The competition in the global microfluidics market is exceptionally high due to the strong presence of several global players in the overall market. The leading players held a share of 53% in the global market in 2016. Danaher Corporation, Thermo Fisher Scientific, and F. Hoffman-La Roche AG hold a dominant position in the overall market due to their extensive product portfolio and a growing geographical presence, states Transparency Market Research
According to the research report, the global microfluidics market is expected to reach a valuation of US$12.45 bn by the end of 2025 as compared to US$ 4.76 bn in 2016. During the forecast years of 2016 and 2025, the overall market is expected to expand at a CAGR of 11.4%.
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North America to Lead Global Market due to Adoption of Innovative Products
On the basis of product, the global market is segmented into microfluidic chips, instruments, cartridges and reagents, and others. Of these, cartridges and reagents are expected to lead the market due to their extensive usage in assays and techniques. Advantages of using these such as improved accuracy, quick analysis, and reduced reagent consumption is expected to drive their demand in the coming years. The report estimates the cartridges and reagents segment will progress at a CAGR of 12.2% between 2017 and 2025.
On the basis of geography, the global microfluidics market is segmented into Latin America, Asia Pacific, Europe, North America, and the Middle East and Africa. North America is anticipated to dominate the global market during the forecast period and is poised to acquire a share of 35.4% during the forecast period. The adoption of innovative products in areas such as point of care testing and in vitro diagnostics is expected to keep the regional market at the forefront.
Reduced Costs to Ensure Swift Uptake of Microfluidics Technology
“Microfluidic technologies come with a wide range of advantages that have become their strong selling points,” states the lead author of this research report. The industrial market has shown a keen interest in the microfluidics systems and technologies as they have considerable reduced the costs of procedures, ensured faster time-to-results, lesser wastage of reagents, and smaller size and weight of devices or products. The market is also expected to benefit from the growing demand for point-of-care diagnostics due their cost-effectiveness. Furthermore, ability of ensure quick diagnosis of various diseases and disorders is expected to augment the demand for microfluidics tools in the coming years. The ever-increasing pool of geriatrics that is prone to various chronic disease such as diabetes, cancer, cardiovascular conditions, and infectious diseases are also estimated provide the global market an adequate fillip.
Slow Rate of Approval to Hamper Market Growth
The market is being pulled in the opposite direction due to the strict regulatory approvals by the U.S. FDA for the devices. The body terms them as class III high-risk medical devices, which also means that an excise duty of 2.5% is levied on the products. Both these factors are expected to restrain the growth of the global market. The market is likely to be restrained by the high cost of devices and instruments. Furthermore, the lack of reliability on the assembling, integration, and packaging of devices before usage has also raised concerns amongst end users is also anticipated to restrain the overall market.
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