What is the Global Microfluidics Market Size?
The Global Microfluidics Market was valued at USD XXX Billion in 2017 and is expected to grow at a CAGR of approximately XXX% to reach USD XXX Billion by 2022. Microfluidics is the study of fluid behaviours in the microchannels and other tiny devices. The increasing use of microfluidics in the diagnostics, pharmaceutical research and drug discovery is supporting the market growth in different parts of the world. The extensive use of polymers is expected to decrease the prices of microfluidic devices in the future.
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Factors Driving the Growth of Global Microfluidics Market:
In vitro diagnostics is the major application area of the microfluidics, with services in the clinical and point-of-care diagnostics. In vitro diagnostics integrated with POC diagnostics, PCR systems, analysers and electrophoretic devices are widely used in the areas of farming, forensics, water examination, and environmental screening. The microfluidic components are classified as microfluidic chips, microfluidic sensors, micropumps, microneedles, and other. Of these, microfluidic chips account the largest share of the market due to their increasing demand in the personalized medical care.
The global microfluidics market is driven by several supporting factors like the growing prevalence of chronic diseases, increasing demand for point-of-care diagnostics and personalized treatment, the geriatric population of the world, advancements of technology in molecular biology and healthcare, rise in the healthcare expenditure of developing economies, comfort to carry and use the portable devices, increasing drug discovery and research activities in pharmaceutical industry, and growth in the government funding.
Based on the geography, North America dominated the global microfluidics market due to the increasing number of the elderly population, prevalence of chronic diseases, investments in the research and development of new drugs, government and private investments, and the growing adoption of technology. Nonetheless, the Asia Pacific region is also expected to grow rapidly in the forecast period owing to the increasing population base, demand for in vitro diagnostics and changes in the healthcare infrastructure.
Some of the Leading Companies in the Global Microfluidics Market:
The key players operating in the worldwide microfluidics market are Fluidigm Corporation, F. Hoffmann-La Roche Ltd., Bio-Rad Laboratories, Inc., Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., Perkin Elmer, Inc., Illumina, Inc., Shimadzu Corporation, Danaher Corporation, and Abbott.
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