INCREASING DEMAND FOR POINT-OF-CARE DIAGNOSTICS TESTING IS THE PRIME FACTOR DRIVING THE MICROFLUIDICS MARKET GROWTH

Global Microfluidics Market: Key Highlights

• According to the new market research report “Microfluidics Market by Material (Inorganic, Polymers and Paper), by Application (Genomics, Diagnostics, Developmental Biology, Microbiology and Cell Biology, Drug Discovery, and Others), by End-User (Hospitals and Clinics, Diagnostic Centers, and Research Institutes), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2020 to 2027)”, the global microfluidics market is estimated to reach USD 34.9 Billion by 2027 at a CAGR of 13.2% in the forecast period

• Microfluidics refers to a technology deals with precise control on the fluid present in very small quantities ranging between 10-6 to 10-12 within the microfluidic channels
• Microfluidics is used in diseases diagnostic, drug screening, monitoring and delivery, point of care diagnostics, microbiological research owing to its precision in experimental results along with ability to run multiple analysis simultaneously

Global Microfluidics Market: Key Market Dynamics

• Ongoing trend of miniaturization and automation in healthcare owing to rising awareness regarding advantages of the miniature medical diagnostics devices for delivering accurate
• Increasing awareness regarding advantages of point-of-care diagnostics, along with increasing occurrence of chronic diseases, rise in count of aged population, with technological advancement is fueling the growth of the market
• High fabrication cost of the microfluidics devices owing to labor-intensive and time-consuming process, hampers the microfluidics market growth
• Expanding application areas of the microfluidics in the healthcare domain for accurate & rapid disease screening, and drug delivery is creating new growth window for the microfluidics market
• Low awareness of microfluidics owing to challenges in commercialization of the technology in the developing region is acting as roadblock for the market growth

Global Microfluidics Market: Regional Overview

• North America

The growth of microfluidics market in North America is growing at a significant pace owing to rise in chronic diseases such as diabetes, obesity, cardiovascular diseases and cancer, among others. Increasing healthcare spending, ongoing technological advancement in the healthcare sector in the region is driving the market growth. Ongoing demographic shift towards aged population, leading to growth in the healthcare expenditure from USD 3.5 trillion to USD 6 trillion from 2017 to 2027, is fueling the demand for medical diagnosis and treatment devices, which foster the demand for microfluidics.

• Asia-Pacific

In Asia-Pacific, the market is projected to grow on the grounds of growing incidence of the chronic diseases in the region. Growing healthcare sector, increased spending on healthcare among the Asian population with increasing demand for POC testing is further fueling the market growth. Increasing investment in boosting the healthcare infrastructure is favoring the market growth in the years to follow.

Global Microfluidics Market: Key Players Overview

• Thermo Fisher Scientific Inc.:

Thermo Fisher Scientific Inc. is the US based company offering medical instruments, equipment, software, services and consumables used across healthcare facilities and research centers. The company offers product portfolio for accelerating life science research, enhancing clinical & diagnostics and therapies, industrial & science application. In June 2019, Thermo Fisher Scientific collaborated with Newomics, a company offering microfluidic emitters for liquid chromatography-mass spectrometry for development of microflow LC-MS workflows.

• PerkinElmer Inc.:

PerkinElmer, Inc. operated through offering consumables, accessories, informatics, reagents., instruments, software used in diagnostics, microbial analysis, life science research,  and other application areas. The company offers microfluidic chips along with LabChip microfluidic platform designed specifically to perform multiple assay for analyzing nucleic acids, proteins, or small molecules.

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