World Microfluidics Market - Opportunities and Forecasts, 2018-2024

Microfluidics The field of Microfluidics has emerged as one of the most dynamically developing disciplines of micro-technology in the recent years. Microfluidics offers the mere benefits of miniaturization enabling portable and inexpensive devices, so far mostly for analytical and diagnostic purposes where also the costs per test and analysis times can be greatly reduced. The market need is normally the driving force behind successful commercialization of microfluidics market. The microfluidics market provides practical application of small fluid volumes for design of systems and development of solutions. Microfluidics is an emerging technology with growing acceptability in healthcare applications.

Drivers and restraints of the Microfluidics market: The demand for this sector is expected to increase due to the introduction of improved technology, such as digital microfluidics, which facilitates on-chip biochemical analysis. In addition, industry players are introducing newer sampling technologies to meet the demand for screening a huge number of biological samples. For example, in March 2014, Dolomite launched Mitos Dropix capable of generating miniature droplets to isolate contents. The patented droplet picking technology enables high-throughput sample screening. However, several regulatory standards that consume too much time for the approval process of microfluidics devices are projected to restrain the market growth during the projected period.

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The global microfluidics market is segmented in to component, material, application, and geography. Based on component, the global microfluidics market is segmented into microfluidic chips, micropumps, microneedles, & others. On the basis of materials, the market is segmented into polymer-based microfluidics, glass-based microfluidics, siliconbased microfluidics, and other material-based microfluidics. The major applications of microfluidics are, pharmaceutical research, in Vitro diagnostics, and drug delivery. Among various applications of microfluidics, the in vitro diagnostics application segment accounted for major share in the global microfluidics market in 2017 and this segment is further expected to remain dominant in the near future expanding at a CAGR between 15.5% to 16.5% from 2019 to 2024. Other application segments are also expected to showcase significant growth thereby boost the demand for microfluidics over the forecast period from 2019 to 2024.

North America accounted for largest share of global microfluidics market in 2017 owing to the growing incidence rate of various infectious diseases, availability of insurance coverage for laboratory testing procedures, sufficient reimbursements for medical devices, and presence of well-structured distribution channels in the region. Asia-Pacific region is the fastest-growing market owing to factors such as rising geriatric population, growing per capita income, rising investments in the healthcare industry by key market players, increasing demand for advanced technologies, and expansion of private-sector hospitals to rural areas in various countries.

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The global microfluidics market led by key companies: Danaher Corporation (U.S.) and PerkinElmer, Inc. (U.S.) having strong hold on the global market. Some of the key manufacturers of microfluidics in the global market inc lude Thermo

Fisher

Scientific,

Inc.

(U.S.),

Agilent

Technologies,

Inc.

(U.S.),

Bio-Rad

Laboratories, Inc. (U.S.), and, Becton, Dickinson and Company (U.S.), among others.

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