Microfluidics Market Report, By Component, Material, Application and Geography – Global Market Share, Trend Analysis and Forecast up to 2024

Report Code: 1456
Publish Date: January 2018

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Product Description

The field of microfluidics has emerged as one of the most dynamically developing disciplines of micro-technology in the recent years. Microfluidics offers the mere benefits of miniaturization enabling portable and inexpensive devices, so far mostly for analytical and diagnostic purposes where also the costs per test and analysis times can be greatly reduced. The market need is normally the driving force behind successful commercialization of microfluidics market. The microfluidics market provides practical application of small fluid volumes for design of systems and development of solutions. Microfluidics is an emerging technology with growing acceptability in healthcare applications. The key driver for the microfluidics market is the rising demand in point-of-care (POC) and in-vitro diagnostics. Application of microfluidics in HIV testing at POCs is expected to cut cost, thereby increase the demand for the technology.

The demand for this sector is expected to increase due to the introduction of improved technology, such as digital microfluidics, which facilitates on-chip biochemical analysis. In addition, industry players are introducing newer sampling technologies to meet the demand for screening a huge number of biological samples. For example, in March 2014, Dolomite launched Mitos Dropix capable of generating miniature droplets to isolate contents. The patented droplet picking technology enables high-throughput sample screening. However, several regulatory standards that consume too much time for the approval process of microfluidics devices are projected to restrain the market growth during the projected period.

The global microfluidics market is segmented in to component, material, application, and geography. Based on component, the global microfluidics market is segmented into microfluidic chips, micropumps, microneedles, & others. On the basis of materials, the market is segmented into polymer-based microfluidics, glass-based microfluidics, silicon-based microfluidics, and other material-based microfluidics. The major applications of microfluidics are, pharmaceutical research, in Vitro diagnostics, and drug delivery. Among various applications of microfluidics, the in vitro diagnostics application segment accounted for major share in the global microfluidics market in 2017 and this segment is further expected to remain dominant in the near future expanding at a CAGR between 15.5% to 16.5% from 2019 to 2024. Other application segments are also expected to showcase significant growth thereby boost the demand for microfluidics over the forecast period from 2019 to 2024.

Based on geography, the global microfluidics market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America comprises U.S., Canada, and Mexico whereas Europe would primarily cover Germany, France, UK, Italy, and Rest of Europe. The key countries included under Asia Pacific are China, Japan, India, Australia, and Rest of Asia Pacific. In Latin America, Brazil, Argentina, and Rest of Latin America are the key segments whereas in Middle East & Africa, South Africa and Rest of MEA are the key segments covered in the report. North America accounted for largest share of global microfluidics market in 2017 owing to the growing incidence rate of various infectious diseases, availability of insurance coverage for laboratory testing procedures, sufficient reimbursements for medical devices, and presence of well-structured distribution channels in the region. Asia-Pacific region is the fastest-growing market owing to factors such as rising geriatric population, growing per capita income, rising investments in the healthcare industry by key market players, increasing demand for advanced technologies, and expansion of private-sector hospitals to rural areas in various countries.

The global microfluidics market led by key companies such as, Danaher Corporation (U.S.) and PerkinElmer, Inc. (U.S.) having strong hold on the global market. Some of the key manufacturers of microfluidics in the global market include Thermo Fisher Scientific, Inc. (U.S.), Agilent Technologies, Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), and, Becton, Dickinson and Company (U.S.), among others.

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In order to estimate and validate the size of global microfluidics market, and to determine the size of other dependent submarkets, we have use both top-down and bottom-up approaches. The research study involved extensive use of secondary sources, directories, and databases, such as Hoovers, Factiva, One Source, Bloomberg, Reuters, and other government and private websites to identify and collect information useful for a technical, market-oriented, and commercial study of the global microfluidics market.