“Latest Market Overview for Microfluidics Market Research Report 2018-2023 with CAGR XX%
Global Microfluidics Market Report 2018 provides actionable intelligence on factors that have been driving demand; key trends that are impacting the Microfluidics market; challenges that affect the market dynamics along with the market size, a SWOT analysis of the key vendors, and various segments.
Competitor Analysis: by product types, market share, applications, sales, and revenue.
- Danaher Corporation
- PerkinElmer Inc.
- Agilent Technologies Inc.
- Bio-Rad Laboratories Inc.
- Thermo Fisher Scientific Inc.
- uFluidix Dolomite Centre
- F. Hoffmann-La Roche AG
- Fluidigm Corporation
- Micronit Microfluidics BV
- Abbott Laboratories
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Description of Microfluidics Market: The global microfluidics market was valued at USD 4.552 billion in 2017, and is expected to reach USD 111.95 billion by 2023, recording a CAGR of 17.45% over the forecast period of 2018-2023. The scope of the report is limited to solutions offered by major players, including providers of microfluidic chips, micro pumps, and micro needles. The regions considered in the scope of the report include North America, Europe, Asia-Pacific, and rest of the world.
Owing to the strong demand for faster, cheaper, and decentralized diagnostics, and its increasing use in molecular diagnostics, the market for microfluidics is expected to witness healthy growth during the forecast period. Microfluidics deals with the behavior, control, and manipulation of fluids in a geometrically constrained scale. The increasing incidences of chronic diseases are demanding the use of microfluidics in the healthcare sector. The early detection and personalized treatment of lifestyle diseases has created a demand for this technology, which has gained prominence, in order to cater to the demands of a growing geriatric population.
Thus, the market is mainly driven by the growing pharmaceutical and biotechnology research funding, rising incidences of lifestyle diseases, escalating geriatric population, intensifying demand for point-of-care testing, increasing demand for miniaturized microfluidic chip as it offers lower testing time and improved portability, and growing stem cell and cancer research. Further, breakthroughs, such as the recently published method of 3D printing microfluidic lab-on-a-chip devices, leading to the evolution of a cost-effective mass-production process of diagnostic devices, and smartphones paired to microfluidics, enable an increased range and ability of POC testing. The development of devices, such as the TRI analyzer, offers opportunities for the market players to expand their presence. However, complex and time-consuming regulatory approval process, high cost of integrated instruments and microfluidic sensors, and lack of visibility of microfluidics products are deterring the growth of this market to a certain extent.
Point-of-Care Testing to Offer Growth Opportunities
Point-of-care testing is necessary to provide a quick diagnostic result for a prompt on-site diagnosis and treatment. A prompt analysis time and high sensitivity, with a sample-to-answer format, are the most important features for current point-of-care testing diagnostic systems. Microfluidic lab-on-a-chip technologies have been considered as one of the promising solutions that can meet the requirements of the POCT, as they can miniaturize and integrate most of the functional modules used in central laboratories into a small chip. Future developments of the microfluidics chip include the ability to quantify plasma proteins and cell surface receptors expression levels, to gain a more holistic picture of the patient’s immune system, as well as further validation in multi-center clinical studies.
IVD was the largest application segment in the microfluidics market
Factors, such as increasing incidence of chronic diseases, growing geriatric population, increasing healthcare spending in emerging countries, growing demand for point-of-care testing, emerging technologies like molecular diagnostics, and growing out-of-pocket healthcare expenditure, are boosting the growth of the in-vitro diagnostics market. Owing to its broad range of applications, such as POC, IVD accounted for a significant share of revenues in 2017. Moreover, companies, such as Abbott, Roche Diagnostics, Cephied, and Becton, Dickinson and Company (BD), are adopting microfluidics in the IVD.
North America Dominated the Market
North America accounted for the largest share in 2017, followed by Europe, Asia-Pacific, and rest of the world respectively. The presence of prominent market leaders, such as Danaher Corporation and Thermofisher Scientific Inc. in the United States, also contributes significantly to the revenues in the region. Further, the introduction of advanced technologies, large number of researches to improve the sample volume optimization techniques, and the strong market growth of POC diagnostics also contribute to the market’s growth in the region. Moreover, strong financial backup by organizations is expected to pour into new POC diagnostics for chronic diseases, such as cancer and stroke. For instance, in December 2011, Grand Challenges Canada and the Bill & Melinda Gates Foundation donated USD 31 million to innovate POC diagnostics.
The key players in this market include –
• Danaher Corporation
• PerkinElmer Inc.
• Agilent Technologies Inc.
• Bio-Rad Laboratories Inc.
• Thermo Fisher Scientific Inc.
Other players include-
• Dolomite Centre
• Micronit Microfluidics
• F Hoffmann-La Roche AG
• Fluidigm Corporation
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The Global demand for Microfluidics Market is forecast to report strong development driven by consumption in major evolving markets. More growth opportunities to come up between 2018 and 2025 compared to a few years ago, signifying the rapid pace of change.
Following market aspects are enfolded in Global Microfluidics Market Report:
- A wide summarization of the Global Microfluidics Market.
- The present and forecasted regional market size data based on applications, types, and regions.
- Market trends, drivers and challenges for the Global Microfluidics Market.
- Analysis of company profiles of Top major players functioning in the market.
Microfluidics Market report passes on a fundamental overview of the Market including its definition, applications, and advancement. Furthermore, the Industry report investigates the ecumenical Major Microfluidics Market players in detail. Microfluidics Market report gives key bits of Cautiousness and subsisting status of the Players and is a basic Source obviously and heading for Companies and people energized by the Industry.
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Which are the important factors that are mentioned in the Microfluidics Market report 2023?
- Key Market Dynamics: The Global Microfluidics Market research report provides complete forecasts on the latest market trends, development methods, and research methodologies. Some of the factors that are directly in affecting the market including the Strategic Production and Methods, development platforms, and the product model itself, and even a minute change within the product profile would result in huge amount of changes within the mentioned factors. All of these factors are explained in detail in the research study.
- Major Growth Prospects:The report also focuses on some of the Key growth prediction, including new product launches, Mergers and Acquisitions, Research and Development, joint ventures, collaborations, agreements, partnerships, and growth of the key Manufacturers working effectively in the market, both in terms of regional and global scale depending on geography.
- Key Market Highlights: The report gives us an in-depth Market analysis on some of the Microfluidics Market key factors, including revenue, cost, capacity, capacity utilization rate, production, production rate, consumption, supply, demand, Market share, CAGR, and gross margin. Additionally, the report presents a comprehensive study of the market growth factors and their latest trends, along with related Market sections and subsections.
Browse Detailed TOC, Tables, Figures, Charts, and Companies Mentioned in this Market Research Report @ https://360researchreports.com/Microfluidics-13100624
The growth of this market worldwide is subjected to various factors; including consumer world-class Microfluidics Market of many Microfluidics Market products, inorganic company growth models, price volatility of raw materials, product innovation along with economic prospects in both producer and consumer countries.
Conclusively, this report will provide you a clear view of each fact of the market without a need to refer to any other research report or a data source. Our report will provide you with all the facts about the past, present, and future of the concerned Market.