According to TMR,
the global microfluidics market is projected to expand at CAGR of
11.4% from 2017 to 2025. The global market for microfluidics stood
at US$4.76 bn in 2016 and is forecast to touch a valuation of
US$12.45 bn by the end of 2025.
The drive for the
sales of microfluidics platforms stems from a substantial demand for
cost-effective diagnostic procedures that ensure economical use of
reagents and require small-sized medical devices. The growing demand
for low-cost microfluidics in the point-of-care settings is a notable
factor boosting the market. In addition, the rising popularity of
point-of-care testing for the diagnosis of a number of chronic
ailments, including cardiovascular ailments, diabetes, and cancer is
boosting the market. The advent of low-cost point-of-care diagnostics
supported by microfluidics technologies has immensely benefitted
patients and clinicians alike, notably in various emerging economies
of Asia Pacific.
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The burgeoning
geriatric population in several developing and developed nations is
stoking the need for microfluidics platforms that offer rapid and
reliable diagnosis. Furthermore, the rapid strides made by genomics
and proteomics in recent years is a notable factor providing a robust
fillip to the growth of the market.
The protracted
approval processes by various regional agencies, notably the U.S.
FDA, has adversely affected the earnings of the market in recent
years. Coupled with this, the elevated cost of instruments is a
crucial factor likely to impede the growth of the market to an
extent. Nevertheless, the use of polymers in the manufacturing of
advanced microfluidic products is likely to bring the final price of
microfluidics, which augurs well for the market.
In addition, a
number of dynamic collaborations entered into by leading players is a
significant factor expected to accentuate the growth of the market.
In addition, R&D activities related to novel methods of drug
delivery is anticipated to positively impact the global microfluidics
market.
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The advent of
low-cost microfluidics for point-of-care testing is expected to
present lucrative avenues for market players in the coming years.
The various product
types are microfluidic chips, cartridges and reagents, and
instruments. Of these, the cartridges and reagents segment is
predicted to lead the market and is estimated to garner a CAGR of
12.2% during 2017–2025. The dominance of the segment can be
attributed to the vastly rising demand for these in assays and
techniques.
Geographically,
North America leads the global market and is predicted to account for
a major share by the end of the forecast period. The launch of a wide
range of novel technologies in point-of-care testing methods and the
extensive demand for in-vitro diagnostics are key factors
accentuating the growth of the regional market. Meanwhile, Asia
Pacific is set to rise at a promising pace during the assessment
period.
The global
microfluidics market features a largely consolidated landscape,
attributed to the marked presence of several globally prominent
players. The top three players held a market share of 53.0% in 2016,
finds Transparency Market Research (TMR). These leading players are
Danaher Corporation, F. Hoffman-La Roche AG, and Thermo Fisher
Scientific. They are broadening their product portfolio and
consolidating their geographic presence, in a move to stay ahead of
the pack, notes TMR. Several companies in the market are also focused
on launching technologically-advanced products for a wide range of
applications in areas such as drug discovery, therapeutic devices,
and medical diagnostics. Such product innovations which includes
low-cost point-of-care testing help them gain a significant share in
the overall market.
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