According to the market estimations, the global microfluidics market is likely to grow at a compounded annual growth rate (CAGR) of 21.2 per cent from 2019 to 2026. So, what is the global microfluidics market? Essentially, microfluidic technologies provide quick analysis, reduced reagent consumption, and accurate test results and help in reducing the overall cost of the drug development process. In the global microfluidics market, there is an increasing need for POC diagnostic devices, like, glucose monitoring and pregnancy test kits. This is expected to increase the demand for microfluidics.
Despite its growing demand, the global microfluidics market is likely to face challenges from lack of market visibility, high prices of integrated systems and microfluidics sensors, and the complex and time-consuming regulatory approval process.
The global microfluidics market is segmented on the basis of application. By application, the global market is segmented into in vitro diagnostics (IVD) segment, pharmaceutical and life science research, drug delivery, laboratory testing, and high throughput screening. Within this category, the IVD segment is the one to register the highest CAGR during the forecast period. This growth is mainly attributed to the rising incidences of target diseases and conditions and demand for POC testing. Moreover, the advantages of microfluidic devices over traditional counterparts, which includes portability, reduced size of the device, increased frequency of testing, and accurate and prompt results, have driven their adoption in this application segment. Secondly, with respect to type, the global market is segmented into microfluidic chips, microfluidic pumps, microfluidics sensors, microneedles, and other components (microfluidic valves, connectors, tubes, temperature controllers, OEM components, and high-pressure fluid processors, among other components). Till date, the microfluidic sensors segment is expected to grow at the highest CAGR due to the utilization of microfluidic sensors in several types of diagnostic and research products.
North America holds the largest share of the global microfluidics market currently. But the Asia-Pacific region is expected to witness the highest CAGR during the forecast period. Some of the reasons for this growth can be attributed to the rising geriatric population, growing per capita income, increasing investments in the healthcare industry, rising demand for advanced technologies, and expansion of private-sector hospitals to rural areas in various countries in the region. North America is followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa in terms of market share.
A recent report on the global microfluidics market was published by Global Market Estimates Research and Consultants (GME) on 5 March 2020. The market can be segmented on several grounds. On the basis of application, the global market is segmented into in vitro diagnostics, pharmaceutical and life science research, high throughput screening, and drug delivery, and laboratory testing. On the basis of type, the global market is segmented into microfluidic chips, micropumps, microneedles, and microfluidic sensors, among others. On the basis of material, the global market is segmented into polymer, glass, and silicon, among others. On the basis of region, the global market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa. The countries covered include: U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, China, India, Japan, South Korea, Australia, Brazil, Saudi Arabia, UAE, and South Africa among others.
The key end-users of the markets are Emery Pharma, Recipharm, and Alacrita among others. Some of the key players operating in the microfluidics market are Perkinelmer, Agilent Technologies, Danaher Corporation, Thermo Fisher Scientific, Dickinson And Company, Bio-Rad Laboratories, Becton, Illumina, F. Hoffmann-La Roche, Dolomite Microfluidics, Qiagen, Abbott Laboratories, Fluidigm Corporation, Elveflow, Cellix, Biomérieux, Microfluidic Chipshop, and Micronit Microtechnologies, among others.