Dublin, April 04, 2018 (GLOBE NEWSWIRE) -- The "Microfluidics Market by Application, Component and Material - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The microfluidics market is projected to reach USD 27.91 billion by 2023 from estimated USD 10.06 billion in 2018, at a CAGR of 22.6%.
Quick returns on investment coupled with the fast results and improved portability of the medical equipment embedded with microfluidics technology are the factors expected to drive the market during the forecast period. However, complex and time-consuming regulatory approvals process for the microfluidics technology into existing workflow is one of the factors restraining the growth of this market.
On the basis of application, the microfluidics market is segmented into in vitro diagnostics, pharmaceutical and life science research, drug delivery, and laboratory testing. The in vitro diagnostics segment is expected to witness the highest growth during the forecast period. High prevalence of infectious and lifestyle diseases, relatively lower turnaround times exhibited by POC diagnostics compared to central lab testing methods, rapid rise in aging population, and the introduction of technologically advanced products are some of the key factors driving the growth of the microfluidics market for in vitro diagnostics applications during the forecast period.
On the basis of material, the microfluidics component market is segmented into polymer-based microfluidics, glass-based microfluidics, silicone-based microfluidics, and other material-based microfluidics. The polymer-based microfluidics market is expected to witness the highest growth during the forecast period.
The high growth rate of this segment is attributed to the greater preference for polymers as a substrate in microfluidic devices among manufacturers, reduced costs, enhanced profit margins, simple manufacturing process, and wider applications in pharmaceutical research, academic laboratories, and molecular diagnostics. Polymers are rapidly evolving and are widely used for various microfluidic devices due to the several benefits associated with their use such as diversity in material properties suitable for particular applications and high flexibility for micro-manufacturing processes.
Asia Pacific is expected to witness the highest growth during the forecast period (2018 to 2023). A number of factors such as low labor and raw material costs, rapidly growing pharmaceutical and biotechnology industries, large population, 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 this region.
Key Topics Covered:
1 Introduction
1.1 Objectives of the Study
1.2 Definition
1.3 Scope of the Study
1.4 Years Considered for the Study
1.5 Currency
1.6 Limitations
1.7 Stakeholders
2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Market Breakdown and Data Triangulation
2.4 Assumptions for the Study
3 Executive Summary
4 Premium Insights
4.1 Growth Potential of the Microfluidics Market
4.2 Asia Pacific Microfluidic Components Market, By Material
4.3 Microfluidics Market: Geographic Growth Opportunities
4.4 Microfluidics Market, By Geography
4.5 Microfluidics Market: Developing vs Developed Countries
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Demand for Point-Of-Care Testing
5.2.1.2 Fast Returns on Investment
5.2.1.3 Faster Testing and Improved Portability Through Microfluidic Chip Miniaturization
5.2.1.4 Entry of New Players and Launch of New and Advanced Products
5.2.2 Restraints
5.2.2.1 Complex and Time-Consuming Regulatory Approval Process
5.2.2.2 Incorporation of Microfluidics Technology Into Existing Workflows
5.2.3 Opportunities
5.2.3.1 Asia as A Key Growth Hotspot
5.2.3.2 Expanding Applications of Drug Delivery Technologies
5.2.3.3 Growing Applications of Microfluidics Technology
5.2.4 Challenge
5.2.4.1 Standardization/Commercialization of Microfluidic Devices
6 Industry Insights
6.1 Introduction
6.2 Industry Trends
6.2.1 Shifting Trend Toward the Adoption of Polymers
6.2.2 Universities Actively Generating Microfluidic Startups and Large Players Acquiring Small Players
6.3 Parent Markets Analysis
6.4 Evolution of Microfluidics Technology in Healthcare
6.5 Value Chain Analysis
6.5.1 Microfluidic Components Procurement Model of Major Players
7 Microfluidics Market, By Application
7.1 Introduction
7.2 in Vitro Diagnostics
7.2.1 Point-Of-Care Testing
7.2.2 Clinical Diagnostics
7.3 Pharmaceutical and Life Science Research
7.3.1 Lab Analytics
7.3.1.1 Proteomic Analysis
7.3.1.2 Genomic Analysis
7.3.1.3 Cell-Based Assays
7.3.1.4 Capillary Electrophoresis
7.3.2 Microdispensing
7.3.3 Microreaction
7.4 Drug Delivery
7.5 Laboratory Testing
7.5.1 Agro Food Testing
7.5.2 Industrial Testing
7.5.3 Environmental Testing
8 Microfluidic Components Market
8.1 Microfluidic Components Market, By Type
8.1.1 Microfluidic Chips
8.1.2 Microfluidic Sensors
8.1.3 Micropumps
8.1.4 Microneedles
8.1.5 Other Components
8.2 Microfluidic Components Market, By Material
8.2.1 Polymer
8.2.2 Glass
8.2.3 Silicon
8.2.4 Other Materials
9 Microfluidics Market, By Region
10 Competitive Landscape
10.1 Overview
10.2 Product Portfolio Matrix
10.3 Competitive Situations and Trends
11 Company Profiles
- Abbott Laboratories
- Agilent Technologies
- Becton, Dickinson and Company
- Bio-Rad Laboratories
- Biomrieux
- Cellix
- Danaher Corporation
- Dolomite Microfluidics
- Elveflow
- F. Hoffmann-La Roche
- Fluidigm Corporation
- Illumina
- Microfluidic Chipshop
- Micronit Microtechnologies
- Perkinelmer
- Qiagen
- Thermo Fisher Scientific
For more information about this report visit https://www.researchandmarkets.com/research/lb275n/27_9_bn?w=12