CHICAGO, May 15, 2020 /PRNewswire/ -- According to the new market research report "Microfluidics Market by Product (Devices, Components (Chips, Sensors, Pump, Valves, and Needles), Application (IVD [POC, Clinical, Veterinary], Research, Manufacturing, Therapeutics), End User and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Microfluidics Market size is projected to reach USD 44.0 billion by 2025 from USD 15.7 billion in 2020, at a CAGR of 22.9% during the forecast period.
Microfluidic technologies offer quick analysis, reduced reagent consumption, and accurate test results, and help in reducing the overall cost of the drug development process. In addition to these factors, the demand for microfluidics technology is increasing owing to the growing demand and adoption of PoC diagnostic devices.
The microfluidic-based devices segment is expected to grow at the highest CAGR during the forecast period
Based on products, the microfluidics market is segmented into microfluidic-based devices and microfluidic components. The microfluidic-based devices segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increasing adoption of microfluidic devices owing to the various advantages offered by microfluidic technology, such as rapid testing and low sample and reagent consumption.
The microfluidic chips segment is expected to grow at the highest CAGR during the forecast period
Based on type, the microfluidic components market is segmented into microfluidic chips, flow and pressure sensors, flow and pressure controllers, micropumps, microfluidic valves, microneedles, and other components (connectors, tubes, droplet generators, temperature controllers, and OEM components, among others). The microfluidic chips segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increasing consumption of microfluidic chips in microfluidic-based laboratory analytical instruments, increasing point-of-care testing, rising preference for personalized medicine, growing drug discovery & life science research, and the need for high-speed diagnostics.
The in-vitro diagnostics segment is expected to grow at the highest CAGR during the forecast period
Based on applications, the microfluidics market is classified broadly into three major application segments, i.e., in-vitro diagnostics, pharmaceutical and life science research and manufacturing, and therapeutics. The in-vitro diagnostics segment is expected to grow at the highest CAGR during the forecast period. This high growth can be attributed to the rising incidence of target diseases and conditions and the growing demand for PoC testing. In addition, the advantages of microfluidic devices over their traditional counterparts (such as portability, compact size, increased frequency of testing, and accurate & quick analysis) have driven their adoption in this application segment.
The point-of-care testing segment is expected to grow at the highest CAGR during the forecast period
The in-vitro diagnostics applications segment has been subsegmented into point-of-care testing, clinical diagnostics, and veterinary diagnostics. The point-of-care testing segment is estimated to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the rising geriatric population, increasing prevalence of infectious and lifestyle diseases, advantages of PoC diagnostics over central lab testing methods, and the introduction of technologically advanced products.
The hospitals & diagnostic centers segment is expected to grow at the highest CAGR during the forecast period
Based on end-users, the microfluidics market is segmented into hospitals and diagnostic centers, academic and research institutes, and pharmaceutical and biotechnology companies. The hospitals & diagnostic centers segment is estimated to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing use of microfluidic-based diagnostic devices, increasing adoption of the microfluidic technology for the rapid diagnosis of various chronic diseases, technological advancements, and the inherent advantages of the microfluidics technology.
North America accounted for the largest market share in 2019
North America accounted for the largest share of the global microfluidics market in 2019, followed by Europe. As compared to Europe and the Asia Pacific, North America has various additional advantages-investment initiatives by governments and the presence of high-quality infrastructure for clinical and laboratory research.
The global microfluidics market is highly competitive, with a large number of global and local market players competing for higher market shares. Danaher Corporation (US), Thermo Fisher Scientific (US), PerkinElmer Inc. (US), Agilent Technologies (US), Bio-Rad Laboratories, Inc. (US), Becton, Dickinson and Company (US), F. Hoffmann-La Roche (Switzerland), Illumina, Inc. (US), Fluidigm Microfluidics (US), Abbott Laboratories (US), and QIAGEN (Netherlands) are some of the prominent players in the microfluidic-based devices market.
The leading players in the global microfluidic components market include Parker-Hannifin Corporation (US), Fluigent SA (France), Idex Corporation (US), Camozzi Automation Spa Società Unipersonale (Italy), Gems Sensors and Control (US), Aignep S.P.A. (Italy), SMC Corporation (Japan), Dolomite Microfluidics (UK), Cellix Ltd. (Ireland), Elveflow (France), Microfluidic ChipShop (Germany), Micronit Microtechnologies (Netherlands), and MicroLiquid (Spain).
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