Microfluidics Market Worth $3.5 Billion by 2018
(PRWEB) January 08, 2014 -- The “Microfluidics Market Materials (Polymers, Silicon, Glass), Pharmaceuticals (Microreactors, Toxicity Screening, Lab on Chip, Proteomic & Genomic Analysis) Drug Delivery Devices (Microneedles, Micropumps), IVD (POC) - Global Trends & Forecast to 2018” analyzes and studies the major market drivers, restraints, and opportunities in North America, Europe, Asia, and Rest of the World.
Browse 72 market data tables and 55 figures spread through 258 pages and in-depth TOC on "Microfluidics Market"
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This report studies the global microfluidics market over the forecast period of 2013 to 2018.
The global microfluidics market is valued at $1.59 billion in 2013 and is poised to reach $3.57 billion by 2018, at a CAGR of 17.6%.
The microfluidics market is categorized based on materials, products, and applications. The polymers market (in the materials segment) and in-vitro diagnostics market (in the products segment) are considered as potential market segments.
The rising demand for POC diagnostic devices, quick return on investments provided by microfluidic devices which helps in cost reduction, and miniaturization of microfluidic chips are the major drivers for this market. The polymers market commands the largest share of the microfluidics materials market in 2013 and is expected to grow at a healthy CAGR of more than 20% during the study period.
The growth in the adoption rate of polymers by manufacturers, which is driven by favorable properties of polymers such as enhanced mechanical strength, optical transparency, chemical stability, biocompatibility, reduced costs, enhanced profit margins, and extended applications, is the major driver for this market.
The in-vitro diagnostics segment of the microfluidic products market commands the largest share and is expected to grow at a healthy CAGR in the next five years. The large share of this segment can be attributed to the increased adoption of microfluidics in IVD by major diagnostic companies such as Roche Diagnostics (Switzerland), Becton Dickinson and Company (U.S.), Abbott Laboratories (U.S.), and Cepheid (U.S.).
The various advantages offered by microfluidics are reduced reagent consumption, quick analysis, and enhanced accuracy of test results. The microfluidics clinical diagnostics market within the IVD segment is estimated to witness the strongest growth from 2013 to 2018. Enhanced applications in diagnostics such as microfluidic flow cytometry and cell surface markers are driving the growth of this market.
The drug delivery devices market is expected to grow at the highest CAGR during the study period. The increasing use of microneedles and micropumps driven by the enhanced efficacy of drug delivery are the significant drivers of the market growth. Micro pumps offer various advantages such as low sample consumption, which leads to cost reduction. This is one of the major factors driving the growth of this market. The micropumps market within the drug delivery devices segment is estimated to grow at the highest CAGR from 2013 to 2018.
The Point-of-Care diagnostics applications segment accounts for the largest share of the microfluidics applications market in 2013 and is expected to grow at a CAGR of more than 20% during the study period. A number of factors such as the growing demand for carrying out medical tests at or near the site of patient care in hospitals or at home, low consumption of samples and reagents, miniaturization of devices, and faster time of analysis are driving the growth of the POC diagnostics market.
North America accounts for the largest share of the global microfluidics market in 2013. However, the Asian region is expected to grow at a higher CAGR in the forecast period. A number of factors such as lower labor and raw material costs, and growth in investments due to favorable economic conditions (especially in China and India) are responsible for the high growth of the microfluidics market in Asia.
Major players in the microfluidics market include Abbott Laboratories (U.S.), Agilent Technologies (U.S.), Caliper Life Sciences (PerkinElmer) (U.S.), Cepheid (U.S.), Danaher Corporation (U.S.), Life Technologies Corporation (U.S.), and Roche Diagnostics (Germany). A majority of companies in the microfluidics market are from the U.S.
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