Microfluidics Market to expand at a steady CAGR of 14.4% during 2016–2026
Posted by Vijay Kundekar on October 10th, 2019
Applications of microfluidics in drug delivery and diagnostics will continue to fuel the market for microfluidics over the next few years. “The US$ 2.9 Bn microfluidics market will possibly cross US$ 11 Bn by the end of 2026. North America is expected to contribute over US$ 3 Bn to the total revenues in 2026. The collective share of North America and Asia Pacific will be over 40%,” states Future Market Insights in a recently published market report outlook, titled “Microfluidics Market: Global Industry Analysis and Opportunity Assessment, 2016-2026.”
The report by Future Market Insights analyses the global market for microfluidics over a 10-year forecast period, 2016-2026. The market is likely to witness a robust CAGR of 14.4% over the assessed period.
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Key Insights: Market Dynamics
Key Insights: Segments
Ceramics will remain dominant material type
Based on material, ceramics will continue to be the most sought after material for microfluidic device or kit manufacturing. Ceramics segment is expected to remain dominance, accounting for over 42% market value share in 2026, followed by glass, polymer, and silicon. While ceramics is likely to witness the fastest growth, polymer segment is anticipated to exhibit a significant CAGR of over 15% over 2016-2026, driven by PVC.
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POCT will be dominant application segment
By application, POCT (point of care testing) segment is projected to retain dominance through 2026, accounting for over 33% share in terms of revenues. Clinical diagnostics and analytical testing will remain the next major segments in the global microfluidics market.
In-vitro diagnostics industry will hold maximum revenue share
On the basis of industry, in-vitro diagnostics, life science research, and pharmaceuticals are likely to be the key segments. In-vitro diagnostics segment is estimated to hold a share of over 35% in the total market revenues. The fastest growing segment will be in-vitro diagnosis.
APEJ will be the most lucrative regional market
Geographically, North America, followed by Western Europe are expected to remain the dominant regions for microfluidics, capturing respective market value share of over 26% and over 21% share by 2026 end. Asia Pacific (excluding Japan) will possibly represent the most lucrative market, expanding at a significant CAGR of over 14% throughout the forecast period. This growth is attributed to growing use of microfluidics devices and kits for in-vitro diagnostics. North America and Western Europe will also exhibit significant growth rates over 2016-2026.
Key Insights: Leading Market Players
Some of the most prominent players in the global microfluidics market, include Agilent Technologies, PerkinElmer Inc., Thermo Fisher Scientific Inc., Qiagen NV, Bio-Rad Laboratories, Inc., Fluidigm Corporation, Abbott Laboratories, and F. Hoffmann-La Roche Ltd.
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About the AuthorVijay Kundekar
Joined: August 22nd, 2019
Articles Posted: 420
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