Microfluidics Market to Hit 22.6% CAGR to 2023 - Dominated by Danaher (US), Thermo Fisher (US), PerkinElmer (US) and Agilent (US)

Microfluidics market is mainly driven by the growing pharmaceutical and biotechnology research funding, rising incidences of lifestyle diseases, escalating geriatric population, intensifying demand for point-of-care testing, increasing demand for miniaturized microfluidic chip as it offers lower testing time and improved portability, and growing stem cell and cancer research.

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The microfluidics market is projected to reach USD 27.91 billion by 2023 from estimated USD 10.06 billion in 2018, at a CAGR of 22.6%. Quick returns on investment coupled with the fast results and improved portability of the medical equipment embedded with microfluidics technology are the factors expected to drive the market during the forecast period.

Executive Summary

Premium Insights

4.1 Growth Potential of the Microfluidics Market

4.2 Asia Pacific Microfluidic Components Market, By Material

4.3 Microfluidics Market: Geographic Growth Opportunities

4.4 Microfluidics Market, By Geography

4.5 Microfluidics Market: Developing vs Developed Countries

Market Overview

5.1 Introduction

5.2 Market Dynamics

5.2.1 Drivers

5.2.1.1 Rising Demand for Point-Of-Care Testing

5.2.1.2 Fast Returns on Investment

5.2.1.3 Faster Testing and Improved Portability Through Microfluidic Chip Miniaturization

5.2.1.4 Entry of New Players and Launch of New and Advanced Products

5.2.2 Restraints

5.2.2.1 Complex and Time-Consuming Regulatory Approval Process

5.2.2.2 Incorporation of Microfluidics Technology Into Existing Workflows

5.2.3 Opportunities

5.2.3.1 Asia as A Key Growth Hotspot

5.2.3.2 Expanding Applications of Drug Delivery Technologies

5.2.3.3 Growing Applications of Microfluidics Technology

5.2.4 Challenge

5.2.4.1 Standardization/Commercialization of Microfluidic Devices

Industry Insights

6.1 Introduction

6.2 Industry Trends

6.2.1 Shifting Trend Toward the Adoption of Polymers

6.2.2 Universities Actively Generating Microfluidic Startups and Large Players Acquiring Small Players

6.3 Parent Markets Analysis

6.4 Evolution of Microfluidics Technology in Healthcare

6.5 Value Chain Analysis

6.5.1 Microfluidic Components Procurement Model of Major Players

In microfluidics market the region like North America accounted for the largest share in 2017, followed by Europe, Asia-Pacific, and rest of the world respectively. The presence of prominent market leaders, such as Danaher Corporation and Thermofisher Scientific Inc. in the United States, also contributes significantly to the revenues in the region.

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Report analyzes microfluidics market by application, component, material, and region. Based on application, market is segmented into in vitro diagnostics, pharmaceutical and life science research, drug delivery, & laboratory testing.

The microfluidic component market is segmented into polymer-based microfluidics, glass-based microfluidics, silicone-based microfluidics, and other material-based microfluidics. By application, in vitro diagnostics segment accounted for largest share of market in 2017. High prevalence of infectious and lifestyle diseases, relatively lower turnaround times exhibited by POC testing and clinical diagnostics compared to central lab testing methods.