Microfluidics Market Worth $7.5 Billion by 2020

DALLAS, June 22, 2015 /PRNewswire/ --

According to a new market research report "Microfluidics Market by Material (Polymer, Glass, Silicon) Application (Pharmaceutical (Genomics, Proteomics, Capillary Electrophoresis) Diagnostic (POC, Clinical, Environmental, Industrial) Drug Delivery (Inhaler, Micropump)) - Global Forecast to 2020", published by MarketsandMarkets, the global Microfluidics Market is expected to grow from $3.1 Billion in 2015 to $7.5 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 19.3% from 2015 to 2020.

Browse 123 market data Tables and 32 Figures spread through 200 Pages and in-depth TOC on "Microfluidics Market"

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The Microfluidics Market witnessed healthy growth during the last decade due to the growing pharmaceutical and biotechnology research funding, rising incidences of lifestyle diseases, and rising geriatric population, globally. However, high prices of microfluidic proteomic and genomic analysis platforms, low market visibility of microfluidic products currently available in the market, and reluctance among researchers to use microfluidic technology products are inhibiting the growth of this market to a certain extent.

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In this report, the Microfluidics Market is segmented on the basis of materials and applications. On the basis of materials, the market is categorized into polymer-based microfluidics, glass-based microfluidics, silicon-based microfluidics, and other material-based microfluidics. On the basis of applications, the Microfluidics Market is categorized into pharmaceutical research, in vitro diagnostics, and drug delivery. The pharmaceutical research application market is further divided into three major segments, namely, lab analytics (cell-based assays, proteomic analysis, genomic analysis, and capillary electrophoresis), dispensing, and microreaction. The in vitro diagnostics application segment is categorized into clinical diagnostics, point-of-care testing, environmental testing, industrial testing, and agro food testing. The drug delivery application segment is subdivided into inhalers, microneedles, and micropumps.

In 2014, the in vitro diagnostics segment accounted for the largest share of the market. Factors such as increasing incidences of chronic diseases, rising aging population, increasing healthcare spending from emerging countries, growing demand for point-of-care testing, emerging technologies like molecular diagnostics, and growing out-of-pocket healthcare spending are boosting the growth of the in vitro diagnostics market.

On the basis of regions, North America accounted for the largest share of this market in 2014, followed by Europe, Asia-Pacific, and RoW. However, the Asia-Pacific region is the fastest-growing market for microfluidics products, primarily due to the rising aging population and increasing R&D and healthcare expenditure in this region. In addition, large-scale improvements in the healthcare infrastructure of countries such as China, Taiwan, and India are propelling the growth of this market.

Major players in the global Microfluidics Market include Danaher Corporation (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Agilent Technologies, Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), and PerkinElmer, Inc. (U.S.).

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