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Microfluidics Market Expected To Be Valued Around US$ 30.0 Bn And Expected To Grow At 23.0% Compound Annual Growth Rate (CAGR) Over 2018 To 2024
Global Microfluidics Market
Global Microfluidics Market: By Component (Micro Pumps, Micro Needles, Microfluidic Chips, and Others), By Material (Silicon Based, Polymer Based, Glass Based, and Others), By Distribution Channel (Pharmaceuticals, Drug Delivery, and In-vitro Diagnostics), and Geography - Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2013-2017 and Forecast 2018-2024
Market Outline: Microfluidics Market
Microfluidics is the study of both, behavior of fluids through microchannels and the technology of manufacturing microminiaturized devices containing chambers and tunnels through which fluids flow or are confined. Microfluidics deals with the behavior, precise control, and manipulation of fluids. They deal with very small volumes of fluids, down to femtoliters (fL) which is a quadrillionth of a liter.
Market Dynamics: Microfluidics Market
The technological advancement is the key factor attributed for the growth of the microfluidics market. For instance, in February 2017, scientists in Stanford University have developed ‘lab on a chip’ that costs 1 cent to make. It is a combination of microfluidics, electronics, and inkjet printing technology. The rising demand for point-of-care (POC) is adding fuel for the growth of the market. The application of microfluidics in the POCs is anticipated to cut cost. The personalized treatment for various diseases expected to enhance the demand for microfluidics in the market. However, the stringent government regulations are hindering the growth of the market. The incorporation of the microfluidics technology in the existing applications is a challenge, which may hinder the growth of the microfluidics market.
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Market Scope: Microfluidics Market
Microfluidics market is segmented based on the component, material, and application
Based on the component, the market is segmented into the following:
• Micro Pumps
• Micro Needles
• Microfluidic Chips
• Others
Based on the material, the market is segmented into the following:
• Silicon Based
• Polymer Base
• Glass Based
• Others
Based on the application, the market is segmented into the following:
• Pharmaceuticals
• Drug Delivery
• In-vitro Diagnostics
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Regional Analysis: Microfluidics Market
Geographically, global microfluidics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America microfluidics market is the dominant market when compared with that of the other regional market. The strong financial support from the non-profitable organizations is enriching the growth of the market. For instance, in July 2016, New Jersey Institute of Technology has received $1 Million grant from Keck Foundation for Pioneering Research in biophysics and nanotechnology. The team will develop new microfluidic devices to stabilize microtubules and drive acoustic modes in them. Europe and the Asia Pacific follows North America. The Asia Pacific microfluidics market is expected to grow at significant rate over the forecast period owing to developing research infrastructure in the region.
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Competition Assessment: Microfluidics Market
Some of the players in the global microfluidics market include:
• Dolomite Microfluidics (UK)
• Microfluidic ChipShop (Germany)
• Elveflow (France)
• Cellix (Ireland)
• Micronit Microtechnologies (Netherlands)
• MicroLiquid (Spain)
• MiniFAB (Australia)
• uFluidix (Canada)
• Micralyne (US)
• Danaher (US)
• Thermo Fisher (US)
• PerkinElmer (US)
• Agilent (US)
• Bio-Rad (US)
• Becton, Dickinson and Company (US)
• Roche (Switzerland)
• Illumina (US)
• Fluigent (France)
• Fluidigm Microfluidics (US)
Notable Market Developments: Microfluidics Market
In December 2017, IDEX Health & Science, LLC has acquired thinXXS Microtechnology that will accelerate growth of its microfluidics consumables business.
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