Microfluidics Market to Witness Increasing Revenue Growth During the Forecast Period
The global microfluidics market is expected to increase at a y-o-y growth rate of over 14.4% and reach US$ 11,295.5 Mn in revenues in 2026. North America and APEJ collectively accounted for nearly 40.3% revenue share of the market in 2016. Raise in microfluidics based point of care devices and kits and application of microfluidics in drug delivery are some of the major factors favouring the growth of the global microfluidics market. Microfluidics has a wide range of applications in clinical diagnostics and in-vitro diagnostics resulting in increasing demand for microfluidics market.
Asia Pacific and MEA regions are the highest population regions. Increase in health care research infrastructure and availability of economic microfluidics devices and kits by various companies in these regions is expected to play an important role in driving growth of microfluidics market.
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Increasing discretionary funding for research and development activities by national labs in the developed regions such as North America and Europe propelled the growth of the market in 2016. These factors will push the market ahead in the developed regions in the years to come. However, expansion and complex fabrication methods of microfluidics devices and kits may pose the restrain for the growth of the global microfluidics market.
On the basis of material, ceramics segment is expected to be the most preferred material for the manufacturing of microfluidics devices and kits. The glass is less preferred when compared with ceramics due to its physical properties and cost intensive. The ceramics segment surpassed US$ 1,073.4 Mn in revenues in 2016, up from nearly US$ 948.6 Mn in 2015.
Global Microfluidics Market Revenues recorded a 14.4% hike in 2016, to Reach US$ 11,295.5 Mn in Revenues in 2026: RRI Report
Point of care testing application of microfluidics will have major market share, followed by clinical diagnostics and analytical testing. Owing to increase in use of point of care testing in-vitro diagnostics is expected to boost the market over the forecast period. In-vitro diagnostics remained the largest segment type by the industry, accounting for over 32.3% revenue share of the market in 2016. Pharmaceuticals and life science research will also contribute the significant shares to the global microfluidics market over the forecast period.
Increasing use of microfluidics based devices and kits in-vitro diagnostics in the developing countries from the APEJ such as China, India will continue to have a positive impact on microfluidics market in APEJ. The rise in discretionary funding for the research and development activities will boost the demand of microfluidics devices in the North America and Western Europe. The increasing concern about the environmental changes and applicability of microfluidics technology in the environmental research is also expected to grow the demand of microfluidics market. The MEA is at a nascent stage of the global microfluidics market and expected to show a moderate growth over the forecast period.
Agilent Technologies, PerkinElmer Inc., Thermo Fisher Scientific Inc., Qiagen NV, Bio-Rad Laboratories, Inc., Fluidigm Corporation, Abbott Laboratories and F. Hoffmann-La Roche Ltd. are leading players in the global microfluidics market. Thermo Fisher Scientific Inc. and Abbott Laboratories are actively entering into agreements and collaborations with other regional companies to expand their product reach into different geographies. Merger and acquisition is also became the trend of the global microfluidics market.