ALBANY, New York, September 21, 2018 /PRNewswire/ --
The microfluidics technology which is nothing but the operating and controlling of liquids with flow channels has picked up a tremendous pace of late. The main reason behind the soaring popularity of microfluidics is the rising applications in in-vitro diagnostic techniques for pregnancy kits, glucometer kids, and for point of care devices. According to Transparency Market Research (TMR), a market intelligence company, the global microfluidics market will be worth US$12.45 bn by the end of 2025. The report by TMR further states that this market will expand at a more than healthy CAGR of 11.4% between 2016 and 2025.
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Microfluidic products and devices offer many advantages which is resulting in their growing demand. Some of these advantages include improved accuracy, reduction in volume, liability, fast return on investments, great profit margins, and reduced costs. In addition to this, market players have taken great efforts which in turn has resulted in discovering of various types of polymers which offers enhanced compatibility of microfluidic products which also cuts down their manufacturing cost. There is a demand for cost-efficient diagnostic procedures which require budget usage of reagents and small-sized medical equipment, and this is propelling the demand for microfluidics.
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Stupendous growth opportunities lie within the developing nations of Asia Pacific as both patients and doctors are benefiting extremely by the introduction of cost-effective point-of-care diagnostics which receives support from microfluidics technologies. Asia Pacific has a large population base suffering from diseases such as diabetes, cancer, and cardiovascular diseases. This in turn is anticipated to propel the demand for low-cost point-of-care diagnostics. The improving healthcare infrastructure and mushrooming medical tourism will also drive the market's growth in Asia Pacific. As such, tremendous growth opportunities lie in the nations of Asia Pacific for microfluidics.
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One of the key factors which is acting as a roadblock for the growth of this market is the slow production of prototype chips which is acting as a hindrance in microfluidics research. Another important factor which is acting as a challenge is the high cost of instruments which is anticipated to deter its adoption especially in cost-sensitive regions. In addition to all these factors, lengthy approval procedures from agencies such as the FDA can hamper and slow down the progress of the global microfluidics market.
Important players operating in the global microfluidics market are Danaher Corporation, PerkinElmer, Inc., Agilent Technologies, Inc., Bio-Rad Laboratories, Inc, Thermo Fisher Scientific, Inc, RainDance Technologies, Inc., and F. Hoffmann La-Roche Ltd. The market is witnessing a high degree of competition due to the presence of several players.
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The study presented here is based on a report by Transparency Market Research (TMR), 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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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research