Microfluidics Market Worth 8.78 Billion USD by 2021

Friday 9 December 2016, Amsterdam

The report, now available on ASDReports, "Microfluidics Market by Component (Microfluidic Chips, Micropump, Microneedle), Material (Polymer, Glass, Silicon), Application (Genomics, Proteomics, Capillary Electrophoresis, POC, Clinical, Environmental, Drug Delivery) - Global Forecast to 2021", The global microfluidics market is projected to reach USD 8.78 Billion by 2021 from USD 3.65 Billion in 2015, at a CAGR of 19.2% during the forecast period (2016 to 2021).

This market is mainly driven by the rising demand for point-of-care (POC) testing, increasing demand for microfluidic chip miniaturization as it offers lower testing time and improved portability, growing Asian market, rising incidences of lifestyle diseases, increasing R&D expenditure and healthcare spending, and growing stem cell and cancer research. However, complex and time-consuming regulatory approval process, high cost of integrated instruments and microfluidic sensors, and lack of market visibility for microfluidics products are inhibiting the growth of this market to a certain extent.

The microfluidics market witnessed healthy growth during the last decade due to the growing pharmaceutical and biotechnology research funding, rising incidences of lifestyle diseases, and rising geriatric population, globally. However, high prices of microfluidic proteomic and genomic analysis platforms, low market visibility of microfluidic products currently available in the market, and reluctance among researchers to use microfluidic technology products are inhibiting the growth of this market to a certain extent.

In this report, the microfluidics market is segmented on the basis of component, materials and applications. On the basis of component, the market is categorized into microfluidic chips, micropumps, microneedles, & others. On the basis of materials, the market is categorized into polymer-based microfluidics, glass-based microfluidics, silicon-based microfluidics, and other material-based microfluidics. On the basis of applications, the microfluidics market is categorized into pharmaceutical research, in vitro diagnostics, and drug delivery. The pharmaceutical research application market is further divided into three major segments, namely, lab analytics (cell-based assays, proteomic analysis, genomic analysis, and capillary electrophoresis), dispensing, and microreaction. The in vitro diagnostics application segment is categorized into clinical diagnostics, point-of-care testing, environmental testing, industrial testing, and agro food testing.

In 2015, the in vitro diagnostics segment accounted for the largest share of the market. Factors such as increasing incidences of chronic diseases, rising aging population, increasing healthcare spending from emerging countries, growing demand for point-of-care testing, emerging technologies like molecular diagnostics, and growing out-of-pocket healthcare spending are boosting the growth of the in vitro diagnostics market.

On the basis of regions, North America accounted for the largest share of this market in 2015, followed by Europe, Asia-Pacific, and RoW. However, the Asia-Pacific region is the fastest-growing market for microfluidics products, primarily due to the rising aging population and increasing R&D and healthcare expenditure in this region. In addition, large-scale improvements in the healthcare infrastructure of countries such as China, Taiwan, and India are propelling the growth of this market.