Microfluidics Market size is projected to experience significant growth from 2018 to 2024.
Growing role of microfluidics in point of care diagnostics in the past few years will be a major market driving factor. Increasing use of microfluidics to improve healthcare, enabling early detection of diseases, increased personalization and easy monitoring to reach under served and remote populations will propel the microfluidics market growth.
Increasing technological advancements in microfluidics in the healthcare sector will substantially increase in the upcoming years. Microfluidics is a rising technology that effectively streamline workflows and other processes in healthcare sector. Recent relevant research in Micro/Nano Fluidics Fundamentals Focus (MF3) Center has proved to have direct applications in physiological health monitoring.
Implementation of microfluidics technology into existing system will be a major market growth restraining factor. Rapid advancements in healthcare, pharmaceutical and biotechnological sectors have resulted in improper implementation of microfluidics technology in the existing healthcare system.
Microfluidic pumps market is anticipated to witness significant growth in the forecast period, owing to increasing use of microfluidic devices in research settings to conduct wide range of applications such as determining characteristics such as chemical bonding coefficients, pH, viscosity and other cell manipulation applications.
Point-of-care (POC) diagnostic market is predicted to show substantial growth in the near future, especially in the detection and diagnosis of several diseases. Increasing use of chip based, elf-containing miniaturized device that are used to examine several different analytes in complex samples will propel the segment growth. Also, rapid and precise response, non-requirement of specialized instruments, low cost and portability will also be important factors in Point-of-care (POC) diagnostic segment growth.
Polymer based microfluidics market is anticipated to show robust growth in the forecast timeframe. The wide range of applications of polymer-based microfluidics in the field of tissue engineering, pharmacy and biology will be industry boosting factor. Also, further developments in polymer bases microfluidics that are much more efficient than the previous silicone and glass-based microfluidic devices will augment the segment growth.
U.S. microfluidics market is expected to hold majority of market share in the year 2017. Notably large market share in the North America region is due to rising prevalence of chronic diseases, enhanced healthcare infrastructure and services, favorable reimbursement policies and availability of proper insurance coverage polices for laboratory testing services. Aforementioned factors will lead to immense regional growth.
Some of the key industry players Agilent, Bio-Rad, Becton Dickinson and Company, Roche, Illumina, Fluidigm Microfluidics, QIAGEN, Dolomite Microfluidics, GYROS PROTEIN TECHNOLOGIES AB, Sphere Fluidics and OPKO Health. The companies focus on new product launches along with product innovation as their major market expansion strategies. In February 2017, a group of scientists at Stanford University School of Medicine worked upon and developed economical lab on microfluidics at a production cost just 1 cent per chip.
Microfluidics Market by Product Type, 2013-2024 (USD Million)
Microfluidics Market by application, 2013-2024 (USD Million)
Microfluidics Market by material, 2013-2024 (USD Million)
The above information is provided for the following regions and countries: