ALBANY, New York, December 17, 2018 /PRNewswire/ --
Over the forecast period between 2016 and 2025, the global microfluidics market is likely to progress at a staggering 11.4% CAGR. Growing at this rate, the valuation of the market is expected to reach US$12.45 bn by the end of 2025. In 2016, the market valuation was US$4.76 bn. Transparency Market Research presents all these figures in its recent report on microfluidics.
Application of microfluidics is largely seen in the in-vitro diagnostics market. This is mainly because of microfluidics are widely used in medical instruments and devices such as pregnancy kit and others. With respect to geography, North America is expected to dominate the global microfluidics market. This growth is attributed to increasing development in the healthcare sector and high adoption of new products. On the other hand, Asia Pacific is likely to offer wide growth opportunities due to increasing investment in the healthcare sector and adoption of advanced technologies.
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Growing Application of Microfluidics in Various Commercial Products to Drive Market Growth
Technological advancements are the major growth factors in driving demand in microfluidics market. Large efforts in research and development and increased investment in the healthcare sector both in developed and developing economies are also expected to fuel growth in the market. Adding to the key growth factor, another factor is the growing application of microfluidics in various commercial products. For example, fluidigm's highly integrated fluidic circuits play a crucial role in multiplex single-nucleotide polymorphism (SNP) genotyping by reducing its cost.
Furthermore, large market potential has also attracted new players. Players are also collaborating with other players that will help in transfer of technology, devices, and development of new and advanced products. This factor will also provide a fillip in the microfluidics market.
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Difficulty in Manufacturing Microfluidics May Hamper Market Performance
On the other hand, high capital investment on lab-on-chip devices is posing threats to the microfluidics market. Manufacturing difficulties are also considered one of the factors that might hamper the growth of this market. Some of the other challenges seen in this market are complex and time consuming regulatory standards that delay the sanction process of various drugs and products. Tough incorporation of emerging microfluidics technologies into ongoing workflows might also hamper the growth in this market. However, rising investment from government might help in overcoming some restraints in the coming few years.
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The global microfluidics market is expected to grow significantly, as numbers of strong new players are entering in the market with novel products. With the increasing new entrants, completion in the global microfluidics market is expected to intensify in the near future. Several leading players are also investing in research and development activities to offer effective solutions to their customers and to get a firm hold in the market. Bio-Rad Laboratories, Inc, PerkinElmer, Inc., Danaher Corporation, Agilent Technologies, Inc., RainDance Technologies, Inc., Thermo Fisher Scientific, Inc, and F. Hoffmann La-Roche Ltd. hold more than 53% share in the global market. Among these, Danaher Corporation, Thermo Fisher Scientific, and F. Hoffman-La Roche AG are the most flourishing companies having a huge geographical reach and enriched portfolios.
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The information presented in this review is based on a TMR report, 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."
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