensive information on product portfolios offered by the top players in the global microfluidics market. The report analyzes the microfluidics market by application, component, material, and region.
• Product Enhancement/Innovation: Detailed insights on upcoming trends and product launches in the global microfluidics market
• Market Development: Comprehensive information on the lucrative emerging markets by application, component, material, and region
• Market Diversification: Exhaustive information about new products or product enhancements, growing geographies, recent developments, and investments in the global microfluidics market
• Competitive Assessment: In-depth assessment of growth strategies, product offerings, and capabilities of leading players in the global microfluidics market
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