The market for microfluidics is expected to boom owing to the demand for low-volume sample analysis, high-throughput screening methodologies, introduction of advanced technologies, such as lab-on-chip and the demand for In Vitro Diagnostics (IVD). Moreover, microfluidics offers high return on investment and helps in cost control by minimizing errors.
Albany, NY -- (SBWIRE) -- 03/03/2017 -- The Global Microfluidics market is experiencing a tremendous growth owing to the increase in the pharmaceutical and biotechnology research funding by government and corporate firms, globally. A report confirms that the Microfluidic technology will continue to grow in the coming years due to the increase in its application in the fields of pharmaceutical, in-vitro diagnostics, and drug delivery industries. A report titled "Global Industry Analysis of Microfluidics Market Growth, Size, Share, Trends and Forecast 2017 - 2025" predicts that the global microfluidics market is expected to be worth US$12.45 billion by 2025 as compared to US$4.76 billion in 2016 with a CAGR of 11.4% during the period.
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The global microfluidics products and devices have many advantages such as accuracy, fast return on investments, reduction in volume, liability, reduced costs and greater profit margins which are the key growth drivers. With increased investment on research, the market players of microfluidic products are expected to bring down the manufacturing costs, which will be another growth driver in the near future. The report also provides the overall information and analysis of the global microfluidics market with respect to the leading market segments based on end-users, applications, major products, key materials utilized and geographies.
In the report the global microfluidics market has been segmented based on product type and has been categorized into major three segments:
Cartridges and reagents
Microfluidic chip and others
Among these, the cartridges and reagents is the most dominant and had a share of 45.2% in the global market in 2016. This segment has a wide scope for growth considering the acceptance of microfluidic products in industries and laboratories. The report also predicts that the instruments and the microfluidic chip segments will follow the lead during 2017 - 2025.
On the basis of applications the microfluidics market is classified as Wound care management, In-vitro Diagnostics (IVD), peripheral vascular diseases, pharmaceutical & biotech Research, Drug Delivery and Others. On the basis of material the segment has been classified in to Glass based, Polymer based and others. On the basis of end users the market has been classified as diagnostic Lab, hospitals, academics & research institutes, homecare settings and others
Geographically, the microfluidics market has been divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa (MEA), and Latin America. North America has a major share in the overall market. Asia Pacific is also expected to grow quickly in the coming years.
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The key players operating in the microfluidics market are Danaher Corporation, Agilent Technologies Inc., PerkinElmer Inc., Thermo Fisher Scientific Inc., Bio-Rad Laboratories Inc., RainDance Technologies Inc., and F. Hoffmann La-Roche Ltd. The market will witness a high degree of competition due to the presence of many players.
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