FREMONT, California, Dec. 19, 2019 /PRNewswire/ -- According to a new market intelligence report by BIS Research titled "Global Microfluidics Market – Analysis and Forecast, 2019-2029", the global microfluidics market was valued at $10.26 billion in 2018 and is anticipated to grow over $42.17 billion by 2029. The global microfluidics market is expected to grow at a double-digit compound annual growth rate (CAGR) of 13.73% during the forecast period from 2019 to 2029, aided primarily by the impressive growth in the underlying manufacturing market.
Over the last decade, microfluidics has impacted the healthcare industry with its significant advancements. Since the commercialization of the first microfluidics-based solution in the 1990s, microfluidic technologies have been evolving to further a considerably wide range of applications. The microfluidics technology has permeated many disciplines from healthcare to food and agricultural and from environment to microbiological research.
Microfluidic technologies have portrayed several advantages over traditional methods owing to the easy manipulation of fluids and integration. With the invention of microelectrochemical systems (MEMS), the development of microfluidic devices has proliferated at a rapid speed and is showcasing a great potential in a diverse array of biological applications, including cell sorting, enzymatic assays, and immune-hybridization reactions and PCR.
The most popular application areas of microfluidics is the development of miniaturized point-of-care devices and lab-on-a-chip devices that enable chemical analysis of extremely small volumes of biological samples. Microfluidics-based solutions provide cost-effective and high throughput screening at a shorter turn-around-time, which has increased their demand for in-vitro diagnostics, drug delivery and discovery, and organ-on-a chip.
According to Nitish Kumar Singh, Lead Analyst at BIS Research,"North America is the leading region in the global microfluidics market with a contribution of approximately 41.65% to the global market value in 2018. This region is anticipated to grow at a significant CAGR during the forecast period from 2019 to 2029 and continue to dominate the global market till 2029 as well. However, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period from 2019-2029. The Europe region also contributed a significant share of 25.42% to the global market in 2018."
The Point-of-Care diagnostics segment is the leading contributor in the microfluidics market and contributed approximately 18.97% in the global market value in 2018. However, the microfluidics market for organ-on-a-chip is anticipated to witness the fastest growth during the forecast period 2019-2029.
F. Hoffmann-La Roche AG is currently the largest shareholder in the global microfluidics market. The market dominance is attributed to the company's expansive product portfolio, led by dedicated products.
This market intelligence report provides a multi-dimensional view of the global microfluidics market in terms of market size and growth potential. This research report aims at answering various aspects of the global microfluidics market with the help of key factors driving the market, restraints that can possibly inhibit the overall growth of the market, and the current growth opportunities that are going to shape the future trajectory of the market expansion.
Furthermore, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to get acquainted with the recent market activities, such as product launches and approvals, partnerships, collaborations, business expansions, as well as mergers and acquisitions. The research report provides a comprehensive analysis of the product sales, manufacturers, service providers, and trend analysis by segment as well as growth share analysis by geographical region. Additionally, the report provides a comprehensive attractive analysis and opportunity analysis for the entire global microfluidics market for 2019 and 2029.
This report is a meticulous compilation of research on more than 50 players in the market ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 15 leading companies, market participants, and vendors. The report also comprises 15 detailed company profiles including several key players, such as 1CellBio Inc., Agilent Technologies Inc., Becton, Dickinson and Company, Cellix Ltd., Micronit Microtechnologies, Fluidigm Corporation, Perkin Elmer Inc., microfluidic Chipshop GmbH, Mission Bio, Merck KgaA, Sphere Fluidics, Thermo Fisher Scientific, Inc., Takara Bio Inc., Qiagen N.V., and uFluidix.
Key Questions Answered in the Report:
What are the major market drivers, challenges, and opportunities in the global microfluidics market?
What are the factors resulting in the emerging trends within the global microfluidics market?
How is each segment expected to grow in the global microfluidics market during the forecast period, and what is the estimated revenue to be generated by each of the segments by the end of 2029, on the basis of
product type, including microfluidic platforms and microfluidic chips
application, including point-of-care testing, cell analysis, drug development and discovery, organ-on-a-chip, agro-food industry, microbiological research, and other
end user, including research and academic laboratories, biopharmaceutical and biotech companies, diagnostic centers, and other end users
region, including North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World (RoW)
What are the key developmental strategies which are implemented by the major players in order to sustain in the competitive market?
Which are the key manufacturers and service providers in the global microfluidics market, and what are their contributions? What is the growth potential of each major microfluidics-based solution manufacturer?
What are the emerging trends in the global microfluidics market? How are these trends revolutionizing the current diagnosis?
Which companies are anticipated to be highly disruptive in the future and why?
What are the gaps in regularizing optimum microfluidics-based solutions? How are these gaps being tackled?
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