The Microfluidics Market to 2024: Projected to Exceed $13.3 Billion, with Clinical Diagnostics Dominating - ResearchAndMarkets.com

The "Microfluidics
Market - Growth, Trends, and Forecast (2019 - 2024)" report has
been added to ResearchAndMarkets.com's offering.

The global microfluidics market was valued at USD 4,748.18 million in
2018, and is estimated to be valued at USD 13,348.29 million in 2024,
witnessing a CAGR of 18.8%.

Factors that are propelling the growth of the market include rising
demand for point-of-care testing, increasing incidences of chronic
diseases, 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.

Key Market Trends

Clinical Diagnostics is Expected to hold its Highest Market Share in
the Application Segment

In the application segment of the microfluidics market, clinical
diagnostics is believed to have the largest market size and is expected
to witness a CAGR of 18.8% during 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.

Competitive Landscape

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 Danaher Corporation, PerkinElmer, Agilent Technologies,
Bio-Rad Laboratories, and Thermo Fisher Scientific hold substantial
shares in the market.

Topics Covered

1 Introduction

1.1 Study Deliverables

1.2 Study Assumptions

1.3 Scope of the Study

2 Research Methodology

3 Executive Summary

4 Market Dynamics

4.1 Market Overview

4.2 Market Drivers

4.2.1 Increasing Demand for Point-of-care Testing

4.2.2 Increasing Incidences of Chronic Diseases

4.2.3 Faster Turn-around Time for Analysis and Improved Portability of
Devices

4.3 Market Restraints

4.3.1 Need for Specialized Skills in Operations and Complex Regulatory
Approval Process

4.3.2 Low Adoption in Developing Countries due to High Prices

4.4 Porter's Five Forces Analysis

5 Market Segmentation

5.1 Component

5.1.1 Microfluidic Chips

5.1.2 Micro Pumps

5.1.3 Micro Needles

5.1.4 Other Components

5.2 Application

5.2.1 Drug Delivery

5.2.2 High-throughput Screening

5.2.3 Point-of-Care Diagnostics

5.2.4 Lab Analytics

5.2.4.1 Proteomics

5.2.4.2 Genomics

5.2.4.3 Cell-based Assay

5.2.4.4 Capillary Electrophoresis

5.2.5 Clinical Diagnostics

5.3 Material

5.3.1 Polymer

5.3.2 Silicone

5.3.3 Glass

5.4 Geography

5.4.1 North America

5.4.2 Europe

5.4.3 Asia-Pacific

5.4.4 Middle East & Africa

5.4.5 South America

6 Competitive Landscape

6.1 Company Profiles

6.1.1 Abbott Laboratories

6.1.2 F. Hoffmann-La Roche Ltd.

6.1.3 Agilent Technologies

6.1.4 Danaher Corporation (Cepheid)

6.1.5 Thermo Fisher Scientific Inc.

6.1.6 Bio-Rad Laboratories Inc.

6.1.7 PerkinElmer Inc.

6.1.8 Fluidigm Corporation

6.1.9 Dolomite Microfluidics (Blacktrace Holdings Ltd.)

6.1.10 Micronit Microfluidics

7 Market Opportunities and Future Trends

For more information about this report visit https://www.researchandmarkets.com/research/9hf88g/the_microfluidics?w=4

View source version on businesswire.com: https://www.businesswire.com/news/home/20190312005717/en/