NEW YORK, Dec. 13, 2016 /PRNewswire/ -- Over the past five years, the microfluidics market has witnessed tremendous growth primarily due to rising demand for point-of-care (POC) testing, increasing use of miniaturized microfluidic chips to achieve faster testing and improved portability, and increased prevalence of age-related and lifestyle diseases and disorders.
The global microfluidics market is projected to reach USD 8.78 billion by 2021 from USD 3.65 billion in 2016, growing at a CAGR of 19.2% during the forecast period. The market is mainly driven by the rising geriatric population, growing Asian healthcare market, and upsurge in government and corporate funding for R&D. However, lack of adequate healthcare and research infrastructure in emerging markets, dearth of skilled professionals in clinical laboratories, and high prices of integrated instruments and microfluidics chips are hampering the growth of this market to a certain extent.
In this report, the global microfluidics market is segmented on the basis of component materials and applications. On the basis of component, the market is segmented into microfluidic chips, micropumps, microneedles, and others. Microfluidics market by application is divided into pharmaceutical research, in vitro diagnostics, and drug delivery. The pharmaceutical research segment is further divided into lab analytics (cell-based assays, proteomic analysis, genomic analysis, and capillary electrophoresis), dispensing, and microreaction. The in vitro diagnostics segment is categorized into clinical diagnostics, point-of-care testing, environmental testing, industrial testing, and agro food testing. On the basis of materials, the microfluidics market is divided into polymer-based microfluidics, glass-based microfluidics, silicon-based microfluidics, and other material-based microfluidics. In addition, country-wise segmentation of each region (North America, Europe, Asia-Pacific, and the Rest of the World) is also provided in the report.
The in vitro diagnostics application segment accounted for a major share of the microfluidics market. This market is primarily driven by the rising demand for point-of-care testing, rising incidences of lifestyle disorders and diseases, growing geriatric population, and rapidly improving healthcare infrastructure in Asian countries.
In 2015, North America accounted for the largest share to the global microfluidics market, followed by Europe, Asia-Pacific, and RoW. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period owing to the rapidly aging population, increased accessibility to healthcare facilities, and rising R&D and healthcare expenditure.
The global microfluidics market is highly fragmented; some of the major players in this market are Danaher Corporation (U.S.), PerkinElmer, Inc. (U.S.), Agilent Technologies, Inc. (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), and Becton, Dickinson and Company (U.S.).
The report provides a detailed analysis of microfluidics market. It aims at estimating the market size and future growth potential of this market across different segments such as components, application, materials, and regions. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, 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 to garner a greater market share. Firms purchasing the report could use one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for reaping a greater market share.
This report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the microfluidics market. The report analyzes the microfluidics market by material and application across all regions
- Product Development/Innovation: Detailed insights on upcoming trends, research and development activities, and new product launches in the microfluidics market
- Market Development: Comprehensive information on the lucrative emerging markets by component, material, application, and region
- Market Diversification: Exhaustive information of new products, growing regions, recent developments, and investments in the microfluidics market
- Competitive Assessment: In-depth assessment of growth strategies, products, distribution networks, and manufacturing capabilities.
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