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Microfluidics Market will Reach at a CAGR of 11.4% from 2017 to 2025
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They could look to continue with their dominance in the market by strengthening their regional presence and widening their product portfolios. In this regard, you also could see other companies focusing on the launch of technologically developed offerings to cater to various applications including medical diagnostics, therapeutic devices, and drug discovery.
TMR has prognosticated the global microfluidics market to rise at an 11.4% CAGR between 2017 and 2025. By 2025, the market could be valued at a US$12.45 bn. In 2016, it gained a valuation of US$4.76 bn. In terms of product, the market has been expected to crown cartridges and reagents as a leading segment anticipated to expand at a 12.2% CAGR. By geography, the market could witness the lead secured by North America considering its larger revenue of US$1.7 bn earned in 2016.
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Sales of Microfluidics Platforms Stem from Demand for Cost-effective Diagnostic Procedures
The demand for cost-efficient diagnostic procedures that require small-sized medical equipment and involve budget usage of reagents has been foreseen to stimulate the sales of microfluidics platforms. Analysts have observed the market to testify of the advent of several product innovations including inexpensive point-of-care testing, which could help companies to obtain a strong share in the near future. Thus, the rising demand for economical microfluidics to be used in point-of-care settings has been predicted to be a significant factor augmenting market growth.
Especially in developing countries of Asia Pacific, you could see clinicians and patients alike being incalculably benefited with the introduction of cheap point-of-care diagnostics receiving support from microfluidics technologies. As the incidence of chronic diseases such as cancer, diabetes, and cardiovascular continues to surge, the requirement of low-cost point-of-care diagnostics has been projected to increase simultaneously, promising the world microfluidics market a continuous boost in growth.
Longer Approval of Microfluidics Adversely Affects Market Earnings
The extortionate cost of instruments has been prophesied to threaten the demand for microfluidics in the coming years. Furthermore, prolonged approval procedures of notable agencies such as the FDA could have a negative impact on the market.
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However, besides the launch of inexpensive microfluidics for point-of-care testing, increasing research and development in the field has been foretold to create scores of opportunities in the foreseeable future. Most research and development activities could be assigned for the discovery of innovative drug delivery methods. The growth of the international microfluidics market has been envisaged to be further improved with several leading companies stepping into collaborations. Manufacturers have also been observed to use polymers for reducing the manufacturing cost of advanced microfluidics.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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