Microfluidic Market is Projected to be Fueled by Rapid Technological Advancements To Grow At CAGR Of 19.4% Over period 2018 - 2026

The Global Microfluidic Market, by Material Type (Silicon-Based Microfluidic, Glass-Based Microfluidic, Polymer-Based Microfluidic, and Others), by Application (In Vitro Diagnostic Devices, Drug Delivery Devices and Monitoring Devices), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 2.8 billion in 2016 and is projected to exhibit a CAGR of 19.4% over the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. Increasing adoption of microfluidic technology to produce miniaturized microfluidic chips used in molecular diagnosis and analysis, is expected to boost growth of the microfluidic market. For instance, in March 2016, 908 Devices Inc. launched, ZipChip, a microfluidic device that provides high quality separation possibilities to mass spectroscopy enabling fast analysis for a broader range of biomolecules.

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Advancement in microfluidics technology such as lab-on-a-chip is expected to propel growth of the market

Advancement in microfluidic technology such as sample droplet production technique, microfluidic sensors, lab-on-a-chip, microfluidic enabled microscope, and microfluidic valve controller helps to further augment growth of the microfluidic market. Moreover technology advancement in microfluidic saves the time, eliminate the need of expensive laboratory robots and reduce the risk of sample loss and contamination. For instance, in February 2017, researchers at the Stanford University School of Medicine have developed a relatively cheap and reusable diagnostic lab-on-a-chip for medical diagnostic application, which is expected to enhance the diagnostic capabilities and would be a highly feasible option in emerging economies.

Rising adoption of microfluidic technology in drug delivery systems is expected to accelerate demand for microfluidics

Controlled drug delivery system deliver the drug at target sites, in desired quantity, and on time thus, enhancing drug efficiency, bioavailability, and pharmacokinetics while maintaining minimum side effects. Microfluidic-based devices are adopted significantly for micro and nano-scale drug delivery, maintaining the physiochemical characteristics of drug, at the target location. For instance, researchers at the Massachusetts Eye and Ear Infirmary, Harvard Medical School and Charles Stark Draper Laboratory in Massachusetts developed microfluidic based automated micropump device for direct delivery of drugs into the perilymph fluid within the cochlea- an auditory portion of the inner ear.

Key players in the microfluidic market are emphasizing on introducing innovative solutions based on microfluidic technology for a wide range of applications. For instance, in November 2017, Dolomite Bio introduced Nadia- a single-cell platform for single-cell RNA sequencing. Nadia is droplet microfluidic based instrument that can generate 6,000 single-cell libraries per sample in just 15 minutes. It also aids researchers to run multiple samples parallelly. Dolomite Bio combines the microfluidic technology with automated temperature control and cell/bead agitation in single instrument that delivers highly precise and reliable results. OPKO Health, Inc.,

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Key Takeaways of the Microfluidic Market:

The global microfluidic market is expected to exhibit a CAGR of 19.4% over the forecast period, owing to the increased cardiovascular disease. For instance, in 2014, cardiovascular disease was the leading cause of death in China, accounting for around 42.60% and 44.52% of all deaths in rural and urban areas respectively. The other factors effecting the rise in microfluidic market are, increasing geriatric population and advancement in POC testing devices.

Among materials, the polymer-based microfluidic material segment is expected to account for major share over the forecast period. This is attributed to cost-effective, simple, and disposal advantage of these materials for total analysis system and lab-on-a-chip (LOC) devices.

Among application, the drug delivery devices segment is expected to be dominant in the microfluidic market over the forecast period, owing to factors such as safe, user-friendly, and controlled drug delivery of biomolecules of the systems.

Some of the major players operating in the global microfluidic market are Abbott Laboratories, Agilent Technologies, Thermo Fisher Scientific Inc., Qiagen N.V., Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche Ltd., Fluidigm Corporation, Danaher Corporation, PerkinElmer Inc., Siemens Healthcare GmbH, and Micronit Microfluidic BV

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About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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This release was published on openPR.