Microfluidics Market By Material Type (Glass, Silicon, Metal), Application (Point of care testing, Clinical Diagnostics, Drug Delivery), Industry (Pharmaceuticals, In-vitro Diagnostics, Environmental Research) & Region - Forecast to 2016 - 2026
Microfluidics Market - Analysis, Outlook, Growth, Trends, Forecasts
- February 2017
- 183 pages
Microfluidics Market Overview
[183 Pages Report] The microfluidics market is valued at US$ 5.6 Billion in 2021. The market is likely to grow at a CAGR of 14.4% through 2026, reaching US$ 11 Billion.
Estimated Market Size of Microfluidics Market in 2021
US$ 5.6 Bn
Projected Market Size of Microfluidics Market in 2026
US$ 11 Bn
CAGR during 2021-2026
North America, Western Europe and APEJ are the lucrative regions of the market, collectively accounting for 61% of the market revenue.
Through 2026, the ceramics segment is predicted to maintain its dominance, with a 42% market share, followed by glass, polymer, and silicon. While the polymer industry, led by PVC, is expected to rise at a CAGR of 15%.
Through 2026, the fastest-growing segment in-vitro diagnostics is expected to hold a market share of 35%.
An increasing use of point of care testing devices is likely to drive the growth of the point of care testing segment
Increasing demand for microfluidics technology based point of care devices and kits in in-vitro diagnostics is expected to propel the growth of the point of care segment over the forecast period. Point of care testing devices have significant applications in the field of genomics and proteomics. For instance, these devices help identify the DNAs of microbes that are responsible for causing various diseases and are also used in protein analysis.
A prominent feature of these devices is that these can be used at bedside, hospitals, in the delivery room, in intensive care units, in doctor's offices, in emergency rooms, in pharmacies, at home for self-testing, and even in space owing to their size, disposability and integration of complex functions. An increasing use of point of care testing devices across various end-use industries is likely to drive the growth of the point of care testing segment during 2016 – 2026.
Due to increase in price pressures in various countries, companies operating in the global microfluidics market have shifted their focus to developing low-cost diagnostic devices that can provide accurate results in less time. Hence, point of care microfluidics devices have gained traction over the years owing to benefits such as low cost of development and capability to generate accurate and reliable results rapidly.
Furthermore, these devices occupy less space and need fewer volumes of samples for analysis than conventional diagnostic devices, thereby decreasing operational costs. The funding that drives the development of point of care technologies comes from multiple sources including the NIH and the U.S. Department of Defense (DOD), as well as private foundations such as the Bill and Melinda Gates Foundation and other pharmaceutical industry foundations / associations.
Point of care segment is expected to register high revenue growth in Western Europe
In North America, by application type, the point of care testing segment is expected to register high revenue growth and exhibit a market attractiveness index of 1.19 over the forecast period, while in Latin America, the point of care testing segment is projected to register high revenue growth and exhibit a market attractiveness index of 1.48 over the forecast period.
In Western Europe, this segment is anticipated to register high revenue growth and exhibit a market attractiveness index of 1.6 between 2016 and 2026. In Eastern Europe, the point of care testing segment is predicted to register increased revenue growth and record a market attractiveness index of 1.46 over the coming decade; while in APEJ, Future Market Insights analysts estimate the point of care testing segment to register high revenue growth, exhibiting a market attractiveness index of 1.35 over the projected period.
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
The global microfluidics market is divided into the following segments:
- Polyvinyl chloride (PVC)
- Non-polyvinyl chloride
- Point of care testing
- Clinical Diagnostics
- Drug Delivery
- Analytical Testing
- Cell Based Analysis
- In-vitro Diagnostics
- Environmental Research
- Life Science Research
- Clinical Diagnostics
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Middle East & Africa (MEA)