Rising demand for point-of-care testing and technological advancements in healthcare sector to drive global microfluidics market
According to TechSci Research report, “Global Microfluidics Market By Component Type (Microfluidic Chips, Microfluidic Sensors, Microfluidic Pumps, Microneedles, Others), By Material (Polymer, Glass, Silicon, PDMS, Other), By Application (In Vitro diagnostics (Point-of-Care Testing, Clinical Diagnostics, Environmental Testing, Industrial Testing, Agro Food Testing), Pharmaceutical Research (Lab Analytics, Microdispensing, Microreaction), Drug Delivery (Inhaler Nozzles, Microneedles, Micropumps), By Region, Forecast & Opportunities, 2025”, the market is expected to witness robust growth during the forecast period. Major factors contributing to the growth of global microfluidics market are growing demand for high-throughput screening methodologies and for point-of-care testing. Moreover, technological advancements coupled with development of advanced lab-on-a-chip technologies are accelerating the market growth. The market is also witnessing high demand for In Vitro Diagnostics (IVD) and high-throughput screening methodologies, which is acting as a major driver for global microfluidics market.
Additionally, rising focus on data precision & accuracy is one of the key factors for market growth. Advantages of microfluidics such as high return on investment and cost control by minimizing errors is creating their high demand in global market. Furthermore, microfluidics is finding wide application in medical sector for tissue engineering, pathogen detection in human/animals and point-of-care analysis. However, global microfluidics market might also face some challenges. Lack of market visibility of microfluidics products are restricting the market growth. Also, high price of integrated systems and microfluidics sensors and stringent government regulations related to approval of advanced microfluidics might hamper the growth of microfluidics market.
Browse XX market data Tables and XX Figures spread through XXX Pages and an in-depth TOC on “Global Microfluidics Market”
The global microfluidics market is segmented based on component type, material, application, sector, end user and region. Based on component type, the market is segmented into microfluidic chips, microfluidic sensors, microfluidic pumps, microneedles and others. Among them, microfluidic chips are expected to undergo fastest growth during the forecast period owing to increasing usage of microfluidic chips in microfluidic-based laboratory analytical instruments and increasing drug discovery & life science research. Furthermore, growing preference for personalized medicine and need for high-speed diagnostics are accelerating the demand for microfluidic chips in global market.
Based on application, global microfluidics market is categorized into in vitro diagnostics, pharmaceutical research and drug delivery. The in vitro diagnostics segment is further categorized into point-of-care testing, clinical diagnostics, environmental testing, industrial testing and agro food testing. Also, the pharmaceutical research segment is categorized into lab analytics, microdispensing, microreaction and drug delivery segment is categorized into inhaler nozzles, microneedles & micropumps. Among them, the in vitro diagnostics segment is expected to witness highest CAGR through 2025 owing to rising incidence of target diseases and growing need for point-of-care testing. Moreover, the advantages of point-of-care diagnostics over central lab testing methods are creating high demand for this segment.
Major players operating in the global microfluidics market include Abbott Laboratories, Inc., Perkinelmer, Inc., Cepheid, Inc., Sphere Fluidics Limited, FluIdigm Corporation, RainDance Technologies, Inc., Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Johnson & Johnson Inc., Microfluidic Chipshop GMBH, Illumina Inc. and Dolomite Microfluidics (Blacktrace Holdings Ltd). The companies are focusing on developing new and improved products through extensive R&D activities.
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“North America accounted for largest market share in global microfluidics market in 2019 as the region possess high-quality infrastructure for clinical and laboratory research. Governments in countries such as United States and Canada are also investing on clinical trials and R&D activities, which is providing huge growth opportunities for companies dealing in microfluidics. North America is followed by Europe and Asia-Pacific, which are witnessing increasing incidence of chronic diseases,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Microfluidics Market By Component Type (Microfluidic Chips, Microfluidic Sensors, Microfluidic Pumps, Microneedles, Others), By Material (Polymer, Glass, Silicon, PDMS, Other), By Application (In Vitro diagnostics (Point-of-Care Testing, Clinical Diagnostics, Environmental Testing, Industrial Testing, Agro Food Testing), Pharmaceutical Research (Lab Analytics, Microdispensing, Microreaction), Drug Delivery (Inhaler Nozzles, Microneedles, Micropumps), By Region, Forecast & Opportunities, 2025”has evaluated the future growth potential of global microfluidics market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global microfluidics market.
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