Market Research Report
Microfluidics Market - Growth, Trends, and Forecast (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||547022|
|Published||Content info||118 Pages
Delivery time: 2-3 business days
|Microfluidics Market - Growth, Trends, and Forecast (2020 - 2025)|
|Published: February 1, 2020||Content info: 118 Pages||
The factors that are propelling the growth of the market include rising demand for point-of-care testing, increasing Incidences of chronic diseases, the faster turn-around time for analysis, and improved portability of devices.
POC testing allows healthcare experts to diagnose a patient in the physician's office, in an ambulance, at home, field, or in the hospital. Microfluidic technology-assisted devices are being employed for POC testing, as they require small volumes of samples and use micro-fabricated channels to analyze these samples. POC testing devices are already popular in glucose, blood, hemoglobin, and HIV testing domains. Future POC testing devices are likely to focus more on antibiotics therapies and cancer.
With the wide range of applications offered by these devices, microfluidic technology-based POC testing devices have immense potential in the developing and developed countries, as the percentage of population affected by these diseases is high.
Clinical Diagnostics is Expected to Show Better Growth in the Application Segment
In the application segment of the microfluidics market, clinical diagnostics is believed to show better growth over the forecast period. A significant application area for microfluidic technology is clinical diagnostics. Specifically for clinical diagnostics, diseases, including toxicity, can be diagnosed by performing various biochemical analyzes and by observation of symptoms. The biochemical changes in the patient's blood can signal organ damage or dysfunction, prior to observable microscopic cellular damages or other symptoms.
So there has been a large demand for the development of an easy-to-handle and inexpensive clinical diagnostic biochip using fully integrated plastic microfluidic chips, which have the sampling/identifying capability of fast and reliable measurements of metabolic parameters from a human body with minimum invasion. Thus, the growth of clinical diagnostics is expected to fuel the market's growth.
North America Dominates the Market and is Expected to do the Same in the Forecast Period
The North American region holds the largest market share in the market for microfluidics. This is attributed to factors, such as the well-established healthcare system, along with better reimbursement policies, and the higher adoption of novel therapeutics among the general population. Microfluidics is a vastly growing field in the United States, in terms of high budget sanctions for R&D. Molecular diagnostics and point-of-care diagnostics widely use microfluidic technology for various applications, and hence, they occupy a major market share in the United States. Owing to this, the United States has the largest market share of 88% in North America, and is expected to grow at a rate of 18.8% over the forecast period.
The microfluidics market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by introducing new technologies with affordable prices. Companies, like Bio-Rad Laboratories Inc, Fluidigm Corporation, Illumina Inc., PerkinElmer Inc., and ZEON CORPORATION hold substantial shares in the market.