Microfluidics Market to grow from a market value of USD 4.552 billion in 2017 to USD 111.95 billion by 2023| Key Players - Danaher Corporation, PerkinElmer Inc., Agilent Technologies Inc., Bio-Rad Laboratories Inc., Thermo Fisher Scientific Inc., amongst

Market Analysis:

North America Dominated the Market
North America accounted for the largest share in 2017, followed by Europe, Asia-Pacific, and rest of the world respectively. The presence of prominent market leaders, such as Danaher Corporation and Thermofisher Scientific Inc. in the United States, also contributes significantly to the revenues in the region.

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Owing to the strong demand for faster, cheaper, and decentralized diagnostics, and its increasing use in molecular diagnostics, the market for microfluidics is expected to witness healthy growth during the forecast period. Microfluidics deals with the behavior, control, and manipulation of fluids in a geometrically constrained scale. The 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. However, complex and time-consuming regulatory approval process, high cost of integrated instruments and microfluidic sensors, and lack of visibility of microfluidics products are deterring the growth of this market to a certain extent.

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Market Segments:
Microfluidics Market is segmented by:
1. Material: Polymer Based, Glass Based, Silicon Based, Other Materials
2. Component: Microfluidic Chips, Micro Pumps, Micro Needles, Other Components
3. Application: In-vitro Diagnostics, Pharmaceuticals, Drug Delivery
4. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
• Oct 2017 - Danaher Corporation acquired IDBS, the backbone for many organizations’ R&D efforts.
• Aug 2017 - Thermo Fisher Scientific Inc. developed a unique solution based on Ion Torrent technology.
• Jun 2017- A research team at Brigham Young University had developed a microfluidic chip, also called as a lab-on-a chip, which performed multiple steps to capture and accurately identify the P1 peptide that predicts preterm birth.

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