The increasing applications such as the in-vitro diagnostic method incorporated by glucometer kits, pregnancy kits, and point of care devices are likely to fuel the demand for the microfluidics technology, finds Transparency Market Research (TMR). According to TMR, the global market for microfluidics was pegged at US$ 4.76 bn in 2016. The market is forecast to reach US$12.45 bn by 2025, expanding at a CAGR of 11.4% between 2016 and 2025.
The global market for microfluidics has been segmented on the basis of application, geography, end user, product type, and material. Based on product type, the cartridges and reagents are the leading segment owing to their widespread deployment in industries and laboratories. The microfluidic chip and the instrument segment are slated to follow suit.
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Q. Why will the global market for microfluidics witness an upsurge in demand?
The rising prevalence of chronic diseases such as cancer, autoimmune diseases, diabetes, cardiovascular conditions, and infectious diseases will necessitate the deployment of microfluidics. The steadily growing geriatric population worldwide will also contribute to the rising demand for these devices. The numerous advantages offered by these devices such as high accuracy, quicker results, relatively lesser wastage of re-agents, and decreased weight and size of these products are also driving growth of the global microfluidics market. Besides these factors, the comparatively lower costs of the point-of-care diagnostics have rendered them popular, thereby contributing towards the expansion of the market.
Q. What restrictions might the global microfluidics market face?
The U.S. FDA has laid down stringent regulatory frameworks for the approval of these devices. These time-consuming procedures might negative impact the growth of the market. An excise duty of 2.5% levied on these products can also have a negative impact on the market. Besides these two major restraints, high costs of these devices will prove to be a major bottleneck, restraining the expansion of the global microfluidics market. Unreliable integration, assembling, and packaging of devices before their usage has also been a major concern for end-users.
Q. What are the factors driving growth of the regional markets?
High rate of adoption of newer, innovative products is one of the key growth drivers of the North America market. The well-founded healthcare sectors in the countries of North America will ensure that the market for microfluidics keeps flourishing in this region. The unmet needs of the growing geriatric population base in emerging economies of Asia Pacific such as China, Japan, and India will drive the market as well. The growing medical tourism, improving healthcare infrastructures, and gradual penetration of awareness about these devices in Asia Pacific are expected to bolster growth in this region.
Some of the major companies operating in the global microfluidics market are
PerkinElmer, Inc., F. Hoffmann La-Roche Ltd., Danaher Corporation, Agilent Technologies, Inc., Thermo Fisher Scientific, and Bio-Rad Laboratories, Inc.