The global microfluidics market is anticipated to flourish in the coming years. This surge in demand is mainly due to the emergence of several strong key players in the global market. PerkinElmer, Inc., Bio-Rad Laboratories, Inc, F. Hoffmann La-Roche Ltd., Danaher Corporation, Agilent Technologies, Inc., Thermo Fisher Scientific, Inc, and RainDance Technologies, Inc. are some of the leading names in the global microfluidics market. It is worth noting that the key players accounted for more 53% of the total market shares. The microfluidics technology comprise of controlling and operating liquids with the help of flow channels. Moreover, Thermo Fisher Scientific, Danaher Corporation, and F. Hoffman-La Roche AG are the most flourishing firms, owing to their enriched portfolios and global expansion. The microfluidics industry is likely to demonstrate a high-paced growth because of various applications being introduced in the in-vitro diagnostics, drug delivery sector, and pharmaceutical industry. The microfluidics market is anticipated to be fiercely competitive in the coming years. Several firms are investing in the research and development in order to maintain their market position and provide efficient solutions to their customers.
According to a recent report by Transparency Market Report, the global market for microfluidics technology is expected to witness a tremendous growth during the forecast period from 2016 to 2025, with a robust CAGR of 11.4%. In year 2016 the entire market was evaluated to be worth US$ 4.76 bn. This valuation is foreseen to soar US$ 12.45 bn by the end of 2025. Based on product the global microfluidics market is dominated by cartridge and reagents segment. This segment is likely to grow at a strong CAGR of 12.2% within the duration from 2016 to 2025. Moreover, on the basis of geographical regions, North America region is expected to dominate the global market with steady CAGR of 35.4% during forecast time frame. This major reason for this is the adoption of innovative technology in the region.
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Several Development in the Application of Microfluidics Technology to Fuel the Market Demand
The system has gotten pace because of its developing applications in region, for example, in-vitro diagnostic methods for glucometer units and pregnancy kits and point of care gadgets. The report expresses that the innovation will indicate gigantic advancement in the coming years because of its developing applications in the fields of pharmaceutical, in-vitro diagnostics, and drug delivery businesses. The scope of favorable circumstances offered by the worldwide microfluidics items and gadgets, for example, exactness, decrease in volume, risk, lessened costs, quick profit for speculations, and more noteworthy net revenues have demonstrated to the key development drivers. Moreover, developing enthusiasm of market players in finding different sorts of polymers keeping in mind the end goal to enhance the similarity of microfluidic items to chop down their assembling costs is likewise anticipated that would work for the general market soon.
Rise in Geriatric Population Boosts the Growth of Microfluidics in the Market
The regional areas will be powered by the developing pool of geriatric patients who are inclined to therapeutic conditions and therefore require diagnosis, care and treatment. The expanding innovative progressions across various regions impel the development of the general market. For example, enhancements in purpose of in-vitro diagnostics technique and care diagnostic devices have enabled manufacturers to develop some of the unrivaled microfluidics items as of late. Additionally, the growth in awareness about new innovations, developing healthcare infrastructure, and growth in medicinal tourism, will end up being significant to the positive direction of this local market. Apart this, the industry has also demonstrated a distinct fascination in the microfluidics technology as they have significantly lessened the expenses of procedure, along with guaranteed speedier recoveries, reduced wastage of reagents, and more compact devices in terms of weight and size of the products.
The study presented here is based on a report by Transparency Market Research (TMR), titled, “Microfluidics Market (Product – Instruments, Microfluidic Chips, and Cartridges & Reagents; Application – Peripheral Vascular Diseases, Wound Care Management, Pharmaceutical & Biotech Research, In vitro Diagnostics, and Drug Delivery; Material – Polymer Based, and Glass Based; End User – Hospital, Academic & Research Institutes, Diagnostic Lab, and Homecare Settings) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025”