The findings of a research report published by Grand View Research, Inc. suggest that the global microfluidics market would reach at USD 10 billion by 2024. The market was valued at USD 2.5 billion in 2016 and is projected to expand further at a growth rate of 18.4% during the forecast period (from 2017 to 2024). Major drivers for the market include the advent of digital microfluidics, which allow on-chip biochemical analysis and other technological advancements. Researchers are focusing on developing new and improved sample droplet production methods. This can further spur the market growth in near future.
For example, Columbia University developed the lab-on-chip picoliter fluid dispensation technology that delivers sample volume less than 50 nL. The potential offered by microfluidics is attracting a number of global organizations to increase their market share through collaborations for the development of innovative product portfolio and advanced versions of microfluidic technology. For example, in 2015, CEA Tech-Leti declared to continue its partnership with Illumina Inc. With this partnership, both the companies would work on developing next-gen digital microfluidics technology.
Full Research Report On Microfluidics Market Analysis:
The global microfluidics market is categorized as per applications or end use, material type, and region. On the basis of end use, the market is divided into in-vitro diagnostics or IVDs (clinical, PoC, and environmental & industrial), pharmaceuticals (proteomics, genomics, and cell-based assays), and medical devices. In 2015, the IVDs led the application segment due to the rising adoption levels of microfluidics. On the basis of material type, the market is fragmented into glass, polymer, silicon, and ceramics, metal, and others. Polymer-based microfluidics dominated the material segment since it is the most commonly used material due to its economical properties. On the other hand, the silicon materials are likely to have the fastest growth rate over the forecast period because of their growing scope of application in the PoC diagnostics sector.
On the basis of geographies, the market is divided into Latin America, Europe, North America, Asia Pacific, and Middle East and Africa (MEA). The North America regional market led the global microfluidics market in 2015 as a result of the advent of sophisticated technologies. In addition, the presence of key market players in North America is also expected to have a positive impact on the growth of the regional microfluidics market. Furthermore, increasing number of studies and R&D activities in the region on account of financial support from various local government and private firms to enhance the sample volume optimization methods is also projected to fuel market expansion in near future. For instance, the New Jersey Institute of Technology received a huge amount as research grant for the development of IllumiRNA platform. This microfluidics device sorts cell population into a blood droplet.
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Asia Pacific is projected to be the fastest-growing regional market for microfluidics on account of the factors such as the availability of low-cost labor, developing economies, and enhanced research infrastructure. A lot of global market leaders are trying to enter the untapped market of Asia Pacific by introducing their product in the region. In 2016, Samsung Electronics Co., Ltd. launched a wearable lab-on-chip tool as a data processing and monitoring device for lab test biomarkers. In addition, strong and rapid market development of Point-of-Care or PoC diagnostics in Asia Pacific is also anticipated to spur the demand for the regional microfluidics market.
Some of the prominent companies operating in the worldwide microfluidics market include F. Hoffmann-La Roche AG; Bio-Rad Laboratories, Inc.; Caliper Life Sciences; Life Technologies Corp. (acquired by Thermo Fisher Scientific, inc.); and Abbott Laboratories. Most of these companies focus on new product development in order to strengthen their foothold in the global market. For example, Illumina Inc. has introduced an automatic RNA and DNA sample preparation platform called NeoPrep. With the NeoPrep microfluidics cartridge, 16 samples can be prepared at a time. In addition, innovations and extensive R&D by the leading companies is projected to propel the growth of the global market over the next few years.
Access Full Press Release Of This Report By Grand View Research: https://www.grandviewresearch.com/press-release/global-microfluidics-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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