Global Microfluidics Market Projected to Witness a Measurable Downturn; COVID-19 Outbreak Remains a Threat to Growth in the Near Future
VALLEY COTTAGE, N.Y. – 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
- Increasing discretionary funding from national labs for R&D in the developed regions will remain a primary factor driving the growth of market through 2026.
- Improving healthcare infrastructure and wide availability of affordable microfluidic devices or kits are also foreseen to boost the market growth in near future, especially in developing countries.
- Expansion of drug delivery sector will favour the market growth in near future.
- Consistent advancements in the fields of genomics and proteomics are also expected to benefit the sales of microfluidics-based devices and kits.
- Dynamic collaborations between key market players and active involvement of government entities will collectively foster the market through 2026.
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.
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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
- F. Hoffmann-La Roche Ltd.
More from Healthcare, Pharmaceuticals and Medical devices: –
- Generic Injectable Market
- Phytopathological Disease Diagnostics Market
- Companion Animal Speciality Drugs Market
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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