Microfluidics Market by Key Players, Market Segmentation, Key Strategies, Geographic Analysis

“The microfluidics industry is booming market with regional and multinational market players. Danaher (US), Thermo Fisher (US), and Agilent (US) are some of the major players providing microfluidics equipment, while Dolomite Microfluidics (UK) is the provi”
The microfluidics market is projected to reach USD 27.91 billion by 2023 from USD 10.06 billion in 2018, at a CAGR of 22.6%.

Microfluidics Market Key Players:

Danaher (US) is one of the leading players in the microfluidics market. Danaher designs, manufactures, and markets medical, industrial, and commercial products and services. The company operates in the microfluidics market through its subsidiaries such as Cepheid (US) Beckman Coulter, Inc. (US), AB Sciex LLC (US), and Molecular Devices, LLC (US). The company provides a diversified and strong product portfolio of equipment and medical devices integrated with microfluidics technologies. The company continuously focuses on R&D activities with growing investments in product development which is evident from the rising R&D expenditure of the company from USD 861.4 million in 2015 to USD 1,128.8 million in 2017. Moreover, the company has strategically enhanced its presence in the global microfluidics market by pursuing a number of inorganic and organic growth strategies such as acquisitions. For instance, in November 2016, the company acquired Cepheid Inc. (US), a leading and innovative global molecular diagnostics company, thus strengthening Danaher’s portfolio with its GeneXpert systems.

Bio-Rad (US) serves life sciences research and clinical diagnostics customers worldwide through its global network of operations. The Life Sciences segment develops, manufactures, and markets more than 5,000 reagents, apparatus, and laboratory instruments, globally. The company provides microfluidic solutions under the Life Sciences segment. The company also has a wide geographical presence with direct distribution channels in more than 30 countries, which enables it to maintain a strong customer base. Bio-Rad has manufacturing and R&D facilities in the US, France, China, Germany, Singapore, Belgium, and Switzerland. The company pursues the strategies of acquisition to strengthen its presence in the microfluidics market. It also aims at introducing technologically advanced products to cater to the changing customer needs. In 2017, Bio-Rad acquired RainDance Technologies (US), a developer of microfluidic-based PCR systems. This enabled Bio-Rad to offer technologically advanced microfluidic equipment to its customers and strengthen its existing portfolio.

Agilent (US) is a global player in the life sciences market with a wide geographical presence across North America, Asia Pacific, and Europe. The company is well-positioned in the microfluidics market and focuses on developing innovative diagnostic and research equipment to combat the rise in infectious diseases and cancer. In accordance with this, the company established a strong network of research organizations including government research centers and top-tier universities. It has its research centers based in Santa Clara and California (US), with offices in Europe and Asia. Agilent generated about 70% of its revenues outside the US. Thus, the diversified geographic presence offers the company more avenues for attaining significant revenue growth.

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Microfluidics Market
The key factors driving the growth of this market include the rising demand for point-of-care testing fast returns on investment for microfluidic equipment, faster testing and improved portability through microfluidic chip miniaturization, entry of new players, and launch of new and advanced products.

Microfluidics Market Segmentation:

In this report, the microfluidics market is segmented based on application, component, material, and region. On the basis of application, the market is broadly segmented into in vitro diagnostics (point-of-care testing and clinical diagnostics), pharmaceutical & life science research (lab analytics, microdispensing, and microreactions), drug delivery, and laboratory tesing (agro food testing, industrial testing, and environmental testing).

In vitro diagnostics segment is expected to register the highest growth during the forecast period. Growth in this market segment can be attributed to the rising geriatric population and subsequent growth in the prevalence of chronic and infectious diseases, increasing adoption of fully automated instruments and automation in laboratories, increasing adoption of point-of-care testing, and growing awareness about personalized medicine.

The lab analytics segment of the pharmaceutical and life science research application is expected to register the highest CAGR during the forecast period. Compared to conventional desktop systems, microfluidic chips offer several advantages such as low fluid volume consumption (leading to reduction in reagent costs and lesser wastage), faster analysis, better quality, precision, greater control over the process due to faster system response, and elimination of error margins. These are the major factors driving the greater adoption of microfluidic devices for lab analytics.

Based on the type, the microfluidic components market is further categorized microfluidic chips, microfluidic sensors, micropumps, microneedles, and others. The microfluidic sensors segment is expected to register highest growth during the fortecast period. The high growth rate of this segment can be attributed to the utilization of microfluidic sensors in several types of diagnostic and research products embedded with microfluidic technology.

Microfluidics Market by Geographic Analysis:

Geographically, the microfluidics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific is expected to witness the highest CAGR during the forecast period. This high growth in this geography can be attributed to the rising geriatric population, growing per capita income, increasing investments in the healthcare industry, rising demand for advanced technologies, and expansion of private-sector hospitals to rural areas in various countries in the region.

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