North America accounted for the largest share of the microfluidics market in 2018, followed by Europe and the Asia Pacific.

Northrook, IL -- (SBWire) -- 11/19/2019 --The growing use of polymers is expected to lower the price of microfluidic products. This, in turn, will increase the adoption of microfluidic technologies, and thereby support the growth of the market during the forecast period. In addition to this, growing investments, favorable regulatory policies, and growth in healthcare and biotechnology industries in emerging Asian markets are expected to provide potential growth opportunities for players operating in the microfluidics market.

What the Market Looks Like?

Predicted to grow at a CAGR of 22.6% during the forecast period, the global Microfluidics Market is estimated to reach USD 27.91 billion by the end of 2023.

By type, the microfluidics component market is segmented into microfluidic chips, microfluidic sensors, micropumps, microneedles, and others. The microfluidic chip segment accounted for the largest share of the microfluidics market in 2017. High demand for POC testing, rising use of personalized medicine, rise in drug discovery and life science research, and high demand for high-speed diagnostics are responsible for the large share of this market.

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

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What Drives the Market?
The growth of the global market for Microfluidics is primarily influenced by the following factors:

- Rising Demand for Point-Of-Care Testing
- Fast Returns on Investment
- Faster Testing and Improved Portability Through Microfluidic Chip Miniaturization
- Entry of New Players and Launch of New and Advanced Products

Geographical growth scenario of Microfluidics Market:

Geographically, Microfluidics Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America holds the largest share of this market in 2017. Compared to Europe and the Asia Pacific, North America has various additional advantages such as investment initiatives by the government and the presence of high-quality infrastructure for clinical and laboratory research. The rising healthcare and R&D expenditure are one of the key factors driving the growth of the microfluidics market in North America. However, North America is highly regulated with stringent and time-consuming approval processes that are expected to inhibit the growth of the market in North America.

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Leading market players and strategies adopted:

The prominent players in the Microfluidics Market include 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).

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