Microfluidics Market Soaring at 22.6% CAGR and Set to Cross US$ 27.91 Billion by 2023 - Driven by POC, Clinical Diagnostics and Drug Delivery

The microfluidics market report provides practical application of small fluid volumes for design of systems and development of solutions. The regulatory standards consume too much time for the approval process of microfluidics devices. Another challenge for the growth of the market is the implementation of emerging microfluidics technology in existing applications. To overcome this challenge, companies are investing in research and development.

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Microfluidics market is mainly driven by the growing pharmaceutical and biotechnology research funding, rising incidences of lifestyle diseases, escalating geriatric population, intensifying demand for point-of-care testing, increasing demand for miniaturized microfluidic chip as it offers lower testing time and improved portability, and growing stem cell and cancer research.

Microfluidics market is valued at USD 8.28 Billion in 2018 & is expected to grow at a CAGR of 22.6% during forecast period, to reach to USD 27.91 Billion by 2023. Increasing incidence of other major chronic and infectious diseases, coupled with advancements in coagulation tests, blood gas electrolytes, hematology, urine chemistry, and cardiac markers, are creating new avenues for the growth of the POC diagnostics market.

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Report analyzes microfluidics market by application, component, material, and region. Based on application, market is segmented into in vitro diagnostics, pharmaceutical and life science research, drug delivery, & laboratory testing. By application, in vitro diagnostics segment accounted for largest share of market in 2017. High prevalence of infectious and lifestyle diseases, relatively lower turnaround times exhibited by POC testing and clinical diagnostics compared to central lab testing methods.

The microfluidic component market is segmented into polymer-based microfluidics, glass-based microfluidics, silicone-based microfluidics, and other material-based microfluidics. The polymer-based microfluidics accounted for the largest share of the market in 2017, owing to its greater preference for polymers as a substrate in microfluidic devices among manufacturers.

Some of the major market players in the microfluidics marketare Danaher (US), Thermo Fisher (US), PerkinElmer (US), Agilent (US), Bio-Rad (US), Becton, Dickinson and Company (US), Roche (Switzerland), Illumina (US), Fluidigm Microfluidics (US), and QIAGEN (Netherlands).Other key players include Dolomite Microfluidics (UK), GYROS PROTEIN TECHNOLOGIES AB (Sweden), Sphere Fluidics (UK), OPKO Health (US), Waters (US), thinXXS Microtechnology (Germany), Abaxis (US), bioMérieux (France), Abbott (US), Dolomite Microfluidics (UK), Microfluidic ChipShop (Germany), Elveflow (France), Cellix (Ireland), Micronit Microtechnologies (Netherlands), MicroLiquid (Spain), MiniFAB (Australia), uFluidix (Canada), Micralyne (US), and Fluigent (France).

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Report analyzes microfluidics market & aims at estimating market size & future growth potential of this market based on various segments such as application, component, material, & region. Report includes revenue analysis for various application of microfluidics equipment and components across globe and a competitive analysis of key players in this market along with their company profiles, product offerings, recent developments, SWOT analysis, and key market strategies.

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