Microfluidics Market Explored in Latest Research
The global microfluidics market is expected to reach US$12.45 bn by 2025 end, rising from US$4.76 bn in 2016. The market is expected to garner a robust 11.4% CAGR during 2017-2025, thanks to the rising demand of Point-Of-Care (POC) diagnostic devices. These devices are in high demand as they provide a safe and low-cost alternative to conventional alternatives. Large population in Asia Pacific and prominence of POC devices in emerging regions is expected to drive growth of the microfluidics market in Asia Pacific.
Glucometer and Pregnancy Kits to Boost the Microfluidics Market
According to US Census Bureau, by 2030 1 in 5 adult will be of retirement age. By 2035, there will be 78 million people over 65 in the US. These trends are also prevalent in Europe and to a lesser extent in Asia Pacific. The rise in elderly population globally is leading to an increased in diagnostic services, especially for lifestyle diseases such as diabetes.
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According to Centers for Disease Control and Prevention (CDC), over 30 million people in the United States have diabetes. Additionally, 84 million adults show prediabetes symptoms. Approximately, over 30% of Americans are at risk of type 2 diabetes. Devices like glucometer provide a quick, effective and low-cost mechanism for diabetes patients to check on their cholesterol, and glucose levels. Additionally, chip-in-a-lab applications of microfluidics are providing new advantages to researchers in diagnosing patients. These are also making way for improvements in quality of diagnostics by providing a more accurate analysis. Hence, the rising geriatric population, sedentary lifestyle, and rise in incidences of diabetes are expected to propel the microfluidics market.
Asia Pacific to Offer Lucrative Opportunities for Growth
The global microfluidics market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the revenue growth of the global microfluidics market, thanks to rising innovation and rapid adoption of new products in the region. Additionally, health care sector is well-established in the region and continues to promise adoption for advanced new technologies immediately.
Moreover, the global microfluidics market in Asia Pacific is expected to offer new opportunities. Rapid testing approval mechanism in China and large population in the region is expected to open several new opportunities. These include the growth of POC diagnostic devices like glucometer among several others. Rising disposable income in the region and growing investment on healthcare infrastructure are expected to drive growth for the global microfluidics market.
The global microfluidics market depicts a consolidated and competitive landscape, finds Transparency Market Research (TMR) Key players in the market like Thermo Fisher Scientific, Danaher Corporation, and F. Hoffman-La Roche AG hold a large share of the total revenues, adds TMR. Major players in the market are focused on expanding their global footprint, which is fuelling the competition in the market.
Main players in the global microfluidics market are also making large investments in research and development. Currently, cell manipulations, functional biomaterials, and flexible bio devices present a major opportunity for research. These areas require large amounts of microfluidics to govern the morphology and makeup of materials. Additionally, they are interconnected based on basic principles. Moreover, these areas promise lucrative commercial promise through infectious disease prevention, studying genetic connections of widely prevalent diseases like Malaria, and are aligned with core goals in the healthcare sector. Hence, research and development is expected to help key players gain a leading edge in the global microfluidics market in the near future.
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The study presented here is based on a report by Transparency Market Research (TMR) titled “Microfluidics Market (Product – Instruments, Microfluidic Chips, and Cartridges & Reagents; Application – Peripheral Vascular Diseases, Wound Care Management, Pharmaceutical & Biotech Research, In vitro Diagnostics, and Drug Delivery; Material – Polymer Based, and Glass Based; End User – Hospital, Academic & Research Institutes, Diagnostic Lab, and Homecare Settings) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025″.